Stock Market 2/17/09 February 17, 2009

Today, 2/17/09, the Stock Market Futures are tanking as we have the markets breaking fresh yearly lows due to General Motors ( GM ) needing more money and the Japan Recession Deepening. We are also breaking down technically as the Dow will open around 7650 and the S&P 500 around 800-804 support.

The Dow Jones has support around 7500 but if the 7449 low is broken, things could deteriorate quickly. People calling for Dow Jones 6000's could get their wish in the next few weeks.

We all know where this started! It started last week with Timothy Geithner's failed bank rescue plan where we got a rough draft versus a blue print for actual action. Tomorrow at 10:15am Est President Obama and Timothy Geithner will talk about a plan to stem foreclosures in the housing market. This could give stocks a temporary bounce. Gold is breaking out to the upside, $965 per ounce.

It could be a rocky day....watch Dow Jones at 7500 and S&P 500 at 800....the end of the day will be important. Who knows, we could end the day in positive territory, it has happened before!

Update: 10:30am Est - Dow Jones 7582, bouncing off lows -- S&P 500 794, bouncing off lows as well -- Nasdaq 1479, bouncing off lows

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