Stock Market 2/18/09 February 18, 2009

Today, February 18, 2009, the Stock Market is getting a small bounce in pre market with 30 minutes left to go before opening bell. President Barack Obama will give a speech at 12:15pm Est about a potential housing plan to stop foreclosures. Details are starting to come out and this plan actually looks really good!! The Stock Market Futures are rising as I am typing. There are many incentives in this plan that will actually help the housing market. This is an actual blue print for action versus Timothy Geithner's bank rescue goals that tanked the market. I am expecting a pretty nice day now!

Update 10:15am - Markets are testing lows....they do not like this housing plan afterall! We could see a rally when Obama starts talking later today. Drys turned out to be a false alarm but I will keep watching it.

What to Watch - Stock Market 2/18/09

MBIA ( MBI ) - Ambac ( ABK )
Dryships ( DRYS )
Nasdaq Resistance of 1500 & Nasdaq Support of 1434
Dow Jones Resistance at 7774, Dow Jones Support at 7500 and 7449
Bank Stocks BAC, C, FITB
Sentiment is still bearish despite the bounce we are getting this morning
Gold Falling ( $966 )
Oil Flat at $35

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