Dow Jones Close 3/2/09 - Stock Market Closing Prices

Stock Market Closing Prices - 3/2/09

Dow Jones Industrial Average ( DJIA ) Close - 6763.29 Down 299.64
Nasdaq Stock Market Close - 1322.85 Down 54.99
S&P 500 Close - 700.82 Down 34.27
http://dowjonesclose.com

Libor Rates - 3/02/09

Commodities Closing Prices - 3/2/09

Gold - 925.60
Oil - 40.20
Natural Gas - 4.14

The Dow Jones Industrial Average closed at 6763 on 3/2/09, as the stock market tanked once again, this time due to the AIG news. In short, AIG lost 61.7 billion last quarter and as of today, we gave them another 30 billion. The Dow Jones Futures opened up very weak this morning and every attempted rally failed resulting in the over markets going lower. I made one trade today and that was buying the QLD in pre market and selling it when we got a small rally at the open. This trade has worked for several sessions now. I am still waiting for that capitulation down move in which there is a buyers strike and the selling hits stocks hard. History has shown us that when you get this type of quick down burst, the rally off of it can last months and in some cases can end bear markets. We saw it on October 10th when the Hogan Bottom was made. On that day, the Dow Jones plunged below 8000, hit a low of 773.71, then had the jaw dropping move back up to 8989 and closed at 8451. See what I mean? Capitulation is good!

Anyway, there was chatter today on CNBC that Citigroup could actually be delisted. This caused that banking sector and C stock to plunge below $1.20. I would think AIG would be delisted before Citigroup would be. If you want to see some real pain, look at this US Steel - X 10 day chart. The only good news today was the Top Penny Stocks - PSTI, SNTA, JSDA all ripped higher. Financial Bear 3X - FAZ also had a great day.

The Dow Jones has support around 6300-6500 which is going the whole way back to the spring of 1997. The way things are going, we could hit that tomorrow but I doubt it..something would have to happen overnight. The S&P 500 has support at 700 and if that price doesn't hold the flood gates could really open tomorrow. If the Government would suspend the mark to market accounting rule the Dow would gap up 700 points and the S&P probably would gap up 100 at this point. That is the only thing that I am concerned about being in cash right now. Where will the stock market bottom be? Only time will tell but I feel we are overdue for a major bear market bounce soon. I wouldn't be shorting stocks down at these levels.

One final thought, today you are seeing Gold prices fall hard as the stock market is getting hammered. This is a very scary situation. Two weeks ago, gold would have been up $40 as investors put on the flight to safety trade. The fact that Gold is getting crushed with the stock market tells me that there is liquidation going on. Investors are selling Gold to raise capital. Watch the Dollar be the next thing to collapse! This would not be good at all!

I will have full technical analysis tonight, Right Here

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