Stock Market 3/4/09 March 4, 2009 Dow Jones Report

Today, 3/4/09, the stock market futures are indicated higher after the quick sell off at the close yesterday. Oil is really spiking this morning and gold prices are slightly higher.

Last night, there were two companies the the tech sector that disappointed.

- Google Inc. (GOOG) Chief Executive Eric Schmidt said Tuesday the economic situation is "pretty dire," adding that he does not expect to see improvement until 2010
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"Everyone is assuming 2009 is a tough, tough year. Schmidt struck an optimistic note when discussing Google's opportunities in the mobile search and display advertising businesses. He predicted that mobile search ad revenues would surpass PC-based paid search sales with a "few years," as opposed to a few decades.

Schmidt pointed to Japan as a leading mobile market in which Google has established partnerships with two of the top three mobile providers. He said the company is now attempting to replicate those types of deals, with the "obvious prize" in China.

- Palm Inc. (PALM) warned that its fiscal third-quarter sales would be well below Wall Street expectations, illustrating the rapid decline of its aging product portfolio.

With no new products hitting the market, few were expecting much until the launch of its Palm Pre later this year. But no Wall Street analyst anticipated such a dire performance.

"The much-anticipated launch of the Palm Pre remains on track for the first half of calendar year 2009, but as expected we've got a difficult transition period to work through," said Palm President and Chief Executive Ed Colligan.

If the Nasdaq breaks the 1295 low, it could get really ugly. Just look what happened when the Dow broke 7449 and S&P 500 broke 741.

Check out my technical analysis of the stock market for support levels and resistance levels.

Today's Biggest Stock Market Gainers - Top 2009 Stock Gainers - Top 2009 Penny Stocks - Baltic Dry Index

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