Stock Market Report 3/4/09 Wall Street Watch

This afternoon, March 4, 2009, the stock market is getting a lift due to Chinese stimulus package which helped give Asian markets a bounce overnight. Oil is is jumping because of this news as well. Oil prices touched $45 briefly this morning but is now trading at $43.77 per barrel.

Stocks to Watch - 3/4/09


DryShips ( DRYS ) - Drys stock is soaring today on an oversold bounce and the fact that it is finally trading back over the 10 day moving average ( $3.53 ) for the first time since a few days after it topped out in the $17's. This is something to watch very closely! DRYS could be getting ready to make an up move but the stock remains extremely risky. From what I can tell, earnings might come out 3/5/09 after the close. DRYS is expected to report 0.71 cents per share in earnings.

Potash ( POT ) - Potash has really stuck out to me today! It made a daily high this morning at $81.49 and then dropped like a rock starting just after 11am est. Longs better hope the 73.49 low holds or a retest of $70 could be coming soon. After $70, $65 must hold. Today is the first time in many months where you saw strength in the stock market but weakness in POT. Mosaic ( MOS ) is up a bunch today so whoever sold big this morning knows something!!!!

Wells Fargo ( WFC ) - This to me is the most important event which actually just started happening about an hour ago. Wells Fargo ( WFC ) stock has been getting hammered....almost like a hedge fund is attacking it on the short side. This has caused the overall stock market to get weaker. Keep an eye on this stock! WFC hit a high of $11.32 this morning but is now trading just above $9. Is WFC the next shoe to drop?

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