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Friday, March 6, 2009

Nasdaq Analysis 3/9/09 March 9, 2009

The following is Technical Analysis for the Nasdaq ( NAS ) for 3/9/09

Nasdaq Support & Resistance Levels - March 9, 2009

Resistance Levels: 1315, 1362, 1400, 1456

Support Levels: 1253.22, 1193.42, 1108.49




The Nasdaq broke a new 52 week low today and had nice rally at the end of the day but failed to close back over the 1295.48 level. This is very bearish. I may jump in if we break 1320 on Monday for a ride back to the 10 day moving average. If we get more selling in Monday, keep an eye on 1253 as we doubled bottomed there back in 2002. A break below this would open the flood gates of selling. I will start getting bullish again when we close back over the 10 day moving average. This moving average will be around 1355 on Monday. For More Technical Analysis - Go Here

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Dow Jones Close 3/6/09 - Stock Market Closing Prices

Stock Market Closing Prices - 3/6/09

Dow Jones Industrial Average ( DJIA ) Close - 6626.94 Up 32.50
Nasdaq Stock Market Close - 1293.85 Down 5.74
S&P 500 Close - 683.38 Up 0.83
http://dowjonesclose.com

Libor Rates - 3/6/09

Commodities Closing Prices - 3/6/09

Gold - 940
Oil - 45.45
Natural Gas - 3.94

The Dow Jones Industrial Average closed at 6627 on 3/6/09, as the stock market fell yet again after a bad jobs report. The Dow Jones Futures started the day in the green and up 125 after the open. From 10am on, it was all downhill. The Nasdaq broke through the prior 52 week low of 1295.48 and this caused selling in most of the tech stocks today. Apple ( AAPL ) broke $85 and hit a low of $82.33, Google ( GOOG ) broke through $300 and hit a low of $294, and Research in Motion ( RIMM ) broke through $36. Key Dow components such as GM and JP Morgan tanked today as well. General Motors ( GM ) broke $1.50 and hit a low of $1.27. This has been the worst week for the stock market in 2009 so far.

So, having said all of that, The Dow Jones rallied in the last 15 minutes of trading to get back in the green. When it looked the worst at about 2:30pm, things have really turned around nicely! For the past week and a half we have sold off in the last 15 minutes, today, we rallied! Very interesting!

Jim Cramer came on CNBC in the afternoon and said he can only see the Dow going to 5320 on the worst case scenario. Cramer said this would have most of the Dow components cutting dividends.

Dow Jones 5320 Examples: Exxon Mobile XOM going to $56, Alcoa ( AA ) going to $2, JP Morgan ( JPM ) going to $5. Jim says he spend the whole day looking into this and doing research and he can't see the Dow going lower then 5320.

It seems like nobody is bullish on the stock market these days so is this a huge sign the stock market is ready to rally? Art Cashin, floor trader on the NYSE, says it might take an event to cause the capitulation selling which could put in a bottom. I personally think we are right in the bounce zone of 6300-6500 on the Dow Jones. We will rally when people least expect it.

I will have full technical analysis of the stock market this weekend - Right Here

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Biggest Stock Gainers 3/6/09 March 6, 2009

Today, March 6, 2009, there are several stock gainers that are breaking out with some nice momentum. If you are looking to day trade today, you might want to check out the following stocks. Check out today's biggest gainers and the Top Stocks for 2009. You can find yesterday's Top Gainers Report Right Here

Hot Stocks 3/6/09 - Biggest Gainers Today

Arcsight ( ARST ) - $10.49 Up 19.49% - ArcSight shares up after 3Q results beat estimates.

Foster Wheeler ( FWLT ) - $14.66 Up 12.08% - Foster Wheeler Gets Two New Buy Ratings

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

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Hot Penny Stocks 3/6/09 March 6, 2009

Today, 3/6/09, there are a few penny stock gainers breaking out to the upside. Be sure to check out the Top 2009 Penny Stock Gainers on the NYSE, Nasdaq, and AMEX. We tend to stay away from OTC and Pink Sheets stocks, especially in this environment! You can find yesterday's Penny Stock Report Here

Penny Stock Gainers - March 6, 2009


Solutia ( SOA ) - $1.51 Up 29.66% - Solutia Re-affirms Guidance and Provides Other Updates.

Oceanfreight ( OCNF ) - $1.08 Up 11.23% - OCNF up as bulk shipping rates go up for six straight days

Satyam Computer ( SAY ) - $1.57 Up 17.98% - Satyam gets nod to sell 51 percent; suitors cautious


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Bank Stocks 3/6/09 March 6, 2009 - BAC

Today, 3/6/09, the bank stocks are higher in pre market after Wells Fargo ( WFC ) announced that they are cutting their dividend.

Banking Stock Update - March 6, 2009

Wells Fargo ( WFC ) - $8.90 Up 9.73% - Wells Fargo slashes dividend 85 percent to 5 cents. Wells Fargo slashes dividend 85 percent to 5 cents for expected annual savings of $5 billion.

Bank of America ( BAC ) - $3.30 Up 4% - JPMorgan, Wells Fargo, Bank America Face Ratings Cuts. Bank of America Says Bonus Disclosure Will Cause ‘Grave’ Harm.

Citigroup ( C ) - $1.04 Up 1.96% - Citigroup Reportedly Seeking To Sell Stake In Monex

Other Bank Stocks that are rising - Fifth Third ( FITB ) & Ambac ( ABK )

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

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Baltic Dry Index Shipping Rates 3/6/09 BDI

The following is a report on Dry Bulk Shipping Rates for 3/6/09. This data is critical for how the DryBulk Shipping Stocks such as DryShips ( DRYS ), Excel Maritime Carriers ( EXM ), Diana Shipping ( DSX ), Genco Shipping ( GNX ), TBS International ( TBSI ), Navios Maritime ( NM ), and OceanFreight ( OCNF ) will trade during the day. As you probably know, the Dry Bulk Shipping index can tell you a lot about the state of the World Economy. When Bulk Shipping Rates are at all time highs, the World Economy is outstanding. When Bulk Shipping Rates are as low as they have been lately, it signifies that the world economy has come to a screeching halt!
http://dryindex.com/

Dry Bulk Shipping Rates - March 6, 2009 - Up 6 Straight Days

Baltic Dry Index ( BDI ) - 2225 Up 58
Spot 4 - TC Average - 28485 Up 83
Baltic Cape Index ( BCI ) - 2839 Up 9
Baltic Panamax Index ( BPI ) - 2230 Up 134
Supramax Index ( BSI ) - 1688 Up 35
Past Bulk Shipping Rates

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Stock Market 3/6/09 March 6, 2009 Wall Street Report

Today, March 6, 2009, all eyes are on the employment report ( or in this case unemployment report ) that will be released at 8:30am est. Estimates are for the US to have lost 650,000 jobs in February 2009. The unemployment rate is thought to have spiked to 7.9% Anything less would rally the market, anything more could still rally the market but if its over 750,000 we might have some problems. I will list the jobs report data here when the numbers are released.

Jobs Report 3/6/09

Jobs Number - ( Loss of 651,000 )
Unemployment Rate - 8.1%
January Revision - ( was -598,000 Now -655,000 ) December Revision ( was - 577,000 Now -681,000 )

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1 and 3 Month Libor Rates - 3/6/09 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 3/6/09, are: 1 Month Libor Rate - 0.546% & 3 Month Libor Rate - 1.292%. The overnight Libor rate is 0.323%. As you can see, Libor Rates have changed today, March 6th, 2009. All three Libor rates went up today.

Here are Previous Libor rates. You can also compare Libor Rates to how the Dow Jones traded.

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