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Saturday, March 7, 2009

Dow Jones Analysis 3/9/09 Stock Market Analysis

The following is Technical Analysis for the Dow Jones ( DJIA ) for 3/9/09

Dow Jones Support & Resistance Levels - March 9, 2009

Resistance Levels: 6750, 7000, 7449, 7500, 7552

Support Levels: 6500, 6310, 6000

The Dow Jones broke to a new 52 week low yesterday but snapped back into positive territory at the end of the day. This is very bullish action but was only one day. We will have to see if there is any follow through on Monday. There is major support in the 6300-6500 area so this is where I have been buying. If this support level is broken, I'd expect 6000 to be tested. Resistance is around the 6750 and 7000 level. For More Technical Analysis - Go Here

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Stock Market 3/8/09 Dow Jones Report

After a horrible week comes to an end, Wall Street must now look ahead for any signs of a stock market bottom or recovery. The Dow Jones started last week at 7062.93 and ended yesterday on a positive note at 6626.94. When it looked like the bottom was going to fall out on the stock market yesterday, we had a nice short squeeze going into the close. This was the first time in 7 trading sessions where we went up into the close versus selling off. Stock market futures were even up in after hours trading as well. Below are some things that I will be watching for next week.

Stock Market Watch List 3/9/09 - 3/14/09

General Motors ( GM ) - Do you hear the clock ticking? General Motors is currently in meetings with bond holders in an effort to reduce their debt by 2/3's before the March 31, 2009 deadline. GM stock fell to a 75 year low yesterday as it closed at $1.45 per share. On Monday, officials from the Obama auto task force will sit down with GM executives in hopes to avoid bankruptcy. General Motors will give the task force members an up close view of the Chevy Volt Hybrid. Besides the stock market crashing in 2009, this could be the number one story soon as Washington comes to a decision. A GM bankruptcy could have huge systemic risk and send the stock market spiralling down once again.

Stem Cell Funding - President Barack Obama is getting set to overturn the ban on Stem Cell research funding by George W Bush. At least $200 million dedicated to stem cell research is part of a fast-tracked federal stimulus grant fund that could deliver money to labs as early as summer's end, said Dr. Arnold Kriegstein, director of the Eli and Edythe Broad Center of Regeneration Medicine and Stem Cell Research at UC San Francisco.

Stem Cell Stocks such as Stem Cells ( STEM ), Geron ( GERN ) Aastrom ( ASTM ), and Pluristem Therapeutics ( PSTI ) could be very active on Monday when this news hits.

DryShips ( DRYS ) - DRYS was very strong at the end of last week. After a capitulation move under $3, DRYS ripped back over the 10 day moving average. A break over $4 could start a nice run back to the upside. Keep in mind, DRYS is due to report earnings any day now. This event could make or break DRYS stock price.

Freeport McMoran ( FCX ) - Did anyone notice how strong this stock was yesterday? FCX was up most of the day as the stock market went down. Copper prices have been rising after a nice stabilization period. After hitting a low of 26.32 on Monday, FCX hit a high of $34.39 on Friday!

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