Dow Jones Close 12/3/08 - Stock Market Closing Prices

Stock Market Closing Prices - 12/03/08

Dow Jones Industrial Average ( DJIA ) Close - 8591.69 Up 172.60
Nasdaq Stock Market Close - 1492.38 Up 42.58
S&P 500 Close - 870.69 Up 21.88

Libor Rates - 12/03/08

1 Month - 1.89%
3 Month - 2.20%

Commodities Closing Prices - 12/03/08

Gold - 775
Oil - 46.96
Natural Gas - 6.38

The Dow Jones Industrial Average closed at 8591.69 on 12/03/08, as investors ignored more bad economic data such as the ADP Employment Report and the Fed's Beige Book to storm higher for the second straight day. The Stock Market Futures started the day down this morning and the Dow Jones hit a low of 8234 but the spiked to the resistance level of 8500. For the most part, the Dow Jones traded in a range today from the 10 day moving average at 8300 to 8500. In the last half hour, we managed to break and stay above 8500 and move toward 8600. We are trading virtually identical to last Tuesday's trading session! I am watching to see which way we go coming out of this range. Friday will be key with the Jobs Report coming out in the morning. This event could set the stage as to which direction we head to next. I will have more technical analysis later, right HERE.

Research in Motion ( RIMM ) hit a low of $35 this morning after warning about 3rd quarter earnings due out December 18th. RIMM stock was strong during the afternoon hours and actually tested $40 before failing. This is a crucial level to watch for the future. Another stock that was on fire today was First Solar ( FSLR ) up more then 14%. FSLR broke a key resistance level of $131 and this is very bullish!

Volatility Index ( VIX ) - The VIX ended up at 60.70 today and there are still signs of extreme volatility in this stock market.

Today's Biggest Gainers - December 3, 2008

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Hot Stocks - Biggest Gainers 12/03/08 - Dec 3, 2008

Two of the hottest stocks this afternoon are Las Vegas Sands ( LVS ) and Intuitive Surgical ( ISRG ).

Las Vegas Sands ( LVS ) just crossed $5.30 and broke last Friday's high of day.

Intuitive Surgical ( ISRG ) disclosed a new severance plan in an Securities and Exchange Commission filing that sets certain compensation and health-care benefits if there's "change of control" at company. Investors may see the signal that the maker of surgical robots is in play, Lazard Capital said. ISRG is up 11% on this news.

Keep an eye on these two stocks and the other Biggest Gainers for 12/3/08.

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Bill Gross Comments CNBC 12/03/08 - Bottom

Bill Gross of Pimco was on CNBC today, 12/03/08, and gave these comments of the stock market. Bill Gross actually hinted that the stock market may be bottoming here.

Why are you buying stocks and think they are attractive here?

Risk taking over the long run will be rewarded, I think there is a good chance the stock market stabilizes here as well as the increase of asset prices.

Bill Gross on Bonds

We haven't bought Government bonds yet, Corporate bonds such as Caterpillar ( CAT ) & Hewlett-Packard ( HPQ ), A rated companies, yield 6-8% and are increasingly attractive. We haven't bought these yet even though they are attractive.

Would you Refinance into a 30 year fixed rate?

Not yet, shoot for 4.5 - 5% as a target, so don't refinance yet.

For more comments from Bill Gross, go HERE

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General Motors GM - Ford F - 12/03/08 - Stock Report

Today, 12/03/08, General Motors ( GM ) and Ford ( F ) stocks are mixed in pre market trading. After, closing at $4.85 yesterday, GM stock is set to open lower at $4.63 per share. Ford ( F ) also looks to be opening higher around $2.77 after hitting $2.60 yesterday at one point. Thursday and Friday, the CEO's of the big three automakers will be speaking to congress.


After reporting sales down 31% yesterday, Ford ( F ) said it wants a temporary $9 billion bridge loan from the federal government only if the economic crisis worsens or if a major competitor declares bankruptcy. In that event, Mullaly's salary would fall to $1, down from $21.7 million in 2007.

Chrysler LLC's plan for a government rescue includes a proposal that the auto makers and federal government establish "an independent joint venture" to develop improved energy technology, such as batteries for electric and hybrid vehicles. At the same time, Cerberus, its private-equity owner, is offering concessions to secure a $7 billion bridge loan.

Finally, after reporting sales down 41% for November, General Motors ( GM ) says it needs 4 Billion now to avoid Bankruptcy by the end of December. General Motors has asked lawmakers for up to $18 billion to avoid collapse, promising in return to slash executive pay sell poorly performing brands.

Together, the Big Three U.S. automakers are asking Congress for $34 billion in low-cost government loans -- $9 billion more than the roughly $25 billion the automakers had sought just last month.

YIKES! What do you think? Comment Below!

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Freeport McMoran FCX 12/03/08 - Dividend Suspension

Freeport McMoran ( FCX ) is coming out on 12/03/08 and updating investors on their operating plans for a weaker then expected outlook as well as suspending their dividend. FCX stock is really taking a hit this morning in pre market, down 13% to $19. This is a stock that has rallied hard every time the stock market gets a bounce, sometimes as much as 25%.

FCX Analysis - The low of $17.27 must hold or you will probably see Freeport test $15, at that point I think it would be a buy for a trade. FCX will now have resistance at the $20 level...a close over $20 and i'd be bullish but would use a tight stop at this level.

Freeport-McMoRan Copper & Gold Inc. (FCX)

-- Reduction in Copper Production and Sales of 200 million pounds (5%) in 2009e and 500 million pounds (11%) in 2010e Compared with Previous Estimates

-- 18% Reduction in Estimated 2009 Unit Site Production and Delivery Costs Compared with 2008e

-- $1.2 billion Reduction (50%) in Estimated 2009 Capital Expenditures Compared with Previous Estimates

-- Suspension of Common Stock Dividend

Freeport-McMoRan Copper & Gold Inc. (FCX) announced today revised operating plans in response to the recent sharp decline in copper and molybdenum prices to incorporate reduced production levels, operating and administrative costs, exploration costs and capital expenditures.
Since completion of the Phelps Dodge acquisition in March 2007, FCX's business strategy has been focused on defining the potential of its resources and developing expansion and growth plans to deliver additional volumes to a growing marketplace. Following the more than $10 billion in debt reduction during 2007, FCX's financial policy was designed to use its cash flows to invest in growth projects with high rates of return and return excess cash flows to shareholders in the form of dividends and share purchases. In response to the dramatic recent shift in global economic conditions, FCX has revised its near-term business strategy.

Full Article

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1 and 3 Month Libor Rates - 12/03/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 12/3/08, are: 1 Month Libor Rate - 1.89% & 3 Month Libor Rate - 2.20%. The overnight Libor rate is .88%. As you can see, Libor Rates have changed today, December 3, 2008, all three Libor Rates went down again, a very good sign for the credit markets.

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

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Dow Jones Futures 12/03/08 - Stock Market

Today, 12/03/08, the Dow Jones and Stock Market Futures are pointed lower after a really nice day yesterday. Both the Dow Jones and Nasdaq will be testing their 10 day moving averages at the open today. It will be interesting to see how we close at 4pm.

Stock Market Futures - December 3, 2008

Dow Jones Futures - Down 129
Nasdaq Futures - Down 9
S&pP 500 Futures - Down 15
Oil Futures - $47.35

Research in Motion ( RIMM) has come out and cut their revenue and earnings outlook for the 3rd quarter. Pete Najarian was on CNBC Fast Money last night and told viewers he is watching this stock because he thinks its cheap. He also said the fact that it went below $40 tell him it will probably go lower first.

Today's Biggest Gainers - 12/3/08


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Dow Jones Analysis 12/3/08 - Stock Market

The following is Stock Market Technical Analysis for the Dow Jones ( DJIA ) for 12/3/08

Dow Jones Support & Resistance Levels - December 3, 2008

Resistance Levels: 8500, 8675
Support Levels: 8307, 8150

http://stockcharts.com - Chart

The Dow Jones has closed above the 10 day moving average today...this is again , very bullish. It's starting to look as though we will try and close back over 8500 again, or at least test it tomorrow. This would be another bullish indicator to get long this stock market. We tried to sell off today but buyers quickly stepped in. Support is at the 10 day moving average of 8307 and also the 8150 level. Resistance will be at 8500 and around 8675 to 8831 where we gapped below on Monday. You better believe there will be many sellers between 8675 - 8831 and if we clear this level and close above 8831, we will test 8923 and 9000. Bottom Line: Still Bullish unless we close back under the 10 day moving average again.....watching what we do at 8500 tomorrow!

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Nasdaq Technical Analysis 12/03/08 - Dec 3, 2008

The following is Technical Analysis for the Nasdaq ( NAS ) for 12/02/08 & 12/03/08

Nasdaq Support & Resistance Levels - December 3, 2008

Resistance Levels: 1500, 1535

Support Levels: 1442, 1400, 1295

http://stockcharts.com - Chart

The Nasdaq closed back over its 10 day moving average today. This is a key level that I use in order to be bullish or bearish. The Nasdaq bounced off of support which was at 1400 after breaking through 1500 yesterday. 1440-1442 will be the level to watch tomorrow for support. As long as we keep closing above the 10 day moving average it is better to be long stocks then short stocks. We are right smack in the middle of the recent trading range of 1400-1500....which ever level we break first from here on out is where we are headed. If we close below 1400 we will most likely retest the lows of 1295. A close above 1500 and I think we will break 1535 and test the 50 day moving average.

Bottom Line, I continue to monitor the 10 day moving average and will get more long the Nasdaq with a close over 1500. As long as we keep closing over the 10 day MA...I will buy the Dips. Market Technicals look good today! For Technical Analysis of the Dow, go HERE

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General Motors GM - Ford F - 12/01/08 - Bailout Talks Resume

Focus shifts back to the big three automakers this week as General Motors ( GM ), Ford ( F ), and Chrysler LLC are preparing to report back to Congress for the second time in a month.

Due Tuesday 12/02/08, the big three automakers will present a plan to the Democrats in their last attempt to get a bailout before seriously looking at Chapter 11. On Wednesday, 12/03/08, these three companies will be grilled by the Senate during a hearing followed by a hearing with the House of Representatives on Friday, 12/05/08. If everything goes well we could be looking at a bailout during the following week. GM, F stock could be very volatile during this period as well as the overall stock markets.

"We cannot afford to see these companies fail," said Ron Gettelfinger, the UAW chief, calling on Congress to approve the aid during a special session the week of Dec. 8, 2008.

The board of General Motors was last night understood to be locked in discussions to save the US car leader from filing for bankruptcy.

This whole situation could effect the markets this week so make sure you stay tuned!

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