Stock Market 2/28/09 Dow Jones Report

February 2009 has come and gone for the stock market. It was the worst February since 1933 as far as percentage losses. The Dow Jones fell from 8000.86 to 7062.93, down 11.72%

Here are some things I am watching for March of 2009:

• Another auto bailout? General Motors GM and Chrysler have already received 17.4 billion in Federal Loans and are asking for an additional 21.6 Billion. President Barack Obama's auto task force is trying to restructure GM and Chrysler by March 31. If GM and Chrysler fail to make a convincing case, the administration could pull the loans and essentially force the companies into bankruptcy protection.
  
  
• Jobs Report - Unemployment Rate - 3/6/09: Friday, March 6, 2009, the Government will release employment data. We could be looking at a record 700,000+ job losses in the month of February.
  
  
• Where will the bottom be for the stock market? Who knows! The fact that we closed under 741 on the S&P 500 and below 7100 on the Dow Jones has me thinking things could get worse soon. The market wants to rally as we are very oversold but the steady flow of bad news keeps flooding the stock market. The crazy thing is the VIX has remained in the 40's through this whole down draft. You just don't see the panic like we had in late 2008. With the huge down move that we've seen since the beginning of 2008, I can't imagine the bottom will form easily. I'm still looking for that gigantic whoosh day where everyone throws in the towel. Also known as capitulation! When we get this, you could see a 30-40% move off the bottom.

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

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Palm Stock Analysis February 20, 2009

Palm ( PALM ) has been one of the Top Stocks in 2009. The following chart is technical analysis look at PALM courtesy of www.stockcharts.com

Palm Support and Resistance Levels - February 20, 2009

PALM Stock Resistance: $8.00, $9.51

PALM Stock Support: $7.00, $5.60

Palm has been one of the hottest stocks in 2009 so far but there are signs of breaking down. The trend line was broken after the fall from the $9.51 high so it appears the huge run is either over or will stall out for awhile. I would be a buyer on a pullback to the 200 day moving average at $5.60.
PALM's high was $7.99 today which is around the 10 day moving average...Back when PALM crossed the 10 day moving average at $1.75 to start this run, PALM only closed below the 10 day once before topping out at $9.51. We now have three straight days of closing below the 10 day moving average. This is bearish. The biggest volume day was the move above the 200 day moving average so this is why I feel there will be solid support at this area.

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Obama Housing Plan 2/18/09 February 2009

President Barack Obama has come out with a housing plan today February 18, 2009. Obama hopes the following plan will help stop foreclosures and help the housing market bottom.

House Affordability and Stability Plan Facts:

Problems:

• Americans who make their payments cannot refinance
• 6 million Americans could face potential foreclosure, due to hours cut or job loss.
• Neighborhood home values are struggling due to forced selling which causes their house value to plummet.

Housing Stability Facts - Main Points

• No Aid for speculators
• Access to Low-Cost Refinancing for Responsible Homeowners Suffering From Falling Home Prices
• Plan allows Up to 4 to 5 Million Responsible Homeowners to Refinance:
• Reduces monthly payments
• Interest rate reduction bringing monthly payment down to 31% of income
• Even if you have negative equity ( underwater loans ) you can refinance your loan

Will this plan work? Comment below! See a full fact sheet of this plan Right Here

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