Dow Jones Close 11/24/08 - Stock Market Closing Prices

Stock Market Closing Prices - 11/24/08 - http://dowjonesclose.com


Dow Jones Industrial Average ( DJIA ) Close - 8443.39 Up 397
Nasdaq Stock Market Close - 1472.02 Up 87.67
S&P 500 Close - 852 Up 52

Libor Rates - 11/24/08

1 Month - 1.41%
3 Month - 2.17%

Commodities Closing Prices - 11/24/08

Gold - 828
Oil - 54.50
Natural Gas - 6.89

The Dow Jones Industrial Average closed at 8443 on 11/24/08, as investors cheered the Citigroup Rescue package that was agreed upon today. It appears our Government will not let any big bank fail. Citigroup ( C ) stock went up over 50% and Goldman Sachs ( GS ) finally attracted buyers with their stock going up over 28%. This is the first time in awhile that the financials have been strong. Google ( GOOG ) was the only real laggard today as a firm cut Google to sell citing that the weak economy could cut into their earnings. REALLY? I think this news is overdone and the stock is severely oversold. Maybe one day these analysts will issue sell ratings at the top rather then the bottom. I took a shot on MercadoLibre ( MELI ) today into this strength but my stop order is super tight. So far my MELI long trade is working great!

The Stock Market looks great today, rallying for the second straight day....Art Hogan's bottom call might end up being correct. The QQQQ broke through major resistance at $27.80 during the afternoon hours. Next resistance is $28.80...if we close above this you could see a test of $30.25 once again.

The Dow Jones is testing the 8500 level I talked about over the weekend....the key was taking out 8175-8190 area. The Dow Jones is also closing over its 10 day moving average for the first time since the Barack Obama election rally. This is very bullish. I will have full Dow Jones Technical Analysis HERE later today.

Today's Biggest Gainers - November 24th, 2008

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Dow Jones Open 11/24/08 - Stock Market

The Dow Jones & Stock Market are opening up higher then Friday's close after Citigroup has been rescued and exisiting home sales were just reported better then expected. The Dow Jones is now trading above 8175 which was the closing low that held before last weeks downturn. We will have to see how long this lasts, but if the Dow Jones can close above this level it will be very positive news. For the Nasdaq, I follow the QQQQ as a key indicator. Some of you might remember that on the last breakout I pin pointed $30.25 as a breakout level. When we closed over $30.25 we did indeed get a nice breakout higher to $34.01.

I am looking at around $27.80 as our next break out point....this level was tested multiple times last week and it failed. If the QQQQ can get some nice volume through $27.80 and go into the $28's, I think we could be looking at a nice breakout to the upside developing. Your next level of resistance would be $28.78 and $30 Watch the QQQQ closely for a close back over $27.80. If we close above $27.80 I will be able to take more risk in trading other stocks because I feel it is more risky to be selling rather then buying.

November 24th, 2008 - 10:15am

Dow Jones Open - 8254 Up 207
Nasdaq Open - 1423 Up 39
S&P 500 open - 823 Up 23
QQQQ Stock - $27.50

Today's Biggest Gainers - 11/24/08

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Dow Jones Futures 11/24/08 - Stock Market

The Stock Market and Dow Jones Futures are screaming higher 11/24/08 as the government rescues Citigroup overnight. Oil, Gold, Natural Gas are all pointed higher as well. Today will be a big day for the stock market as traders digest this news and await Barack Obama's comments this afternoon on a wide range of subjects in addition to naming Tim Geithner Treasury Secretary. If President - Elect Obama says anything about waiting to raise taxes until 2010, you could see another upside explosion in stocks this afternoon.

Check out my Dow Jones Technical Analysis Chart

Dow Jones Futures - Up 145
Nasdaq Futures - Up 16
S&P 500 Futures - Up 17
Oil Futures - $51.78
Citigroup ( C ) Stock - $5.85 up 55.17%

Todays' Biggest Gainers - November 24th, 2008

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1 and 3 Month Libor Rates - 11/24/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 11/24/08, are: 1 Month Libor Rate - 1.41% & 3 Month Libor Rate - 2.17%. The overnight Libor rate is 0.81%. As you can see, Libor Rates have changed today, November 24, 2008, the overnight Libor Rate REALLY shot up mainly due to the Citi News.

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

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Citigroup ( C ) Bailout - Rescue 11/24/08

Citigroup ( C ) stock is set to open at $5.15 per share, or up around 35%, 11/24/08 as the Government has stepped in and bailed out this company.

• Federal officials will back the bank in the case of losses on about $306 billion of loans and mortgage-backed securities, while the Treasury Department has agreed to inject an additional $20 billion into the firm.
  
• Treasury and the FDIC will provide protection against the possibility of unusually large losses on an asset pool of approximately $306 billion of loans and securities backed by residential and commercial real estate and other such assets, which will remain on Citigroup's balance sheet
  
• As a fee for this arrangement, Citigroup will issue preferred shares to the Treasury and FDIC. In addition and if necessary, the Federal Reserve stands ready to backstop residual risk in the asset pool through a non-recourse loan

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Stock Market Futures 11/24/08 - Dow Jones

How will the stock market open on 11/24/08? The Stock Market and Dow Jones Futures are pointing slightly lower today.

Dow Jones Futures - Down 10
Nasdaq Futures - Down 2
S&P 500 Futures - Down 1

All eyes will be on Citigroup C news due out anytime now, rumors have the government backing Citigroup's losses with 100 billion in guarantees....also, a possible 20 billion dollar cash infusion.

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Dow Jones Analysis 11/24/08 - Stock Market

The following is Stock Market Technical Analysis for the Dow Jones ( DJIA ) for 11/24/08

Dow Jones Support & Resistance Levels - November 24, 2008

Resistance Levels: 8175, 8348, 8500
Support Levels: 8000, 7965, 7773, 7500

Friday we got a big rally in the Dow Jones and broke through many key resistance levels with heavy volume. We broke back above the 7773 low, the 7965 low, and closed above 8000. This is very bullish....but we are still in a severe downtrend. As in my previous chart, there is major resistance at 8175-8190 and if we can close above those two levels, I think we can make a push up to 8500 just to see whats there. Monday will key as we will either build from this rally or fail and continue the downtrend. The 10 day moving average at 8348 will also bring sellers just like 8923.18 did. For me personally, I will hold my long positions with a stop at 7965 on the Dow Jones. Keep in mind, we had a great rally but we are only back to Wednesdays close...be cautious!

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