The Dow Jones Industrial Average took a beating today, 10/22/08, closing at 8520, down 513 points. It is important to note that todays sell-off didn't really have anything to do with the credit markets but rather a lack of buyers and redemptions from hegde funds and mutual funds. Funds are still being forced to liquidate their holdings in order to raise cash. There are also fears of how bad this recession will be.
Dow Jones Technical Analysis:
The Dow Jones DJIA broke a key technical support level of 8700 today after a big fight earlier in the day. The fact that we broke this key support level will bring additional selling pressure from technical traders. Meanwhile...if we take out 8700 on the upside we will move a lot higher. Your next levels are 8,000 and the intrday low of 7773 we hit on Friday October 10th.
Volatility Index ( VIX )
The Vix spiked again today hitting over 72 at one point....can you believe the VIX is higher then the price of Oil? I can't!! Watch this Vix closely as we topped out at around 78 last week...after several calm days the volatility seems to be coming back.
Earnings I will be Watching Tonight:
Amazon.com ( AMZN )
Baidu.com ( BIDU )
Showing posts with label recession. Show all posts
Showing posts with label recession. Show all posts
Wednesday, October 22, 2008
Stock Market 10/22/08 - Pre Market Trading - Nikkei, Asian Markets Fall
Wednesday, 10/22/08 - Dow Jones closed at 9033 on 10/21/08
Today the stock market is set to open a lot lower thanks to the fall of the Asian markets overnight. The Dow Jones futures are looking down 230 points in pre market. Nasdaq futures are looking down 20.
Overnight, Asian markets fell sharply lower Wednesday, with Tokyo's Nikkei index tumbling nearly 7 percent, amid spreading pessimism over corporate earnings outlooks in the U.S. and at home. European markets also opened lower.
As credit markets show signs of improving, investors are turning their attention to dismal forecasts from major U.S. companies and Japanese media reports of disappointing sales and profit results — fears of a global recession are again here.
Stock to Watch 10/22/08
Apple ( AAPL ) - Apple came out with earnings last night and reported $1.26 per share vs $1.11 expected. Mac sales were a little light but the company sold around 6.8 million iphones for the quarter...an astonishing amount!! Looks like Apple will hit the 10 million iphone target everyone was worried about when the stock was at $160. After running to $104 in afterhours last night... Apple is set to open up pre market at $98.50. Please note, Guidance was horrible....probably the worst guidance i've seen Apple give since 2004.
VMware ( VMW ) - VMware reported better then expected earnings and that stock is set to open pre market at $21.50...this after trading around $23 last night. Keep an eye on that stock today.
SanDisk ( SNDK ) - Samsung is dropping their 5.9 billion dollar bid for Sandisk citing weak market conditions.
Boeing ( B ) just came out with earnings... .96eps vs .98eps
Merck ( MRK ) just came out with earnings.... .30eps vs .29eps
Today the stock market is set to open a lot lower thanks to the fall of the Asian markets overnight. The Dow Jones futures are looking down 230 points in pre market. Nasdaq futures are looking down 20.
Overnight, Asian markets fell sharply lower Wednesday, with Tokyo's Nikkei index tumbling nearly 7 percent, amid spreading pessimism over corporate earnings outlooks in the U.S. and at home. European markets also opened lower.
As credit markets show signs of improving, investors are turning their attention to dismal forecasts from major U.S. companies and Japanese media reports of disappointing sales and profit results — fears of a global recession are again here.
Stock to Watch 10/22/08
Apple ( AAPL ) - Apple came out with earnings last night and reported $1.26 per share vs $1.11 expected. Mac sales were a little light but the company sold around 6.8 million iphones for the quarter...an astonishing amount!! Looks like Apple will hit the 10 million iphone target everyone was worried about when the stock was at $160. After running to $104 in afterhours last night... Apple is set to open up pre market at $98.50. Please note, Guidance was horrible....probably the worst guidance i've seen Apple give since 2004.
VMware ( VMW ) - VMware reported better then expected earnings and that stock is set to open pre market at $21.50...this after trading around $23 last night. Keep an eye on that stock today.
SanDisk ( SNDK ) - Samsung is dropping their 5.9 billion dollar bid for Sandisk citing weak market conditions.
Boeing ( B ) just came out with earnings... .96eps vs .98eps
Merck ( MRK ) just came out with earnings.... .30eps vs .29eps
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