Art Cashin CNBC Comments 12/02/08 - SP 500

Art Cashin of UBS was on CNBC this morning 12/2/08, giving comments on the stock market and S&P 500 targets to watch. For all of Art Cashins comments, go HERE


Yesterday was about geopolitical economics and things China did, commodities fell apart.

You really have to cross your fingers, the last 60 minutes was horrible yesterday, we are getting a bounce this morning. China is trying to get aggressive - the whole world is holding their breathe right now.

We were breaking out last week, we didn't get follow through and fell apart yesterday, the S&P 500 has to hold 800 or we risk retesting the lows. Resistance for the S&P 500 is about 845-855 right now and so we are going to let the market tell us where we are headed. We are waiting and watching.

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ABK - Ambac news 9/03/08 - ABK hot in Pre market 9/03/08t

Last night, 9/02/08, Ambac ( ABK ) came out with the following news:

Ambac Financial Group, Inc. ( ABK ) Ambac Assurance Corporation (Ambac Assurance) today announced that it has received regulatory approval from the Commissioner of Insurance of the State of Wisconsin to capitalize and reactivate Connie Lee Insurance Company (“Connie Lee”), its financial guarantee subsidiary. Connie Lee will conduct business under a new name and will focus on the U.S. municipal and global public purpose financing markets. Ambac Assurance will inject $850 million into Connie Lee which will operate as a separate corporate and legal entity within Ambac Financial Group, Inc. (Ambac). Ambac is seeking to obtain stand-alone triple-A ratings for Connie Lee, and has worked extensively with Moody’s and Standard and Poor’s towards that goal. Connie Lee expects to write new insurance policies no later than the fourth quarter of 2008.

ABK is now trading above $8 in pre market and it bumping up at that $8.11 resistance level that I spoke about weeks ago when it was in the $5's.

So now what?  Well, the next resistance level I see would be at $9.35 which is at the 200 day moving average.  Keep in mind, this will move lower each day given that horrible past 200 days.  This is your next point to watch.  If ABK would close over $8.11, use a tight stop.

ABK, MBI analysis 8/29/08 - Ambac, MBIA support and resistance 8/28/08

ABK and MBI are looking a little weak in pre market today thanks to the lower futures by Dell Computer. Dell completely below it last night missing by .05 cents per share.

http://daytradingstockblog.blogspot.com/2008/08/abk-mbi-hot-stocks-82808-ambac-mbia.html

Ambac and MBIA went up 35-40% yesterday so some profit taking is expected.

Support and Resistance Levels ( ABK ) & ( MBI )

MBIA - MBI has support around $15.50 - $15.70 area.....a break below this with some volume and $15 would be tested and possibly $14.40's could be tested....this was a solid support level 8/28/08. A close below $14.40 and you will need to bail....this would be a breakdown of the 8/28/08 trading action. Resistance will be yesterdays high of $16.29 and the close of $16.15.

Ambac - ABK has minor support in the $7.10-$7.16 area, then support at around $6.90. Ambac went straight up yesterday from about $6.05 to $6.40....then paused for a half hour, followed by the explosion to $6.90. Resistance will be yesterdays high of $7.58 and the close of $7.42.

Hope this helps!!

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