Dow Jones Analysis 12/8/08 - Stock Market

The following is Technical Analysis for the Dow Jones for 12/8/08

Dow Jones Support & Resistance Levels - December 8, 2008

Resistance Levels: 8675, 8831, 8925, 9000, 9500
Support Levels: 8470, 8300 , 8150, 8000

http://stockcharts.com - Chart

The Dow Jones hit support of 8150 on Friday and rallied into the close after a horrible jobs number. Very Bullish Action! Look for the Dow Jones to have some trouble in the 8675-8831 area which was the trading range on Black Friday. This range will be resistance as well as the 50 day moving average ( Red Line ) coming back into play again. If the Dow Jones closes back over 9000, you could see 9500 very quickly.

Support - The Dow Jones now has SOLID support at 8150-8200 and if this level is closed below, we will most likely test 8000 once again. I am buying pullbacks in the 8300 area which has turned out to be a nice level where buyers come in. Bottom's are made when Stocks go up on Horrible News! Check out Nasdaq Analysis.

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Nasdaq Technical Analysis 12/08/08 - Dec 8, 2008

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

Nasdaq Support & Resistance Levels - December 8, 2008

Resistance Levels: 1536, 1600

Support Levels: 1500, 1470, 1400

http://stockcharts.com - Chart

The Nasdaq, like the Dow, hit support ( 1400 ) and rallied hard into the close after a horrible jobs report. The Nasdaq actually performed better and closed over a key resistance level of 1500.

Resistance - There is resistance between 1512.41 - 1535.57 which was the range on Black Friday but a close above 1536 could spark a nice rally to test 1600. If we don't get a big sell off on Monday, this could play out in the coming weeks.

Support - The Nasdaq has SOLID support at 1400 and if we would get a close below 1400 it most likely go down to test the lows again at 1295. Keep an eye on 1470 as the first major level of support if 1500 is broken...1470 will be near the 10 day moving average.

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Apple AAPL Analysis 12/8/08 - December 8, 2008

The following is technical analysis for Apple Inc ( AAPL ) stock for 12/08/08. You can find a chart of this technical analysis by visiting - http://blackberrystocks.com/aapl.html

Apple ( AAPL ) Technical Analysis:

Apple ( AAPL ) appears to getting ready to break out to the upside after closing over the 10 day moving average for the past nine trading sessions. This hasn't happened since back in the spring. I am looking to get long as soon as Apple breaks the $96.23 high and the next resistance level would be located at $100...if AAPL can close over $100, you are looking at testing $112 once again. The real fireworks will happen if you can get a close over $116.40 and $120. As for support, $89 seems to have held on a closing basis over the past several weeks and this is where I'd put my stop. After a long basing period, Apple stock seems to be ready for a major move in my opinion. Watch $96.23

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Visa ( V ) Analysis 12/8/08 - Visa Technical Analysis

The following is technical analysis for Visa ( V ) stock for 12/08/08. You can find a chart of this technical analysis by visiting - http://blackberrystocks.com/visa.html

Visa ( V ) has closed over the 50 day moving average for the first time since August...this is very bullish. Pullbacks under $50 can be bought with a stop at $47. Visa has formed a double bottom around $43.60 and appears to be starting a new uptrend. Visa has resistance at $55-$57 and also $60-$62 so you have some nice gaps of upside in between. If Visa closes above $62 at any point, I think you can see Visa slowly climb back to test $70. Visa appears to have finally bottomed!

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Dow Jones Close 12/5/08 - Stock Market Closing Prices

Stock Market Closing Prices - 12/05/08

Dow Jones Industrial Average ( DJIA ) Close - 8635.42 Up 259.18
Nasdaq Stock Market Close - 1509.31 Up 63.75
S&P 500 Close - 876 Up 31
http://dowjonesclose.com

Libor Rates - 12/05/08

1 Month - 1.87%
3 Month - 2.19%

Commodities Closing Prices - 12/05/08

Gold - 757
Oil - 41.84
Natural Gas - 5.76

The Dow Jones Industrial Average closed at 8635 on 12/05/08, after a horrible Jobs Report and rising unemployment number were released this morning. The Stock Market Futures sank on this news followed by a retest of the recent lows after stocks opened up for trading today. The Dow Jones bounced off of the 8150 support and has rallied all the way back in the afternoon to positive territory and then exploded even higher to the upside. Truly remarkable trading action today. The stock markets have been going up on horrible news lately, but this action today is a real statement! I will have more technical analysis of the stock market's for Monday, right HERE, over the weekend.

Today's Biggest Gainers - December 5, 2008


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Hartford HIG Stock up 30% 12/05/08

Hartford Financial ( HIG ) is up over 30% in pre market today, 12/5/08, after the company has come out and boosted slashed earnings guidance. HIG stock is up 30.40% to $9.33. If HIG breaks $10 today, you could see $13 in the coming weeks, that is where next resistance is at, but you will need the stock market's to cooperate. I will use a tight stop at $10 if I buy over $10.

Company increases 2008 guidance range to $4.70 to $4.90

Operating businesses continue to perform well in challenging environment, reflecting strong underwriting in P&C Operations and sharpening of focus in Life Operations

Year-end capital outlook for company's Life and Property and Casualty Operations remains strong

Full Article HERE

At its investor meeting today, The Hartford Financial Services Group, Inc. (NYSE: HIG), will discuss the company's operating businesses, financial strength, capital position and investment portfolio, among other items. The event will take place from 9 a.m. to noon EST today and a live audiocast and accompanying slides will be available at http://ir.thehartford.com/.

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Art Cashin CNBC 12/05/08 - Jobs Report

Art Cashin of UBS, came on CNBC today, 12/5/08, and gave comments on the Jobs Report and what he is looking for after this number was released.

Art said this looked like the time back in 1973-1974 where we had similar jobs numbers, they took the market down 50% going into the horrible data just like they did over the past year in 2008.

Art Cashin says look for a few things today - look for 8140 support on the Dow Jones, similar to what I am looking for, & 815 as support on the S&P 500. The bulls might face this number, maybe rally strongly, possibly already discounting the news. We will have to see what happens later today.

For all of Art Cashin's comments, go HERE

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November Jobs Report Unemployment 12/05/08

Today, 12/5/08, we are going to be getting the Jobs Report and Unemployment Rate for November. We are also going to be getting Revisions from the October Jobs Report. I will have them posted below as soon as they hit.

Job Loss - November 2008: ( - 533,000 )
October Job Loss Revision: ( - 320,000 )
Unemployment Rate - November 2008: ( 6.7% )


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1 and 3 Month Libor Rates - 12/05/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 12/5/08, are: 1 Month Libor Rate - 1.87% & 3 Month Libor Rate - 2.19%. The overnight Libor rate is .28%. As you can see, Libor Rates have changed today, December 5, 2008, both 1 month and overnight Libor fell today, a very good sign for the credit markets. The overnight Libor Rate dropped the most!

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

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Dow Jones Futures 12/05/08 - Stock Market

The Dow Jones and Stock Market Futures are flat today, 12/5/08, as we await the highly anticipated Jobs Report. There are a wide range of estimates out there ranging from a loss of 300,000 jobs to as high as a loss of 500,000 jobs. More importantly, I will be watching the revisions from the September Jobs Report because the Government never gets these reports right without revisions. It will be tricky to trade stocks off of this data because its hard to really tell how much of this bad news is already priced in. The Stock Market priced some of this in during the last hour on Thursday. Check out my technical stock charts! Merrill Lynch is out with an oil forecast for $25 Oil. This was the same firm along with Goldman Sachs that was telling you that Oil was going to $200 this fall. These analysts are so useless! I use them as contrary indicators and I think in the coming months we will see a bottom. Oil is $44.34 this morning.

Stock Market Futures - December 5, 2008

Dow Jones Futures - Up 1
Nasdaq Futures - Down 3
S&P 500 Futures - Up .50


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