Dow Jones Analysis 3/2/09 Stock Market Analysis

The following is Technical Analysis for the Dow Jones ( DJIA ) for 3/1/09, 3/2/09

Dow Jones Support & Resistance Levels - March 2, 2009

Resistance Levels: 7377, 7449, 7500, 7552

Support Levels: 7036, 7000, 6936

http://stockcharts.com/ - Chart

Stock Market Futures

The Dow Jones set a new 52 week low on Friday bouncing off of the 7036 support level. The volume was very high due to Citi and B of A. I would think the 7000 would offer a nice level of support like 8000 did for awhile. Keep this in mind: October 28, 1997 - The Dow Jones opened at 7161, hit a low of 6936, rallied to a high of 7553 to end the day at 7498. If we get the right news, this is the potential move we could get. The 6936 offers additional support as well. For More Technical Analysis - Go Here

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Nasdaq Analysis 3/02/09 March 2, 2009 - NAS

The following is Technical Analysis for the Nasdaq ( NAS ) for 3/1/09, 3/2/09

Nasdaq Support & Resistance Levels - March 2, 2009

Resistance Levels: 1400, 1438, 1500, 1526

Support Levels: 1315, 1295

http://stockcharts.com - Chart

Stock Market Futures

The Nasdaq closed below support of around 1384-1387 and appears to be going down to test 1315 which is the 52 week closing low. Keep in mind, the Nasdaq has been making bounces back to the 10 day moving average( blue line ) and failing each time. The 10 day moving average is currently at 1438 but is tanking each day. I am waiting for a close over this level before I will hold the QLD overnight. The trends on all the major averages are broken so as a trader I have to respect that! Until they improve, I cannot hold long. For More Technical Analysis - Go Here

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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.

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Dow Jones Close 2/27/09 - Stock Market Closing Prices

Stock Market Closing Prices - 2/27/09

Dow Jones Industrial Average ( DJIA ) Close - 7062.93 Down 119.15
Nasdaq Stock Market Close - 1377.84 Down 13.63
S&P 500 Close - 735.10 Down 17.73
http://dowjonesclose.com

Libor Rates - 2/27/09

Commodities Closing Prices - 2/27/09

Gold - 942.60
Oil - 44.35
Natural Gas - 4.21

The Dow Jones Industrial Average closed at 7063 on 2/27/09, as the stock market opened up at new 52 week lows ( except the Nasdaq ) and rebounded throughout the day before falling in the final hour of trading. The Dow Jones Futures opened up the day very weak as details of the Citigroup ( C ) merger with the Government surfaced. Citigroup stock was down 39% to $1.51 at 3pm. Bank Stocks were crushed after a great start to the week. Other problems in the stock market today were the GDP number and the General Electric ( GE ) dividend cut. Fourth Quarter GDP fell to -6.2%. Wall Street expected -5.4% so this loss was greater then expected.

The start of March will come in like a Lion next week as we get the following economic data: 3/2: Personal Income, Personal Spending - 3/3: Auto Sales - 3/4: Fed Beige Book, Crude Oil Inventories - 3/5: Initial Claims - 3/6: Non farm Payrolls ( February Jobs Number ) Unemployment Number, Consumer Credit.

Friday, March 6, 2009 will be a critical day as we get the highly anticipated jobs number. Expect some weakness going into this number and you can bet it will be a huge stock market mover! If you are a stock market fanatic and enjoy trading, i'd suggest calling in sick next Friday!

So where do we stand? We keep breaking new lows and this suggest to me a bottom is not near. Even if we hit the bottom we will test it several times so you will have plenty of time to get back in. I personally don't think a case for the bottom can be made until several months from now. At the end of March the automakers we be asking for more money, in the beginning of April we start to get 1st quarter earnings ( they will be horrible - everyone spent money for Christmas and stopped spending in 2009 ). These are just a few concerns that are ahead. OK, I will stop rambling and tell you that I will have full technical analysis of the stock market over the weekend - Right Here

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General Electric GE Dividend Cut 2/27/09 - Haynesville Shale

General Electric ( GE ) will cut their dividend from .31 cents per quarter to .10 cents per quarter starting in the 3rd quarter of 2009. GE hasn't officially announced this but David Faber of CNBC has announced this.

GE will save 9 billion dollars a year with this dividend cut as it will come down from $1.24 per year to $0.40 per year.

GE stock spiked to $9.00 on this news but has since tanked to around $8.60 per share. Right now the stock appears to be all over the place but the spike to $9 brought the Dow Jones back to even on the trading day.

In other General Electric news today, February 27, 2009, GE is getting into the Haynesville Shale:

Natural gas processor and transporter Regency Energy Partners LP on Friday said that it, along with Alinda Capital Partners LLC and an affiliate of GE Energy Financial Services, are forming a joint venture to finance and construct Regency's Haynesville expansion project.

Dallas-based Regency will contribute to the joint venture its Regency Intrastate Gas System in North Louisiana, valued at $400 million, in exchange for a 38 percent general partnership stake in the venture. GE Energy Financial Services and Alinda Capital Partners LLC will contribute to the joint venture $126.5 million and $526.5 million in cash for a 12 percent and a 50 percent stake, respectively.

The North Louisiana pipeline will transport gas from the Haynesville shale formation, one of the fastest growing U.S. natural gas fields, which stretches through parts of Texas, Oklahoma and Louisiana.

Being the founder of www.oilshalegas.com, I have done extensive research on all the energy shale plays in the USA and Canada. The haynesville shale, located in Louisiana and East Texas, has the potential to be the biggest natural gas field in America. If one day we convert our vehicles to compressed natural gas, the haynesville shale has enough gas to support this. The Marcellus Shale is up there as well!

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Hot Penny Stocks 2/27/09 February 27, 2009

Today, 2/27/09, there are a few penny stock gainers breaking out to the upside. Be sure to check out the Top 2009 Penny Stock Gainers on the NYSE, Nasdaq, and AMEX.

Penny Stock Gainers - February 27, 2009


Tarrant Apparel ( TAGS ) - $0.70 Up 89.19% - Tarrant Apparel Group Signs Merger Agreement.

ZI Corporation ( ZICA ) - $0.61 Up 56.46% - Nuance ( NUAN ) to Acquire Zi Corporation - A lot of penny stock companies getting bought out lately!

OpenTV ( OPTV ) - $1.22 Up 22% - Response From OpenTV Corp. Regarding Proposal by Kudelski SA

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

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Biggest Stock Gainers 2/27/09 February 27, 2009

Today, February 27, 2009, there are several stock gainers that are breaking out with some nice momentum. If you are looking to day trade today, you might want to check out the following stocks. Check out today's biggest gainers and the Top Stocks for 2009

Hot Stocks 2/27/09 - Biggest Gainers Today

Financial Bear 3X ( FAZ ) - 59.02 Up 9.38% - This stock fly on a daily basis when financial stocks get crushed. When FAS goes up, FAZ gets crushed. It resets on a daily basis so it is not a buy and hold. These are day trading vehicles!

Bare Escentuals ( BARE ) - $3.68 Up 27.88% - Bare Escentuals Q4 beats Street - Earnings appear to be really good.

Permian Basin Royalty Fund ( PBT ) - $9.40 Up 17% - Jim Cramer of CNBC Mad Money has issued a buy rating on this stock. Jim Cramer said to sell this one in the $15's last November but cites that the Stabilization in Oil prices make this a good buy.

Leap Wireless ( LEAP ) - $27.20 Up 9.20% - Leap Wireless 4Q loss widens on costs, Leap Wireless International's 4th-quarter loss widens on higher costs for new initiatives.

Hansen Natural ( HANS ) - $34.88 Up 12.75% - Hans reports great earnings before cerntain charges. The Monster energy drink line seems to still be doing well.

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Art Cashin CNBC 2/27/09 February 27, 2009

Art Cashin, floor trader with UBS, has come on CNBC today, February 27, 2009, and gave some comments on Citigroup and the overall stock market as we plunge to new lows in pre market.


Art Cashin CNBC comments 2/27/09


Art what happened today?


We will have to see what happens in the next 60 days, saw some signs of this yesterday with Sallie Mae SLM. The market is testing the lows this morning.



President Obama has a lot of political capital but he seems to using it up, the gallop poll has him lower then Bush in the first month of Presidency, its confusing.


Citigroup News:


Dilution, Citi avoided death, were aren't going to kill then but we will break both of their arms.
If we break 740 on the S&P 500 and this could be a very tough week coming up next week.


For all of Art's Comments, go here


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Baltic Dry Index Shipping Rates 2/27/09 BDI

The following is a report on Dry Bulk Shipping Rates for 2/27/09. This data is critical for how the DryBulk Shipping Stocks such as DryShips ( DRYS ), Excel Maritime Carriers ( EXM ), Diana Shipping ( DSX ), Genco Shipping ( GNX ), TBS International ( TBSI ), Navios Maritime ( NM ), and OceanFreight ( OCNF ) will trade during the day. As you probably know, the Dry Bulk Shipping index can tell you a lot about the state of the World Economy. When Bulk Shipping Rates are at all time highs, the World Economy is outstanding. When Bulk Shipping Rates are as low as they have been lately, it signifies that the world economy has come to a screeching halt!http://dryindex.com/

Dry Bulk Shipping Rates - February 27, 2009 - Up 1 Straight Day

Baltic Dry Index ( BDI ) - 1986 Up 36
Spot 4 - TC Average - 30079 Up 30
Baltic Cape Index ( BCI ) - 2963 Flat
Baltic Panamax Index ( BPI ) - 1542 Up 49
Supramax Index ( BSI ) - 1529 Up 55
Past Bulk Shipping Rates

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Bank Stocks 2/27/09 February 27, 2009

Today, 2/27/09, the bank stocks are tanking in pre market due to the Citigroup details that are coming out about the Government 40% stake.

Banking Stock Update - February 27, 2009 - Pre Market

Citigroup ( C ) - $1.50 Down 39.02% - Financial Stocks are tanking - new details on the Citigroup stake by the Government reveal that this company is toast and the Government has basically taken this bank over. Who will be next is the fear that is going through Wall Street this morning!

Bank of America ( BAC ) - $4.70 Down 11.45%
Financial Bull 3X ( FAS ) - $5.11 Down 12.50%
Barclays ( BCS ) - $5.28 Down 13.30%
Wells Fargo ( WFC ) - $13.10 Down 9.10%
Financial Bear 3X ( FAZ ) - $61.50 Up 12.84%

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