Dow Jones Open 12/15/08 - Stock Market

This morning, 12/15/08, the Dow Jones and Stock Market's are opening lower. This is mainly just a little backing and filling from Friday's recovery. Traders are waiting for news out of the White House this week on what they are going to do with GM and Ford. The Federal Reserve is also expected to cut rates and energy traders are waiting to see what the OPEC meeting brings. Apple ( AAPL ) appears to be leading the Nasdaq down as Goldman Sachs ( GS ) has come out and downgraded with company. Other big movers are the Casino Stocks. From a Technical Analysis point of view, as long as the Dow Jones stays over 8500 and the Nasdaq stays over 1500, I like them both on the long side.

Stock Market Opening Prices December 15, 2008

Dow Jones Open - Down 59
Nasdaq Open - Down 22
S&P 500 Open - Down 8

Today's Biggest Gainers

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MGM Sells Treasure Island - MGM, LVS Up Pre Market

The Casino Stocks are ripping higher this morning, 12/15/08, as MGM Mirage is selling Treasure Island Casino to Phil Ruffin. This news is causing many of the Casino Stocks to trade up in pre market. MGM is up 23%, Las Vegas Sands ( LVS ) is up 13%. Keep these two stocks on your radars today.

MGM MIRAGE (MGM) and Ruffin Acquisition, LLC today announced that they have entered into an agreement whereby MGM MIRAGE, through its wholly-owned subsidiary The Mirage Casino-Hotel, will sell Treasure Island Hotel & Casino ("TI") to Ruffin Acquisition, LLC for $775 million. Ruffin Acquisition, LLC is wholly owned by Phil Ruffin.

The purchase price is to be paid at closing as follows: $500 million in cash and $275 million in secured notes bearing interest at 10%, with $100 million payable not later than 175 days after closing and $175 million payable not later than 24 months after closing. The notes, to be issued by Ruffin Acquisition, LLC, will be secured by the assets of TI and will be senior to any other financing.

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Dry Bulk Shipping Rates Report - 12/15/08 DRYS

The following is a report on Dry Bulk Shipping Rates for 12/15/08. 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.

Dry Bulk Shipping Rates - December 15, 2008

Baltic Dry Index ( BDI ) - 803 Up 39
Baltic Cape Index ( BCI ) - 1454 Up 123
Baltic Panamax Index ( BPI ) - 450 Up 10
Baltic Supramax Index ( BSI ) - 486 Down 4
Past Bulk Shipping Rates

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Dow Jones Futures 12/15/08 - Stock Market

The Dow Jones and Stock Market Futures are pointed higher this morning, 12/15/08, as we have one more busy week ahead before things start to calm down for Holiday's. This week we have Goldman Sachs ( GS ) earnings as well as Morgan Stanley ( MS ). We also have a interest rate cut coming from the FOMC on Tuesday. All eyes continue to be on what happens with the auto bailout. The White House appears to be taking their good old time.

Stock Market Futures December 15, 2008

Dow Jones Futures - Up 84
Nasdaq Futures - Up 9.75
S&P 500 Futures - Up 9.50

Today's Biggest Gainers

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Jim Cramer Mad Money TLAB, CIEN, SWKS

Watch the following stocks this week as Jim Cramer mentioned them on the Speculation Friday segment of Mad Money CNBC. These stocks will be up today, 12/15/08, given the Cramer effect as well as the fact that they really have been beaten down in the technology sector. I will have analysis on all three of them this week.

Jim Cramer Stock Picks - December 15, 2008

Tellabs ( TLAB )
Ciena ( CIEN )
Skyworks Solutions ( SWKS )

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Dow Jones Analysis 12/15/08 - Stock Market

The following is Technical Analysis for the Dow Jones ( DJIA ) for 12/14/08, 12/15/08

Dow Jones Support & Resistance Levels - December 15, 2008

Resistance Levels: 8750, 9000, 9026.41

Support Levels: 8500, 8350, 8150

http://stockcharts.com - Chart

The Dow Jones continues to trade over 8500 despite attempted sell offs, very bullish! The Dow also continues to trade over the 10 day moving average. We hit 8150 in pre market futures and went up from there...this has been solid support for the Dow Jones. We now have support at 8500, 8350, and 8150 in which 8150 is very solid. 8150 has held four times in the past two weeks. It seems the Dow Jones is forming a nice base in the mid 8000's. Resistance: There are two strong resistance points, the 50 day moving average ( Red Line ) and 9000. If we can close over the 50 day moving average I think the Dow can break out of this range and start a new uptrend in a bear market in which 9650 could be tested.

More Technical Analysis - Go HERE

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Nasdaq Analysis 12/15/08 - December 15, 2008

The following is Technical Analysis for the Nasdaq ( NAS ) for 12/14/08 - 12/15/08

Nasdaq Support & Resistance Levels - December 15, 2008

Resistance Levels: 1575, 1603, 1675

Support Levels: 1530, 1500

http://stockcharts.com - Chart

The Nasdaq closed over 1500 for the sixth straight session...reversing from the lows to close back over the 1530 level. 1530 has been last weeks low with the exception of Thursday's late day sell off. The Nasdaq now has solid support at the 1500 level as the 10 day moving average is 1503. I continue to buy pullbacks at or below the 10 day moving average and sell closer to the 50 day moving average until the trend changes.
Resistance: The Nasdaq has been having trouble between the 1575 - 1603 area. If the Nasdaq can close over this area, next stop would be the 1670-1700 resistance level. Closing over the 1603 level would also cause more shorts to cover since the Nasdaq would be closing over the 50 day moving average, 1st time since August. I'm Bullish in the Nasdaq! For more technical analysis, Click Here

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