Santa Claus Rally - Art Cashin CNBC 12/9/08

Art Cashin of UBS was on CNBC this morning, 12/9/08, and gave some comments on this recent Santa Claus rally.

I don't know if the Santa Claus rally is here yet, Friday's action was great after bad news, the two days ( Friday and Monday ) weren't frenzied, 4% moves tend to happen in bear markets which is a little concerning.

What are you most worried about? You have to worry about a major geopolitical event that could halt this rally. I'm worried about that we committed over a trillion dollars and if we get some sort of geopolitical event, where is the money going to come from? The economic data that will be coming out this week is rear view mirror looking and the market already knows it will be bad. For more Art Cashin comments, go HERE

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1 and 3 Month Libor Rates - 12/09/08 - Today's Libor Rates

It seems as though everyone is watching Libor rates these days. Today's Libor Rates for 12/9/08, are: 1 Month Libor Rate - 1.635% & 3 Month Libor Rate - 2.164%. The overnight Libor rate is .14%. As you can see, Libor Rates have changed today, December 9, 2008, both 1 month and 3 month Libor fell today, a very good sign for the credit markets. The overnight Libor Rate went down 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 12/09/08 - Stock Market

Today, 12/9/08, the Stock Market futures are indicated mixed after being down most of the morning. Sony ( SNE ) is cutting jobs, FedEx (FDX ) reported horrible guidance, and Texas Instruments ( TXN ) also warned. Check out my Dow Jones Technical Chart for keys levels going forward. This could be one volatile day today!

Pre Market Trading - 12/9/08

Dow Jones Futures - Down 29
Nasdaq Futures - Down 6
S&P 500 Futures - Flat

Top Stock I will be trading today is Hartford Financial ( HIG ) - this stock has the volume and and volatility that doesn't come around often.

Today's Biggest Gainers - December 9, 2008

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Dow Jones Analysis 12/9/08 - Stock Market

The following is Technical Analysis for the Dow Jones for 12/9/08

Dow Jones Support & Resistance Levels - December 9, 2008

Resistance Levels: 9000, 9323, 9653

Support Levels: 8831, 8675, 8558, 8350

http://stockcharts.com - Chart

The Dow Jones broke through 8831, 8923, 9000, but failed to close above the 50 day moving average today. This is a level we haven't tested for awhile and this is where the real fight will begin. The Dow Jones has support at 8831, 8675, and the 10 day moving average at 8558. These are levels I will look to buy, especially pullbacks to the 10 day moving average. Keep in mind, we broke through two previous high points today ( 8831, 8923 ) and this is very bullish. However, we have bounced 1500 points in the past two weeks from the lows. If we get a nice year end rally, we could be looking at testing the Election High of 9653.95 but this is a level where i'd start to sell and will be doing so. Keep an eye on the 10 day moving average for a sign of a break down if we close under it. We have only closed under the 10 day moving average once in the past 11 trading session. If you get two straight days this will be your bearish sign.

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