Stock Market 3/8/09 Dow Jones Report

After a horrible week comes to an end, Wall Street must now look ahead for any signs of a stock market bottom or recovery. The Dow Jones started last week at 7062.93 and ended yesterday on a positive note at 6626.94. When it looked like the bottom was going to fall out on the stock market yesterday, we had a nice short squeeze going into the close. This was the first time in 7 trading sessions where we went up into the close versus selling off. Stock market futures were even up in after hours trading as well. Below are some things that I will be watching for next week.


Stock Market Watch List 3/9/09 - 3/14/09


General Motors ( GM ) - Do you hear the clock ticking? General Motors is currently in meetings with bond holders in an effort to reduce their debt by 2/3's before the March 31, 2009 deadline. GM stock fell to a 75 year low yesterday as it closed at $1.45 per share. On Monday, officials from the Obama auto task force will sit down with GM executives in hopes to avoid bankruptcy. General Motors will give the task force members an up close view of the Chevy Volt Hybrid. Besides the stock market crashing in 2009, this could be the number one story soon as Washington comes to a decision. A GM bankruptcy could have huge systemic risk and send the stock market spiralling down once again.

Stem Cell Funding - President Barack Obama is getting set to overturn the ban on Stem Cell research funding by George W Bush. At least $200 million dedicated to stem cell research is part of a fast-tracked federal stimulus grant fund that could deliver money to labs as early as summer's end, said Dr. Arnold Kriegstein, director of the Eli and Edythe Broad Center of Regeneration Medicine and Stem Cell Research at UC San Francisco.

Stem Cell Stocks such as Stem Cells ( STEM ), Geron ( GERN ) Aastrom ( ASTM ), and Pluristem Therapeutics ( PSTI ) could be very active on Monday when this news hits.


DryShips ( DRYS ) - DRYS was very strong at the end of last week. After a capitulation move under $3, DRYS ripped back over the 10 day moving average. A break over $4 could start a nice run back to the upside. Keep in mind, DRYS is due to report earnings any day now. This event could make or break DRYS stock price.

Freeport McMoran ( FCX ) - Did anyone notice how strong this stock was yesterday? FCX was up most of the day as the stock market went down. Copper prices have been rising after a nice stabilization period. After hitting a low of 26.32 on Monday, FCX hit a high of $34.39 on Friday!

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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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