Art Cashin 3/12/09 March 12, 2009 - SP 500

Art Cashin, floor trader on the NYSE, was on CNBC this morning and gave several stock market related comments on what he is seeing.

Art Cashin Comments -3/12/09

Art, what do you think about the mark to market rule?

On Mark to Market - we saw futures tick up on the PA congressman's comments on suspending the accounting rule. If they can pull it off you could see this rally have legs. We are pushing for an adjustment or suspension of the mark to market rule....its not to cover up things, its to prevent ridiculous pricing of things in the market place

What is your opinion of the stock market right now?

I think what we want to watch is 740-745 on the S&P 500...Also support is 713 and we need to stay above 700. On the Dow, we have resistance at 7000-7025

Things are getting interesting!

For all of Art's Comments, go here

For the latest updates on the stock market, visit, http://daytradingstockblog.blogspot.com/ or Subscribe for Free

Stock Market Report March 12 2009 3/12/09

The Dow Jones and Stock Market Futures are pointing to a lower open as world stock markets went lower overnight.

Stock Market Report 3/12/09

- On Thursday, revised figures showed that Japan's economy, the world's second largest, suffered its biggest contraction in 35 years in the fourth quarter. Gross domestic product shrank at 12.1 percent annual rate in the October-December period, less than the Cabinet Office's preliminary reading of a 12.7 percent contraction, but still confirming a serious recession.

- Roche ( ROG ) and Genentech ( DNA ) Reach a Friendly Agreement to Combine the Two Organizations and Create a Leader in Healthcare Innovation.
- Roche intends to acquire all outstanding shares of Genentech for $95.00 per share in cash

- Oil prices: Oil Prices are rising this morning after getting crushed yesterday. Oil is higher by .90 to $43.23 in early trading.

- Gold Prices: Gold prices are rising as well on March 12, 2009. Gold is back at the $917 level.

- Key Stock Movers: Financial Bear 3x ( FAZ ) stock is up 7% to $60 per share as the financials are indicated weaker today. Financial Bull ( FAS ) stock is down 6.37% to $3.76. Along with these two stocks, HSBC ( HBC ) is up 5% to $24.84 and Citigroup ( C ) is down 5.84% to $1.45

- 10 Day Moving Average: The stock market indexes appear like they will test their 10 day moving averages today. The 10 day moving average should offer some nice support and this is where i'd expect new buyers to be located. If we close two days under the 10 day, this rally could be in serious trouble. Today will be a big test!

- Mark to Market: Today there will be a Congressional Hearing on mark to market. This is just a hearing to gather facts, this rule will not be changed today.

- Bernie Madoff: Bernie Madoff just got dropped off in Manhattan courthouse which could be his last steps as a free man. Madoff is expected to plead guilty on a $50 billion stock market ponzi scheme. Some of the victims will be present and they will be making statements to him.

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

For the latest updates on the stock market, visit, http://daytradingstockblog.blogspot.com/ or Subscribe for Free