The Kirk Report

Mailbag Posted: 17 Oct 2008 04:16 PM CDT It's time to open up the mailbag and answer some questions. Topics covered in this mailbag include: The Folly Of Using Historical Chart Patterns In Today's Environment Using MACD & The Stock Trader's Almanac Book Recommendation On Options Tools I Use For Creating Link Posts Hedge Funds Using Extreme Leverage On Waiting For Safer Waters Opportunities On Long-Term Stock Screens Thoughts On Purchasing A Home In This Market Holding Overnight & Positioning Ahead Of Gap Opens Trending Patterns In Oil Paying Off Debt First Or Investing Why Not Move To Cash Instead Of Shorting Against Longs Going Long Financials After The Bounce Catching Falling Knives & Panic Buying Financial Weapon Of Mass Destruction Market Psychology & Prioritization In The Aftermath Measuring Success As A Trader Screening For 50/200 Moving Average Crossovers Keeping Motivated During Tough Times Sectors With The Most Attractive Pure Valuations Is This The Bottom Or Bear Market Rally? This is a members' only post. To read, please login.

Earnings, Data, & Warren Buffett Posted: 17 Oct 2008 07:59 AM CDT Good morning. Premarket futures are lower as the market sorts through the latest earnings reports from Google among others, another large drop in housing starts and building permits for September, and merger discussions between General Motors and Chrysler. On the credit market front, Libor fell to its lowest level in four years while the Fed makes a strong push to set up a clearinghouse for those infamous credit default swaps. Premarket gainers: AMD, GOOG, GILD, CEGE, CMCSA, CIT, SKS, IAG, BX, NDAQ, GM, BX, D, & SII. Premarket losers: ING, ESLR, ACGY, ALD, RRI, GLBL, SIG, CRBC, BHP, RTP, BBL, TPX, LAB, CGV, FRO, LYG, QGEN, BCS, MT, SI, TTM, MT, IBN, TIE, AAUK, AIG, & CBI. After the opening bell, at 10:AM we'll take another look at the latest reading on consumer sentiment. Like we've seen this week, not much is expected from any of these economic reports and the market doesn't seem to be reacting much to poor data in hope that the bad news has already been priced in. Speaking of which, Warren Buffett is out with bullish comments on American stocks and you're likely to hear a lot of discussion over his comments today. All in all, unless we have a very poor day in the market we should close out the week with some nice gains (i.e. both the Dow & S&P 500 are currently up over +5% on the week). This would be the first positive week since the first week of September. Go make a great day!

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