Monday, October 27, 2008

The Kirk Report

The Kirk Report

Monday Mailbag

Posted: 27 Oct 2008 01:27 PM CDT

I received so many great questions last week that I took time to answer a few more today. Topics I'll cover in this session include the following:

  • Perma Bears Now Seeing Buying Opportunities

  • Are Buy-And-Hold Strategies No Longer Effective?

  • The Market Makes Everyone Feel Like A Failure

  • Exchange For Physical (EFPs)

  • Mutual Funds' End-Of-Year Positioning As A Catalyst

  • The Number One Lesson From The Crash

  • Screening For Dividends

  • Indispensable Information Through The Trading Day

  • Why Trade ETFs Versus Stocks In This Environment

  • Monitoring Moving Averages

  • LEAPs

  • How To Put Money To Work As A Long-Term Investor

  • If It Feels Good, Don't Do It!

  • Pros & Cons of Preferred Stocks

  • How To Learn Which Indicators To Use

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Worldwide Woes

Posted: 27 Oct 2008 08:15 AM CDT

Good morning. Concern that the global economic slowdown is deepening has set a negative tone in premarket trading.

Much like last week, overseas markets are under significant selling pressure (Hong Kong's Hang Seng fell another -12.7%) causing premarket futures here to indicate selling at the open. The key headlines include the fact that the Group of Seven industrialized nations hinted they could intervene to stop the Japanese yen's ascent and the IMF announced rescue plans for Hungary and Ukraine.

As for over here, reports suggest that Goldman Sachs called Citigroup last month to discuss a merger (rejected by Citigroup) and investors are sorting through more earnings reports.

Premarket gainers: PPC, X, FLEX, FITB, ARNA, SOHU, VZ, EQ, ACV, DAL, UAUA, LUV, AMR, PENN, FHN, CNB, TKC, SIRI, HUN, & SOV.

Premarket losers: SVNT, THOR, NRG, ACH, RTP, AEG, LFC, SNP, CEO, TTM, WPPGY, GM, CAT, SLM, PTR, ARD, JNY, F, NT, ACI, AAUK, BBL, ING, L, CHL, AXA, MDRX, SAP, HBC, DAI, BP, VOD, MT, GOLD, BCS, TOT, & NOK.

The trading session's only economic report - new home sales - will hit the wires at 10:AM. This report will be somewhat important following last week's bounce in existing home sales. We also have a lot more earnings reports this week including Wednesday's Fed meeting.

Needless to say, a lot of people are looking for the market to find its bottom this final week of October. But, obviously before that happens, we need to stop moving lower and for the market to find and form a level of support that can handle any additional fears that follow in the weeks ahead.

Let's make it a great week!

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