Sign up for PayPal and start accepting credit card payments instantly.

Tuesday, October 28, 2008

The Kirk Report

The Kirk Report

Super Snapper

Posted: 28 Oct 2008 05:26 PM CDT

After a positive start, we meandered for the bulk of the trading day until the late day super snapper.

S&P 500: Intraday

S&P 500: 10 Day View

Today's final hour move was sure a sight to behold even though we've only just climbed back to the same levels we were just one week ago. As you can see, we had strength across the board:

Sector Leadership

Within the ETFs, the biggest gainers were ProShares Ultra Real Estate ETF (URE), iShares MSCI South Africa Index Fund ETF (EZA), Rydex 2x S&P 500 ETF (RSU), ProShares Ultra Dow30 ETF (DDM), ProShares Ultra Technology ETF (ROM), ProShares Ultra S&P500 ETF (SSO), ProShares Ultra Oil & Gas ETF (DIG), ProShares Ultra Basic Materials ETF (UYM), iShares MSCI Emerging Markets Index Fund ETF (EEM), ProShares Ultra QQQ ETF (QLD), iShares MSCI South Korea Index Fund ETF (EWY), & iShares FTSE/Xinhua China 25 Index Fund ETF (FXI) which all gained more than +20% on the day. Wow!

I started the day saying that "there's a large amount of hope that we're going to rally hard into the Fed meeting (the worst is now over) and we'll certainly need to see a lot of strength out there to confirm that expectation." Today was certainly a good start - now let's see if they can really blow the doors out tomorrow. Have a great evening!

Pick & Click

Posted: 28 Oct 2008 12:26 PM CDT

* Did you find something useful in this links? Then consider becoming a member!

This posting includes an audio/video/photo media file: Download Now

Overseas Snappers

Posted: 28 Oct 2008 08:15 AM CDT

Good morning. Large-scale snap back rallies in overseas markets (Hang Seng up +14%) have carried over and set a very positive tone in premarket trading. Futures currently suggest a +3 to +4% gap at the opening bell.

Meanwhile, for the most part, the headlines this morning are not all that positive. Clearly, the positive trading we're seeing is not directly tied to the news.

Premarket gainers: AHG, SVNT, CLS, ATHR, JASO, SOLF, DRYS, FWLT, ARM, IVN, AIG, CSR, PPL, CAJ, SSL, HMC, JBL, LPL, TIE, FNM, BEAV, PKX, VLO, BP, RCL, CHK, XOM, SPWRA, EYE, RAD, FSLR, ERIC, BIDU, & APWR.

Premarket losers: BWLD, RCII, CRDN, ING, GNTX, AEG, HUN, DB, CAR, YHOO, ALL, ZRAN, CR, BEE, SKS, BPOP, & USG.

We have a report on Consumer Confidence at 10:AM and the two-day FOMC meeting begins today (the interest rate announcement will come at 2:15PM tomorrow). Obviously, there's a large amount of hope that we're going to rally hard into the Fed meeting (the worst is now over) and we'll certainly need to see a lot of strength out there to confirm that expectation.

For today, much will depend on whether they can build upon the gap open after the first hour that premarket futures are indicating. Go make it a great Tuesday!

0 comments: