Thursday, October 30, 2008

The Kirk Report

The Kirk Report

Everything You Need To Know

Posted: 30 Oct 2008 10:59 AM CDT

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Rally On

Posted: 30 Oct 2008 08:15 AM CDT

Good morning. Premarket futures are indicating a +3% gap open. The optimistic tone follows very strong markets overseas (Hang Seng was up +12.82%) after worldwide rate cuts and after the Fed provided $30 billion in liquidity to South Korea and Singapore.

In addition to lots of earnings reports, we also had a better than expected GDP and steady initial jobless claims.

Premarket gainers: OI, GNLB, BRCD, YZC, GKK, PDGI, BRCM, FDRY, NOA, CEO, CS, MYL, NTL, DB, MYL, FSLR, MOT, RTP, NOK, FTK, HBC, VIP, MTG, ENR, PKX, YGE, ICLR, SMSI, SOLF, CSIQ, ESLR, NCOC, MTL, JASO, CLWR, & DRYS.

Premarket losers: ELN, BIIB, SYMC, HIG, GLBL, PPC, PMCS, GLS, MICC, CGNX, WFR, JDSU, BGC, HA, NWL, & SPF.

There's really nothing of significance on today's economic calendar and you already know the overhead levels of resistance we'll be watching in today's upward assault. The bulls have an opportunity here, especially in this final two days of the month, to really mark things up. Let's see how the handle the overheard resistance and whether the sellers swamp the tape after this optimistic start.

Have a terrific Thursday!

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