Tuesday, November 11, 2008

The Kirk Report

The Kirk Report

Link Hopping

Posted: 11 Nov 2008 12:33 PM CST

Veterans Day

Posted: 11 Nov 2008 08:30 AM CST

Veterans Day
Good morning. Premarket futures have a negative bias following weakness in overseas markets and another round of disappointing headlines. As Clariden Leu said this morning - "The bad news keeps coming. More and more companies are showing that they have problems and the economic outlook keeps worsening.''

Among the headlines captivating investors this morning include news that Fannie Mae may have to tap government cash to avoid liquidation, the Fed quickly turns American Express into a bank holding company, and one of the nation's largest shopping mall owners, General Growth, raises doubts about its survival.

Premarket gainers: OPTR, GNVC, TMA, RFMD, LNET, VOD, ASTI, CWTR, MPW, UIS, ASTM, MTG, FTEK, OCNF, & BPOP.

Premarket losers: GGP, SGMO, FMCN, TLEO, MR, USAP, VPHM, MPEL, SBUX, TSN, YGE, HLX, LVS, HBC, FSYS, AIG, DKS, EAT, PRU, DDS, IGT, SID, FCX, RIO, AUY, FNM, GS, BIDZ, CPSL, TOL, ENER, & RMBS.

Due to Veterans Day there aren't any major economic releases from the government and the bond market is closed. Therefore, the headlines and technicals will be the primary catalysts. Obviously, a break down of 900 in the S&P this morning will set up a retest for the October 27th closing low at 848 and that level must hold on a closing basis.

* Please keep in mind that my premarket posts here are time delayed. Members receive this post at least 30 minutes prior to the opening bell.

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