The Kirk Report

Earnings, TARP, & The Economy Posted: 18 Nov 2008 08:01 AM CST Good morning. Premarket futures, once under pressure due to weakness in overseas markets, have turned around and are currently suggesting a positive open. Along with the latest read on retail sales and more earnings reports from companies like Hewlett-Packard (HPQ), Saks (SKS), & Home Depot (HD) - a plunge in producer prices was reported. In addition, investors remain fixated on the latest bailout headlines including news that the Treasury gave $33.6 billion to 21 banks and Paulson's decision to stay flexible. Premarket gainers: YHOO, HPQ, NM, CLF, HD, DRYS, TS, F, FCSX, CETV, DELL, ASMI, TBSI, SRZ, GCI, DHI, ELN, BYD, ALU, & AMD. Premarket losers: DIVX, SOL, CTRP, SIGM, XTLB, GGP, AEG, CAR, GLW, TNP, DTV, UIS, DAR, SHMR, LYG, YGE, LVS, STM, CV, ANR, ABB, BCS, & WY. Reports on consumer confidence and the 1PM housing market index will come out today while Bernanke, Paulson and FDIC Chairman Bair are set to testify about TARP before the Senate. Much like yesterday, we're still stuck in the same trading range with obvious stops set at last week's lows and highs. Heading into today, I'm somewhat optimistic that we'll see a rally attempt before the week is over, but until the market proves that by taking out the S&P 880 to 920 level, it is only mere speculation on my part. Have a terrific Tuesday!

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