Wednesday, November 19, 2008

The Kirk Report

The Kirk Report

Bottom Fishing

Posted: 19 Nov 2008 01:28 PM CST

More Data To Chew On

Posted: 19 Nov 2008 08:30 AM CST

Good morning. Stock futures indicate a lower open today as U.S. CEOs urge at least $300 billion in stimulus and concerns continue that no bailout of the auto manufacturers will doom the economy. Markets overseas were again under pressure.

Turning to this morning's economic data, the Consumer Price Index (CPI) fell a more than expected 1%, housing starts declined 4.5% while building permits dropped 12%, and mortgage applications declined near an eight year low.

Premarket gainers: XTLB, EQIX, LDK, GGP, TEVA, ETFC, CMCSA, OSIP, ALNY, FRE, & AAWW.

Premarket losers: ING, UBS, LVS, BHP, FSLR, TSL, MENT, ERIC, GM, F, RCL, DRYS, BIDU, SIG, LIZ, HUN, SYT, MEE, DAI, ABK, AIG, & HOV.

At 10:35 we have the EIA Petroleum Status report and at 2:PM the Fed will release the minutes from its last meeting. Given this week's benign inflation data, rest assure that expectations for another large rate cut in December will continue to grow.

This morning all eyes remain fixated on the S&P 850 support zone not to mention the same price levels we've been monitoring all week. In spite of all of this, go make it a wonderful Wednesday!

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