Friday, November 21, 2008

The Kirk Report

The Kirk Report

Another Horrible Week

Posted: 21 Nov 2008 04:11 PM CST

A late day super snapper allowed us to finish on a positive note in what was another horrible week for the market.

S&P 500: 5 Day View

For the week, the S&P 500 lost -8.39%, Dow -5.31%, Nasdaq -8.47%, and the Russell 2000 -10.95%.

As we've seen in prior weeks, the "ultra" shorts were the top leaders. All of the following gained more than +20% on the week - SKF, TLL, SRS, RMS, SKK, SJL, SMN, SJH, SDK, SJF, SBB, TWM, MZZ, & SDD.

As some of you already know - Thanksgiving week is one of my favorite weeks of the year. It is the week that I (along with a group of friends) compete with each other to give as much as possible to charity. In essence, every dime of profit we make from trading next week will go straight to the charity of our choice. For this year, I'll be trading for Remote Area Medical. I've talked about this charity in the past, but essentially they provide free health care services to those who are under-employed or under-insured. In fact, 60% of their programs are based in poverty areas throughout the United States.

In spite of what has been a very challenging time for all, I'm very thankful to be able to do what I do for a living and share this journey with all of you.

See you next week!

Q&A With Jeff Miller

Posted: 21 Nov 2008 12:47 PM CST

Jeff Miller
It is with great pleasure to have Jeff Miller, from A Dash Of Insight, to participate in this month's Q&A. Many of you know Jeff because I've linked to many (if not the vast majority) of his blog posts. In this Q&A we'll cover a variety of topics that will interest and help you.....[READ]

Up In Flames

Posted: 21 Nov 2008 11:12 AM CST

November Options Expiration

Posted: 21 Nov 2008 08:30 AM CST

Good morning. A bounce in overseas markets amid renewed expectations for additional rate cuts and other bailout speculation have set a positive tone this options expiration Friday.

The newswires are relatively quiet and other than earnings from Dell, a board meeting at Citigroup, and chatter regarding what Obama will do for the automakers there's not much to work with other than extremely oversold conditions.

Premarket gainers: DISK, FNM, SOL, CRM, FRE, SOLF, JASO, C, DELL, GM, LGND, ARUN, AU, AAUK, GOLD, BBL, MT, CS, DRYS, BHP, RIO, RTP, HMY, DB, JRCC, RMBS, IRE, BUCY, THC, TEN, NT, MTL, CDE, PBR, YGE, UAUA, HIG, GFI, CLNE, & RIMM.

Premarket losers: ADSK, CSIQ, CE, ES, QCOR, FAF, ISIS, ANN, INT, & ESD.

Much like yesterday, we'll likely see another wild trading session today. In any large snap back move, my initial upside target to clear is around 865 in the S&P. Anything less and not much will change from a technical perspective and that should be a relatively easy level to bounce to given how oversold we are and now price targets have been scaled down to S&P 400 to 600 area.

Have a great Friday!

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