The Kirk Report |
Posted: 17 Dec 2008 08:30 AM CST Good morning. Premarket futures are pointing to a lower open following yesterday's Fed fueled rally. The top stories this morning include a worse-than-expected quarterly loss at Morgan Stanley, regulators are increasing their oversight of Citigroup in response to increased concern regarding the firm's financial status, while Obama weighs a TARP overall. Finally, mortgage applications rose 2.9% over last week as the average rate for 30-year mortgages plunged to 5.18% from 5.44% Premarket gainers: ANSV, SAY, PAY, ADBE, ISIS, PLAB, CEM, SD, GIS, JOYG, BUCY, CBI, NG, IIIN, PALM, & GTI. Premarket losers: LEG, DB, HBC, ROCK, DRE, MAC, KIRK, DLX, ARE, CLI, CIT, NWL, TBL, BCS, TRMS, MS, URE, JLL, LIZ, ASML, KMP, RTP, AAPL, CATY, & PCH. Along with more Fed fallout, focus will turn toward oil and energy this morning. At 10:AM OPEC is expected to announce a large supply cut. Among many things including trading in the U.S. dollar, traders will also be watching whether we can hold above the 50 day moving average especially since some of the oscillators have reversed back into overbought territory again. In a typical options expiration week, we usually see at least one negative day around mid-week so a little pullback this morning and then another leg higher by Friday is really what we want to see to help confirm yesterday's big move and set the stage for another end-of-the-month pump up. Have a wonderful Wednesday! |
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