Friday, January 9, 2009

The Kirk Report

The Kirk Report

Where's My Cheese?

Posted: 09 Jan 2009 01:21 PM CST

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Gunning The Jobs Data

Posted: 09 Jan 2009 08:30 AM CST

Good morning. U.S. payrolls jobs fell by 524,000 in December, pretty much inline with what economists expected. Unemployment jumped +7.2% and November's report was revised with another -150K jobs lost.

In other news, Fed's Rosengren says the recession more severe than thought and there's more criticism of the Treasury over TARP.

Premarket gainers: YRCW, PALM, APOL, MDRX, IHS, AZZ, DFT, AMMD, HWAY, MTZ, SNX, OCNF, LWSN, DRYS, EGLE, TBSI, YHOO, & ISYS.

Premarket losers: OREX, EBS, ASIA, IFX, CVS, AAUK, CIEN, BPZ, HNSN, AAUK, ASIA, COH, MT, BBY, CSKI, LTD, HXL, TLAB, & ALVR.

Keep in mind that regardless of the jobs reaction, a very strong move in either direction at the open is usually reversed by 10:AM. There are no guarantees, but that's how past strong reactions have played out on average.

I have to say that it was interesting to see a notable improvement in the premarket futures even before the numbers were released indicating that more than a few are gunning for a "buy the bad job news trade" today. I'd say look for the market to show its true colors by 10:AM and work from there.

Have a great Friday!

* This report was provided to members at 8:44AM. Premarket posts here are delayed until 9:30AM every day.

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