Thursday, January 15, 2009

The Kirk Report

The Kirk Report

Leaps Of Despair

Posted: 15 Jan 2009 10:51 AM CST

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Lots Of Headlines

Posted: 15 Jan 2009 07:57 AM CST

Good morning. The market is sorting through lots of headlines and although improving ahead of the open, premarket futures indicate more weakness.

On the economy, jobless claims rose a worse than expected 54,000 to 524,000 last week, the PPI fell 1.9%, and the Empire State Manufacturing Survey fell -22.2. Foreclosure filings have jumped 81% and, even though interest rates have fallen, refinancings are limited.

Other headlines in focus include Steve Jobs' medical leave, expectations for job cuts at Microsoft and Motorola, earnings from JPMorgan Chase, and more government aid for Bank of America. Overseas the ECB cut rates by 50 basis points to 2% as expected.

Premarket gainers: CYPB, NUAN, ALTH, TSRA, ASEI, CLC, CRYP, PPDI, B, JPM, CBRL, HMC, BRLI, EZCH, FRX, MOT, AVAV, RTP, DNDN, ASML, BVF, & VRSN.

Premarket losers: CVH, CYNO, SAY, ODP, ADSK, RWT, TRMB, OREX, CMN, ARM, MI, ARTC, AAPL, BAC, FRPT, RMBS, XTXI, DRYS, AMLN, SD, HBAN, & BAC.

At 10:AM we have the Philadelphia Fed Survey and Senate confirmation hearings for SEC nominee Schapiro begin. This afternoon is filled with Fedspeak with Yellen, Lockhart, and Evans scheduled to speak on the economy. We also have earnings from Intel after the closing bell.

The selling we've seen over the past 6 trading days has set up an oversold situation begging for a bounce and traders are doing their best to look for some retracement levels to watch now that the technicals have been broken.

Go make it a great day!

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