Thursday, January 29, 2009

The Kirk Report

The Kirk Report

Uncle Sam's Pyramid Scheme

Posted: 29 Jan 2009 12:21 PM CST

This posting includes an audio/video/photo media file: Download Now

Earnings, Data, & Stimulus

Posted: 29 Jan 2009 07:50 AM CST

Good morning. Premarket futures have a negative bias and point to a lower open.

The market is digesting a large batch of mixed earnings reports and disappointment concerning the latest read on jobless claims and durable goods.

Meanwhile, debate and concern mounts after the House passed Obama's $819 billion dollar stimulus plan without any bipartisan support. On top of that a new bank bailout could cost $2 trillion dollars.

Premarket gainers: ISSC, SEPR, HBI, POZN, CAVM, FUN, DFT, CVD, CIT, AVNX, TX, GFI, AN, HBI, & CHB.

Premarket losers: DRYS, LYG, BCS, UBS, SSCC, ALL, AIB, AMKR, IRE, NSR, BDK, FO, RBS, EGLE, FLEX, CTXS, QCOM, LSI, RHI, LRCX, EXM, RTP, AZN, C, NWS, BAC, MS, SBUX, JAVA, ZMH, PALM, GMCR, & SQNM.

At 10:AM we have report on new home sales and the market will be looking for some strength in that report due to expectation that the housing market is starting to stabilize.

Today's primary task is to work off a slight overbought condition without rolling over back under S&P 850. Given the tone in premarket trading, that looks to be a formidable challenge as the financials (among many other groups) are under pressure.

Go make it a great day!

0 comments: