Thursday, February 5, 2009

The Kirk Report

The Kirk Report

Experts Predict Monster Rally

Posted: 05 Feb 2009 02:25 PM CST

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Jobs, Retail Sales, Earnings, & Bailouts

Posted: 05 Feb 2009 08:30 AM CST

Good morning. Premarket futures are negative as the market braces itself for tomorrow's jobs report.

Weekly jobless claims rose 35K to 626,000 which is worse than expected (and last week's number was revised higher). In addition, Monster's online employment index continued to fall for a fourth straight month and is now down -26% from last year.

Beyond the jobs data, January same-store sales from retailers are out with a few that seem to be better than expected but overall offer fairly dismal returns. Also, earnings from a number of companies - especially Cisco Systems and Visa - are attracting a lot of attention this morning.

At 10:AM a report on factory orders is due. In addition, more announcements on the bailouts is anticipated. The latest from the Washington is that to avoid a potential trade war the Senate has softened its 'Buy American' provision. Also, U.S. auto-parts makers are now seeking up to $25.5 billion in bailout cash.

Heading into tomorrow I'd rather see more weakness than strength and it appears the market is likely to follow that view based on what I'm seeing in premarket trading. Have a good day!

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