The Kirk Report |
Posted: 10 Feb 2009 11:06 AM CST Turbotax Tim is finished and the sell the news trade is taking the market down. With recent supports now broken, another test of S&P 820 looks likely. Traders don't seem very happy with the news but we'll know more if this selling continues for the rest of the day. I keep hearing that we're going to see an intraday reversal, but this remains a tough tape to navigate. Obviously, traders will now be looking for the next catalyst and other than the stimulus vote, there isn't much out there and that's the problem. |
Posted: 10 Feb 2009 07:58 AM CST Good morning. Futures are pointing to a mixed open as Wall Street awaits the Senate's final vote for the $838 billion dollar stimulus plan and Treasury Secretary Geithner's bank recovery plan at 11:AM. Last night President Obama said the world's largest economy faces a full-blown crisis. Other headlines include the real possibility of a $1 trillion dollar TARP, more money is needed for Fannie & Freddie, and a new proposal to save the banks using pension funds. At 10:AM we have both Wholesale Inventories and Geithner's testimony and later on Ben Bernanke is scheduled to speak at 1:PM at the House Financial Services Committee hearing. While we're likely to hear opinions galore following the Geithner, keep in mind that many will be looking directly for comments by Meredith Whitney on the latest plans so keep that in mind as we navigate this tricky day. Have a terrific Tuesday! |
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