Wednesday, February 18, 2009

The Kirk Report

The Kirk Report

Spitting Into The Wind

Posted: 18 Feb 2009 12:45 PM CST

* Too many links to read? Everyday, I pick the best three to read for my members.

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Busy Day Ahead

Posted: 18 Feb 2009 07:56 AM CST

Good morning. A positive bias is in place in premarket trading ahead of a very busy day for the market.

Obama will soon outline his estimated $50 billion dollar housing plan which will likely include loan modifications, more power for bankruptcy judges and government subsidies. In addition and as expected, General Motors has requested billions more from the government to avoid bankruptcy. Meanwhile, eight Congressmen have introduced a bill titled "Let Wall Street Pay for Wall Street's Bailout Act of 2009" which attempts to impose a new transaction tax.

Turning to this morning's data, of which there is plenty, retail sales rose, mortgage applications surged, and both import prices and housing starts fell.

Premarket gainers: MESA, MBI, ABK, AMMD, SOA, FNM, HOV, ETFC, DRYS, NLC, CMCSA, RIMM, S, RAIL, TBSI, EGLE, MED, FSLR, JPM, GM, BAC, C, WFC, VMI, ELNK, & VOLC.

Premarket losers: RMD, LPHI, NWSA, CPTS, AIB, A, SPIL, INFN, GT, HAS, RBS, TSL, NUVA, ZMH, DE, ACGY, ING, CETV, GOLD, PALM, CHK, BP, & AXYS.

Today is filled with lots of Fedspeak along with speeches by both Tim Geithner and Ben Bernanke around noon. We also have the FOMC minutes due out at 2PM.

Much like yesterday, traders will still be searching for the bottom and looking for the market's reaction to today's speeches. Have a great day!

Testing The Lows

Posted: 17 Feb 2009 03:01 PM CST

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