The Kirk Report

Week In Review Posted: 22 Feb 2009 10:16 AM CST It was another very tough week for the market. The $787 billion stimulus package as well as a $75 billion housing bailout was not enough to overshadow prevalent fears over the stability and future of our financial system, market, and economy. For the week, the S&P 500 declined -6.87%, Dow -6.17%, Nasdaq -6.07%, and the Russell 2000 -8.34%. To make big money last week, you again had to be heavily short just about everything, but especially financials (SKF), semiconductors (SSG), emerging markets (EEV), industrials (SIJ), utilities (SDP), oil & gas (DUG), and basic materials (SMN). On the long side, once again silver (SLV) and gold (GLD) attracted buyers. Next week, look for reports on consumer confidence, existing home sales, durable goods orders and the GDP. Federal Reserve Chairman Ben Bernanke will also speak on Tuesday as politicians clash over nationalizing banks. See you tomorrow morning!

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