Wednesday, February 25, 2009

The Kirk Report

The Kirk Report

February Winners

Posted: 25 Feb 2009 04:20 PM CST

Although February hasn't been what most hoped it would be, there have been some interesting winners out there if you take time too look for them.

I spent some time today looking through a screen of a little over 100 stocks that trade above $5 per share and which have gained more than +15% in February. Here's the spreadsheet. Even if you're not interested in stock prospecting you may find it of interest to see which industry groups are highly represented within this list of winners.

Whenever I review a list like this (and I try to do so frequently), I make it a goal to find 5 stocks I haven't been watching and which I think may offer an interesting trading setup in the days based purely upon the technicals. When I did that today, I found at least 16 setups. Yes, that many! I was surprised a little bit by that as I usually only find a couple, but it serves as a reminder that we all tend to focus too much on the market's daily performance while real winners can be found below the surface if you take the time.

So, as homework tonight, review this list and see if you find a few watchlist candidates. In my view, the very fact that these stocks have been able to outperform so much this month is justification enough to undertake this exercise. And, even if you have no desire to buy a single stock in this environment (a common complaint these days) you need to do everything you can to stay mentally sharp by building and monitoring watchlists of this nature so that you'll be ready when conditions improve to your liking. In fact, you may discover as I have that while the overall market is crummy, some low hanging fruit is ripe for picking.

Go get to work!

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High Yields, Low Risk

Posted: 25 Feb 2009 03:28 PM CST

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Waiting On Geithner

Posted: 25 Feb 2009 08:30 AM CST

Geithner
Good morning. Premarket futures have been volatile and point toward a mixed open.

While Obama gave what most thought was a good speech last night, investors are still waiting for details about the bank bailout plan. There are some rumors this morning that changes to mark-to-market accounting will be involved, but until Wall Street knows the plan, the mood remains uncertain and gloomy.

In other news, mortgage applications fell 15.1% from a week ago as rates increased to 5.07% from 4.99%, Merrill Lynch disclosed an additional $530 million in fourth quarter losses, and Biogen (BIIB) is reportedly in talks to buy Acorda Therapeutics (ACOR). We also have earnings from a number of companies like First Solar (FSLR), Wynn Resorts (WYNN), & Saks Holdings (SKS) and not a lot of positives among those to work with this morning.

Premarket gainers: CQB, DLM, CYTX, MF, QCOR, DIN, GTI, GGP, KWK, TNK, ABK, KBR, F, THC, ACM, FWLT, HRL, CBI, LOGI, ERIC, DLTR, & VTR.

Premarket losers: FCSX, WYNN, FSLR, SPWRA, HLX, ROSE, SWHC, AINV, FLEX, TBL, HLF, BHP, LVS, BAC, BP, ENER, & ECLP.

At 10:AM we have a report on Existing Home Sales and Bernanke is scheduled to speak to the House Committee on Financial Services. A half hour later we then have a look at the EIA Petroleum Status report.

The burden of proof remains on the market to show that it can sustain yesterday's gains and build upon them over the next few sessions. A slight pullback this morning and strength this afternoon would be what those who are long the market right here want to see. That said, the market needs to see a lot less talk and far more action from the government and some firm details from Geithner before the week is done.

Have a wonderful Wednesday!

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