Thursday, February 26, 2009

The Kirk Report

The Kirk Report

More Ugly Data

Posted: 26 Feb 2009 08:30 AM CST

Good morning. In spite of some more ugly economic data, premarket futures are in positive territory.

Strength in overseas markets, especially within the financial sector, have provided a positive tone. However, both reports on jobless claims and durable goods were much weaker than expected. Goldman Sachs is also out with its S&P 500 forecast predicting a drop to S&P 650 in the near-term.

Premarket gainers: ACLS, LYG, RBS, UBS, BCS, CRM, ARUN, GVA, FITB, DRYS, PCX, LVS, FLR, EGLE, FLS, HBC, NTES, C, RTP, BAC, HMA, USM, DLTR, QCOR, BX, HSVLY, GERN, & ZION.

Premarket losers: PSYS, YRCW, UAUA, ANSS, ELNK, DYN, DCI, PXP, OMG, GSS, FRO, GM, CGV, GCI, GOLD, & MDVN

At 10:AM we have the new home sales report, but the focus will remain on Washington again today as Wall Street looks through the new White House budget. In addition, Citigroup is apparently close to an agreement to boost the government's stake to 40% and General Motor's CEO will plead his case for more cash before the auto task-force today.

With today's ugly economic data, to sustain and build upon this positive tone in the premarket trading after the opening bell would be quite an accomplishment. I'd watch those financials (and gold) closely in today's session for leading tells. Go make it a great day!

0 comments: