Friday, February 27, 2009

The Kirk Report

The Kirk Report

Survival Tactics

Posted: 27 Feb 2009 11:58 AM CST

Those September Feelings

Posted: 27 Feb 2009 08:00 AM CST

Citi
Good morning. Premarket futures are under heavy sell pressure as shares of Citigroup plunge after details are revealed of the government's plan which is more dilutive than feared. If that wasn't enough, the GDP fell -6.2% which is much worse expected.

Premarket gainers: BCSI, THC, BARE, INT, MGI, OUTD, HMA, UXG, PBT, CETV, CVTX, NVEC, UHS, DTSI, & TWC.

Premarket losers: C, FITB, BAC, ERES, LYG, HBAN, PFG, OVTI, KEY, RF, WRES, DECK, JRCC, WFC, RBS, LNC, BCS, GNW, AIB, CIT, STI, SNTA, AZN, SOMX, GTIV, ADSK, HCBK, ADBE, FSLR, & CVA.

Along with focus on the financials, there will be plenty of Fedspeak today from Yellen, Bullard, Rosengren, and Plosser. At 10:AM we also have the University of Michigan Consumer Sentiment report.

With Citigroup trading at $1 per share in the premarket, it reminds one of last September especially as some notable pundits urge people to run in a crowded theater. Although not alone, Jim Cramer is out urging readers to "sell if they don't need the money for anything important."

Hopefully we get a solid break of those November lows (S&P 741) and clear out the stops that are likely to be set by anyone trying to catch a bottom this week (myself also included). What hope was out there should be vaporized in that kind of breakdown and that's the only good thing I can say about it.

Have a great Friday!

0 comments: