The Kirk Report |
Posted: 05 Mar 2009 10:59 AM CST |
Posted: 05 Mar 2009 08:29 AM CST Good morning. Following weakness in overseas markets, premarket futures are indicating a lower open. Key headlines this morning include falling jobless claims, a slight improvement in the Monster's online employment index, Moody's downgrades, Morningstar's bank stress testing, another interest rate cut by the European Central bank, same store sales numbers from retailers, GE executives continue to deny capital concerns, fear that China's stimulus plan is in doubt, analysis from Goldman Sachs that the global recession is worsening, GM's 10-k "doubt about their going concern" filing, and the Fed approved a CDS clearinghouse. Indeed, a busy morning for headlines. At 10:AM we have the latest read on factory orders and the Fed's Kohn testifies on AIG. Much like we saw last week, the bears are looking to reload and shoot yesterday's positive action down. Those who went long yesterday will likely have their stop set at yesterday's first hour lows. The key, obviously, will be whether the bears are able to do the dirty deed ahead of tomorrow's jobs report and break them down once again. Interesting enough, this morning's AAII sentiment survey has been drawing some interest as the number of those who say they are bearish jumped to an incredible 70.27%. We know sentiment has been poor and this again confirms that view. Go make it a great day. This posting includes an audio/video/photo media file: Download Now |
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