Sign up for PayPal and start accepting credit card payments instantly.

Friday, March 6, 2009

The Kirk Report

The Kirk Report

The Death Of Equities

Posted: 06 Mar 2009 11:33 AM PST

This posting includes an audio/video/photo media file: Download Now

Unemployment Rate 8.1%

Posted: 06 Mar 2009 05:57 AM PST

Good morning. U.S. payrolls fell 651,000 while unemployment rate jumps to 8.1%. The U.S. has lost 4.4 million jobs since the recession began in December 2007.

Beyond the jobs report, other news in focus this morning includes chatter that the UltraShort Financials ProShares will soon be halted for trading, a dividend cut at Wells Fargo, almost $30 billion in outflows within mutual funds over the past week, and the U.S. government plans to invite wealthy investors to invest in the bailout of the crippled financial system.

Premarket gainers: ARST, COO, MRVL, JBL, SFD, ABK, HRB, WFC, BCS, AIG, TRLG, VE, BBL, RTP, BHP, ERIC, BP, WPPGY, FWLT, GOLD, SWHC, AEZS, & APL.

Premarket losers: FSYS, PODD, ANN, WLP, SRDX, MPEL, WNR, HLIT, JASO, FRP, GM, WIND, PUK, HBC, TI, ETH, GENZ, & CIT.

For today consumer credit data and a pair of speeches from Federal Reserve presidents will be on the docket.

As you probably already know, the market has finished 12 of the last 14 sessions with a loss and are are down -22% from their February high. To say the burden rests upon the bulls to show some courage here and step up to the plate is a bit of an understatement. While premarket futures have slightly improved since the jobs report was released, the proof will come once we put in a sustained rally that lasts for more than one day.

Have a great Friday!

0 comments: