The Kirk Report |
Posted: 16 Mar 2009 12:34 PM PDT It's Monday and time to open up the member mailbag. Here are the topics I'll cover in this post:
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Bernanke & More Government Action Posted: 16 Mar 2009 06:05 AM PDT Good morning. Premarket futures are pointing to a positive open following strength in overseas markets after the finance chiefs from the Group of 20 vowed to work together to clean up the toxic assets. In fact, the Treasury will soon offer details regarding its plan to address toxic assets and revamp oversight and implement tougher capital requirements. In other headlines, Bernanke said among other things that the recession might end this year on 60 minutes, crude prices are under pressure after OPEC elected not to cut output, and public outcry over $450 million in AIG bonuses. The empire state manufacturing index also came in lower than expected. Premarket gainers: AIG, AINV, ENG, BCS, FEED, NWL, MHS, ING, C, BAC, F, UAUA, IRET, CGRB, EBIX, GCI, HGSI, HERO, LCC, TEX, DNDN, AML, DRYS, QGEN, NTCT, SINA, CSCO, & BBI. Premarket losers: UTHR, CVTX, ARNA, GTIV, ITW, SNDK, DROOY, MBI, IPG, VIP, FLR, ILMN, CECO, & MDVN. We have reports on industrial production (9:15AM) and a housing market index (1:PM). Obama is will also announce steps to aid small businesses and expect lots of chatter of the upcoming SEC meeting over the uptick rule in April. Following last week's reversal, we should be prepared to see at least a day or two of weakness as profits are taken and traders try to reposition prior to options expiration Friday. Over the weekend I saw many opinions suggesting the next level of key resistance for the S&P was at 800 (a nice round number target to shoot at) with support around S&P 740ish. As you know, I still think we need to see a sustained close above S&P 757 and in my view that would be a good goal for the bull's to achieve over the next few days. I especially want to see how this tape handles some more bad news for a sentiment tell. Let's make it a great week! |
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