Thursday, March 26, 2009

The Kirk Report

The Kirk Report

Sheepherding

Posted: 26 Mar 2009 12:07 PM PDT

More Market Swings Ahead

Posted: 26 Mar 2009 05:59 AM PDT

Good morning. Premarket futures are positive this morning as traders sort through a couple of economic data reports and mixed headlines.

As for the data, rising jobless claims and the 6.3% decline in final GDP for the 4th quarter are in focus.

Other headlines include earnings from Best Buy, cautious coments from Fed's Lockhart, more bearish predictions from Roubini, more concern over insurers, and the House has approved a $3.45 trillion dollar budget for next year.

Premarket gainers: BBY, CRTX, CTRN, CTIC, RHT, DNR, CENX, BZH, CHB, LVLT, CX, DPS, ACAS, AINV, DRYS, ACAS, GM, AIG, RIMM, STX, BCS, DNR, STM, OFC, RTP, F, CAG, & SFD.

Premarket losers: WX, BPL, NOK, CNA, MNTA, FXP, EDZ, WTM, HLF, GLBL, HK, TRH, AN, BPL, & EK.

At 10:AM Tim Geithner testifies on financial regulation and starting at noon several Fed members (Fisher, Lacker, & Stern) are scheduled to speak. In addition, the market will be watching the Treasury auction of 7-year notes at 1PM fairly closely given the weak showing for yesterday's 5-year notes.

Technically, traders will be eyeing the supports at S&P 803 and the highs at S&P 825 and prepare their portfolios to see more greater market swings over the next few days as overbought conditions continue and the market seeks new catalysts.

Go make it great day!

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