Thursday, April 9, 2009

The Kirk Report

The Kirk Report

Better Than Expected Financials

Posted: 09 Apr 2009 05:40 AM PDT

Happy Easter
Good morning. Futures are pointing to a higher open on this final trading day before Easter holiday.

Top headlines include a larger than expected stimulus plan in Japan, bank stress tests aren't going as poorly as feared, Wells Fargo guides above estimates, mixed chain store sales from Wal-Mart and others, lower than expected weekly jobless claims, and a plunging trade deficit.

Premarket gainers: WFC, TXT, CRME, APWR, EXM, ING, FITB, ABK, DRYS, SNDK, NU, HA, EGLE, ACAS, BKE, JASO, NM, GM, BAC, DRYS, C, ZION, CPKI, HCBK, GYMB, LTD, USB, & BIDU.

Premarket losers: FAZ, SKF, HPT, ASIA, EGY, PSO, COST, EDZ, PBI, SRS, PBY, BGZ, FXP, SGR, & CRM.

Other than a speech by Larry Summers to the Economic Club of Washington, there is not much on today's calendar. Much like yesterday's low volume affair, the same low volume action should continue although it is clear the focus will be killing the shorts who still remain in the financials.

As for me, I'm going to go ahead and close out the week to spend with family. But, I'll be back on Monday fired up for another batch of earnings reports. Have a great Easter!

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