Wednesday, April 29, 2009

The Kirk Report

The Kirk Report

Fed Day

Posted: 29 Apr 2009 05:41 AM PDT

Good morning. Premarket futures are positive following strength in overseas markets.

Top stories in focus this morning include word that six big banks may need more capital, a disappointing first quarter GDP reading, more earnings reports, and the first death from swine flu in America.

Other items of interest include speculation that CEOs at Bank Of America and Citigroup may be shown the door, Citigroup reportedly asks the Treasury for permission to pay bonuses to many key employees, mortgage applications fell 18.1% from last week, and a new plan to reduce home foreclosures.

Premarket gainers: DNDN, DWA, HBAN, MED, PSYS, SLAB, ZRAN, UFS, WYN, PFWD, HA, RBS, DVAX, LIFE, BCS, AAUK, CBI, C, MPWR, SI, JNY, CSIQ, FINL, LIFE, FCN, AMX, RGR, MPEL, FITB, JBLU, UAUA, ATVI, DRYS, & BRCD.

Premarket losers: ETFC, SORC, BWLD, TSS, MTG, HEB, ZEUS, VISN, ID, SSYS, PMTC, PNRA, NVAX, CBAK, TXT, VFC, CRI, CERN, BCRX, DDRX, & VPHM.

It's another Fed day with the latest monetary policy decision at 2:15 PM ET. The FOMC is expected to leave its benchmark interest rate unchanged at 0.25%, so like usual most of the market's attention will be placed on the policy statement. For what it is worth, the average change of the S&P 500 has been +1.04% on Fed days. In addition, we probably have some end-of-the-month window dressing in play today and tomorrow.

For today, my goal is simply to play catch up on what I've missed since last week after traveling over 4,000 miles. As you probably have already guessed from my lack of posts recently, I was much busier on my trip working with my mentorship group than I originally expected, but it was a time well spent.

Have a great Fed day!

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