Friday, May 8, 2009

The Kirk Report

The Kirk Report

Jobs, Stress Tests, & Corrections

Posted: 08 May 2009 05:39 AM PDT

Jobs
Good morning. Premarket futures are positive as the market sorts through a better than expected jobs report and the official results of the bank stress tests.

At 10:AM we have a report on wholesale trade and Jeffrey Lacker is scheduled to speak about the economic recovery at 1:PM.

Premarket gainers: VNUS, ARP, FITB, CYTX, HBAN, AXL, HEB, JNY, FSYS, EBS, C, STT, BAC, EXEL, BCRX, VICL, ONNN, VG, RBS, VRSN, ATVI, CENX, HANS, AIG, & SAPE.

Premarket losers: DPTR, ANX, CROX, BAGL, ERII, XTXI, FAZ, EDZ, LMNX, EZCH, JSDA, BRKR, BEXP, GNW, MS, AHS, CBS, UTSI, WFC, ALL, & CSTR.

While we saw some selling yesterday, it wasn't enough to break down the trend channels which are needed to create a more intense pullback and what many think would be a healthy correction:

S&P 500: 10 Day View

That said, I continue to see more weakness within my screens than the major market averages indicate, so be careful out there today. With the stress tests, jobs report, and the bulk of Q1 earnings season now behind us, it will be interesting to see what the market identifies now as positive catalysts going forward.

Have a great Friday!

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