The Kirk Report |
Posted: 11 May 2009 05:43 AM PDT Good morning. Premarket futures are under pressure following profit-taking and weakness in foreign markets. More insight on how banks won key concessions on the government stress tests is this morning's top headline. After being credited for saving the financial markets, Obama now sets his focus on the healthcare system and strengthening its antitrust rules. It also appears now that George Soros has become a believer that the economic stimulus packages are starting to work. Premarket gainers: HEB, CNO, HBAN, ANDS, NYNY, NEXM, PMI, ANX, CPHD, SVNT, ANH, TSFG, KPPC, IPSU, CYTX, PBCT, AZN, FITB, FSYS, STAR, & DISH. Premarket losers: CPBY, DRYS, TRMD, ACAS, CPSL, ALSK, ALD, DYN, FAS, CBG, SNP, GOLD, ASML, JOYG, BCS, COF, AIG, HBC, LYG, RTP, BBL, BAC, PCLN, CHP, C, & MATK. The only item on today's calendar is a speech by Ben Bernanke at 6:30PM and it will likely remain a slow news environment. With the jobs data, stress tests, and the earnings season behind us, the market will now be seeking new catalysts and will remain very headline driven. Technically, we're just 4 points shy in the S&P from the January 6th closing high with the 200 day moving average at 953. On the downside, 850 looks like a key support area that must hold on any pullback. Let's make it a great week! |
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