The Kirk Report |
Posted: 02 Jun 2009 09:38 AM PDT
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Posted: 02 Jun 2009 06:30 AM PDT
Top stories in focus include the fact that banks are selling more stock to raise capital to repay back TARP, a drop in chain store sales last week, confident comments from Geithner in China, and news that Eurozone unemployment reached the highest level in nearly a decade. Premarket gainers: HLND, CYTK, DDUP, NAVR, ONAV, APAC, NTG, EMKR, EPEX, ROS, SAY, UNFI, RMBS, CDNS, GA, OREX, DV, PARD, ALVR, FEED, CATY, SEED, UNTD, DOV, FREE, OI, ELN, GOLD, & UFS. Premarket losers: DCT, BCS, GM, DCT, LAYN, MTZ, ITW, LRCX, CEO, PTR, CMP, HGG, AAUK, C, ICON, DAKT, AVAV, JNPR, BLUD, ALTR, ERIC, CTIC, STI, DTV, & FITB. At 10:AM we have the pending home sales report and throughout the day motor vehicle sales reports from May will be released. The pending home sales report will be a market mover as the market continues to hope to see steady improvement. We're a tad bit overbought following yesterday's breakout so some sideways consolidation is ok as long as we don't see a complete reversal of fortune from yesterday. S&P 926 is the simple 200 day moving average so holding above that on a pullback this week will be key. Go make it a great day! |
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