Tuesday, June 2, 2009

The Kirk Report

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Posted: 02 Jun 2009 09:38 AM PDT

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Lackluster Headlines

Posted: 02 Jun 2009 06:30 AM PDT

Good morning. Premarket futures are pointing lower following some lackluster headlines.

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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