Saturday, June 20, 2009

The Kirk Report

The Kirk Report

Little To Work With

Posted: 19 Jun 2009 03:13 PM PDT

Market participants really had little to work with this week and it shows.

S&P 500: This Week

For the week, the S&P 500 fell -2.64%, Dow -2.95%, Nasdaq -1.69%, and the Russell 2000 fell -2.68%.

Depending on your point of view, this week was either a pullback to be bought or a warning sign of a rough, volatile summer ahead. Or, rather a little bit of both. No matter what your view, we should have much more to work with next week with the Fed meeting, more Treasury auctions, and some key economic reports. In addition, we're on the verge of seeing a key golden cross in the S&P 500.

As you know from reading my comments this week, I was willing to put some money to work in the weakness (of course with stops) and give the market some room to prove me wrong for doing so. I'm comfortable with that stance headed into next week. The good thing about this position is that I'll know if I'm wrong being long anything fairly soon and I was able to get some decent entry points on stocks that I think have some potential even in a rough environment.

Before I go, I want to wish a very happy Father's Day weekend to all. This very Monday, it will be the 10th anniversary of my father's passing from complications due to diabetes. Sadly, it seems like yesterday. If your father is still around, be sure to let him know how much he means to you and how important he has been in your life. There's not a single day that goes by that I don't miss mine. See you on Monday!