The Kirk Report |
Posted: 30 Jul 2009 09:13 AM PDT
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Posted: 30 Jul 2009 05:49 AM PDT Good morning. Premarket futures are showing a positive bias following strength in overseas markets and a batch of better than expected earnings reports. According to Bloomberg, about 75% of S&P 500 companies that have reported second-quarter results surpassed analysts' forecasts so far with per-share profits dropping 29% on average. Beyond earnings, top headlines this morning include a rise in weekly jobless claims, China's central bank has pledged to maintain its loose monetary policy, Goldman Sachs upgraded shares of General Electric, the FDIC is poised to start breaking up failed banks into good and bad pieces, worry over the cash for clunkers program, the Senate probes banks for meltdown fraud, and Obama offers new guidelines designed to help struggling homeowners with FHA mortgages. Premarket gainers: VRNM, ITP, SONS, NAVR, BT, CVM, AMSC, AMKR, CIT, VCI, EPIC, XTNT, TRMA, ARIA, KPPC, AXP, AGNC, MYL, FEED, ARMH, EGLE, FITB, DAVE, BUCY, STLD, RTP, FSLR, CSIQ, DRYS, SNDK, HIG, MA, FLS, BBL, BHP, WYNN, GE, AZN, & CHINA. Premarket losers: AKAM, SYMC, ICAD, PCBC, LVLT, CSFL, CSFL, RCRC, FLEX, ENL, CTV, MITI, TOO, GMCR, CHT, UEPS, GMR, NTRI, QSII, THOR, CATY, ST, HRBN, DRIV, FISV, CERN, ASIA, VAR, & V. Other than more earnings reports and today's treasury auctions (hopefully they'll be better than yesterday's), there's not anything of major significance on today's calendar although expect some attention to be put on a new plan for derivatives. As you know, we've formed a relatively tight trading range over the past five trading sessions with clear levels of support and resistance. Traders will be geared up to trade the break from this range. Go make it a great day! |
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