Friday, July 31, 2009

The Kirk Report

The Kirk Report


Sad News

Posted: 31 Jul 2009 06:11 AM PDT

Good morning. Premarket futures have been volatile, showing strength earlier this morning but turning negative prior to the opening bell.

Top headlines include a better than expected GDP, earnings from Disney among others, regulators are getting tougher on banks and they don't like it, bank bonuses are under fire although Congress is reluctant to do anything about it, the government has suspended its 'cash for clunkers' program just six days after it started and is now looking for new funding, Obama's healthcare plan has been put on hold,

Premarket gainers: ANDS, NVTL, CHA, SGY, ABAX, GXDX, POWI, SGY, EXP, VSEA, IRE, RST, LEE, SSRX, CSV, RST, AIB, ING, DRYS, CBOU, AMCC, IRBT, MHK & EGLE.

Premarket losers: SYNA, ARIA, YRCW, PWAV, LVS, BOOM, TSYS, GPRO, ESLR, FSLR, SWPRA, PKI, AVII, DXPE, MPWR, PBI, VPRT, GNW, BEZ, SKS, ADPT, UQM, SWIR, SWN, GERN, DIS, PEG & VRNM.

As you know, the S&P is poised for its longest stretch of monthly gains since 2007 and the Nasdaq 100 momentum is the strongest since 2000.

Finally, very sad news to report as I just found out that my dear friend, Irwin Yamamoto, has passed away at the age of 54. Irwin was a friend to all of us here at The Kirk Report, providing us with thoughts through a special Q&A as well as follow-ups on his market outlook from time to time. Irwin was also a personal mentor for me and one of the kindest and most professional gentlemen I've ever had the pleasure of meeting in this industry. As some of you may recall, in March 2008 we spent some time together in Maui. I can't possibly tell you how much it saddens me to hear this news.

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