The Kirk Report |
Posted: 24 Feb 2009 08:09 AM CST Headlines in focus this morning include slight improvement in retail sales and record lows in the S&P/Case-Shiller Index. In addition, a number of companies (like M, JWN, & HNZ) posted upside earnings per share surprises. Also, JPMorgan Chase (JPM) cut its quarterly dividend and AIG (AIG) is trying to renegotiate its government bailout. Premarket gainers: HIFN, RMBS, GGP, DDR, JWN, ONXX, QGEN, CETV, BYD, THC, ANN, NCI, DRYS, ARMH, HOGS, YHOO, CBRL, MRVL, QGEN, BCS, RBS, VSEC, MT, BAC, C, HD, GS, JPM, WFC, GERN, MS, HNZ, & CPN. Premarket losers: MAPP, AIG, RSH, ING, MHK, GNA, GTI, ODP, NCTY, HTLD, GSS, MTU, FDP, NVS, MTL, AEG, SSRI, MDRX, AEIS, & DROOY. The 10:AM hour is going to be a busy one as reports on consumer confidence and Richmond Fed's Manufacturing Index is released. Bernanke will begin speaking to the Senate Banking Committee at that time as well. Beyond today session, tonight's speech by Obama, bank stress tests tomorrow and the future plans of Citigroup and Uncle Sam's investment in it will be front and center. Just so you know, Elliot Wave's Richard Prechter is out this morning recommending that everyone cover their shorts now. Prechter's said that the rebound in stocks could be "sharp and scary for anyone who is short." We'll see if his comments gather much attention out there today amid the gloom and doom. With the S&P below its November low (although the intraday low still stands), on any weakness traders will be closely watching to see if we cross November lows in the Russell 2000 (385) and in the Nasdaq (1316). Again, every statistical study I've looked at since last night's close suggests that a counter-trend reversal is setting up here. Now all we need is the price action to confirm those studies. Go make it a great Tuesday! This posting includes an audio/video/photo media file: Download Now |
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