The Kirk Report |
Posted: 01 Apr 2010 02:33 PM PDT The bears keep trying to throw grenades at this market but they keep bouncing back. After 13th week of the year and the first day of the second quarter, here is where we now stand:
To outperform this week being long emerging markets (EDC), crude (UCO), energy (ERX), silver (AGQ), palladium (PALL), gold miners (GDX), coal (KOL) and steel (SLX) were profitable. Also, we saw +5% gains in China (FXI), Russia (RSX) & Brazil (EWZ). Before leaving for Spring Break, I started a simple contest which asked everyone to submit the number of days they thought we would see a test of the 20 day ma in the Russell 2000. The vast majority (including yours truly) thought that we'd see that test in 11 trading days (by March 19th) but, as we've now seen, the market did what it tends to do best - surprise the majority. In fact the closest guess I received was by the guy who picked today and for that he'll receive a free one-year membership! Although the markets will be on holiday tomorrow, the newswires will be focused on the monthly jobs report. Once we put that behind us, the focus will turn toward the next earnings season. But, before that gets started, we have the Masters and one of my favorite weeks of the year. Until then, have a Happy Easter everyone! |
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