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Awaiting New Catalysts
Good morning. We start the new week with some M&A news between Cablevision (CVC) & News Corp. (NWS), some mixed news from financials (see MBI & HBC), and lowered earnings guidance at Fedex (FDX). The dollar is up amid chatter that the Bush administration is trying strengthen the currency while oil prices dip. Ahead of the opening bell, premarket futures are showing a slight positive bias primarily due to carryover strength from overseas markets. Premarket gainers: RADN, TDSC, TSFG, CNTF, SILC, VC, RIMM, SPWR, SIRI, ANN, PLCE, ZRAN, EP, CHTR, ECA, WMT, CVC, VCGH, HOGS, FEED, RICK, CAM, MVL, SWPR, CPST, and ESLR. Premarket losers: GENC, IMCL, PSUN, MBI, MOVE, ERIC, OMNI, MBI, FDX, and TTI. This week's economic calendar starts out slow with no economic data today but we have some Fedspeak later this morning from Fed President Evans. Much like we saw on Friday, traders will be watching whether the S&P (and other major indexes) hold their respective 20 day and 50 day moving averages this week. Last week's pulled helped relieve some of the overbought condition as investors await new catalysts especially this week's inflation data. by Charles E. Kirk (The Kirk Report ) Disclaimer: Please note that charts and commentary provided by the moderator are for educational purposes only. Any trades placed upon reliance on the moderator’s charts or information is taken at your own risk for your own account. Past performance is no guarantee of future results. While there is great potential for reward trading stocks, futures and options, there is also substantial risk of loss and you must decide your own suitability to trade. Future trading results can never be guaranteed. This is not an offer to buy or sell stock, futures, options or commodity interests. Most trading systems are based on historical formulas which have worked in the past. However, what has happened before may or may not happen again. You can lose all your money trading stocks, futures, and options and you must decide your own suitability as to whether or not to trade. Only trade with true risk capital you can afford to lose. Only trade markets you can properly afford to trade. Properly funded trading accounts typically perform better than those that are not. Never risk more than 2-3% of your account on any one trade. Always define your risk before entering a trade and place a stop to limit your risk. There are no guarantees or certainties in trading. Trading involves hard work, risk, discipline and the ability to follow rules and trade through any tough periods during a system’s draw downs. If you are looking for a guarantee, trading is probably not for you. Most people lose money trading. One of the reasons is that they lack discipline and are unable to be consistent. A system can help you become consistent. Ironically, worrying about the monetary aspect of trading can contribute to and cause a trader to make trading errors. Therefore, it is important to only trade with true risk capital. |
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