Earnings Announcements
Company/Estimate
BRCD/.02
CMCSA/.02
DCN/.39
DCTM/.13
FOX/.34
INVN/.29
MDT/.40
MHS/.46
ODP/.21
OSI/.58
PFCB/.28
WFMI/.57
ZBRA/.49
Splits
TASR 3-for-1
Economic Data
Greenspan report on economy and Fed policy to Congress at 10am est.
Late-night News
Kerry wins Virginia and Tennessee primaries. Aides say Clark is dropping out of presidential race. Treasury Secretary John Snow denounced OPEC's decision to cut oil quotas for the second time in less than 5 months. Cambodia may have first human bird flu case. China is preparing to open its newspapers, broadcasters and other media to private investment, the Financial Times reported. 1,341 Roman Catholic clergy members have been accused in the U.S. of molesting minors since 1950, according to the AP.
Late-Night Trading
Asian markets are mixed, ranging from -.5% to +.5%.
S&P 500 indicated -.03%.
NASDAQ indicated -.03%.
BOTTOM LINE: There isn't much in the way of late-night market moving news. All eyes on Greenspan tomorrow. I think he will say that he sees continued economic strength and an improving labor market. He will likely make it clear that the Fed will stay on hold until better job growth materializes. The market should like these comments and rally further. It is possible, but unlikely, that he will say a dramatic pick-up in job growth is imminent and prepare the markets for the ensuing rate hike. Bonds and stocks would likely fall under this scenario. Either way, the markets reaction to the news is more important than the actual news in determining which way we are headed over the next few weeks. I am 80% net long and will be looking to trade once the markets reaction to Greenspan's testimony becomes apparent.
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