There are a number of important economic reports and significant corporate earnings reports scheduled for release this week. Economic reports include Existing Home Sales(Mon.), Consumer Confidence(Tues.), Durable Goods Orders(Wed.), New Home Sales(Wed.), Fed's Beige Book(Wed.), Initial Jobless Claims(Thur.), Continuing Claims(Thur.), 3Q Actual GDP(Fri.), 3Q Actual Personal Consumption(Fri.) and 3Q Actual Price Deflator(Fri.). Existing Home Sales, Consumer Confidence, New Home Sales, Initial Jobless Claims and 3Q Actual GDP all have market-moving potential.
Ryder Systems(R-Mon.), Pulte Homes(PHM-Mon.), DuPont(DD-Tues.), Procter & Gamble(PG-Wed.), Boeing(BA-Wed.), Sirius Satellite(SIRI-Wed.), Unilever(UL-Wed.), Martha Stewart Living(MSO-Thur.), JetBlue Airways(JBLU-Thur.) and Verizon(VZ-Thur.) are some of the more important companies that release quarterly earnings this week. There are also some other events that have market-moving potential. The JP Morgan Small-cap Conference(Mon.), CSFB Building Products Conference(Wed.) and Prudential Technology Conference(Wed.) could also impact trading this week.
Bottom Line: I expect U.S. stocks to finish the week modestly higher as shares head lower early in the week and then rebound towards week's end on diminishing domestic terrorism fears, optimism over future economic growth and anticipation of an end to the bitter political rhetoric. My short-term trading indicators are giving mixed signals and the Portfolio is 75% net long heading into the week.
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