Economic reports for the week include:
Mon. - US Markets Closed
Tues. - Factory Orders
Wed. - ISM Non-Manufacturing, Pending Home Sales
Thur. - Initial Jobless Claims
Fri. - Unemployment Rate, Average Hourly Earnings, Change in Non-farm Payrolls, Wholesale Inventories, Consumer Credit
A few of the more noteworthy companies that release quarterly earnings this week are:
Mon. - US Markets Closed
Tues. - None of note
Wed. - Schnitzer Steel(SCHN)
Thur. - Accenture Ltd.(ACN), Alcoa Inc.(AA)
Fri. - None of note
Other events that have market-moving potential this week include:
Mon. - US Markets Closed
Tue. - None of note
Wed. - None of note
Thur. - None of note
Fri. - Fed's Hoenig speaks
BOTTOM LINE: I expect US stocks to finish the week mixed-to-higher. Friday's June employment report will likely show improvement from May's weaker number, but still probably miss expectations. This, combined with a strengthening US dollar, will likely prevent any substantial move higher in long-term rates from current levels. Oil prices, which spiked on Fri. ahead of a high-traffic holiday and potential terrorist activity, should recede this week as distillate inventories continue to rise. Stocks will likely tread water over the next few weeks as earnings pre-announcements come in and volume remains light. My trading indicators are still giving neutral signals and the Portfolio is 75% net long heading into the week.
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