Economic reports for the week include:
Mon. - None of note
Tues. - None of note
Wed. - Trade Balance, Import Price Index, Monthly Budget Statement
Thur. - Consumer Price Index, Advance Retail Sales, Initial Jobless Claims
Fri. - Empire Manufacturing, Producer Price Index, Business Inventories, Industrial Production, Capacity Utilization, Univ. of Mich. Confidence
A few of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Franklin Resources(BEN), Genentech(DNA), JB Hunt(JBHT)
Tues. - Ameritrade(AMTD)
Wed. - Abbott Labs(ABT), Advanced Micro Devices(AMD), Apple Computer(AAPL), Gannett Co.(GCI), Harley-Davidson(HDI)
Thur. - Commerce Bancorp(CBH), Fifth Third Bancorp(FITB), Genzyme Corp.(GENZ), Investors Financial(IFIN), QLogic(QLGC), Southwest Air(LUV), Tribune Co.(TRB), UnitedHealth Group(UNH)
Fri. - First Data(FDC), General Electric(GE)
Other events that have market-moving potential this week include:
Mon. - SEMICON West, Fed's Lacker speaks
Tue. - Strategic Research Institute's Cancer Drug Discovery/Development Conference, SEMICON West, CIBC Consumer Growth Conference
Wed. - SEMICON West, CIBC Consumer Growth Conference, Fed's Santomero speaks
Thur. - SEMICON West
Fri. - None of note
BOTTOM LINE: I expect US stocks to finish the week modestly higher on a decline in energy prices and mostly positive economic data. The fact that stocks rose into record high energy prices, earnings pre-announcement season and the London bombings bodes well for my positive second half outlook. I continue to believe US stocks will mount a significant rally sometime over the next several months. My trading indicators are now giving bullish signals and the Portfolio is 100% net long heading into the week.
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