There are some important economic reports and a few significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - US Markets Closed
Tues. - Empire Manufacturing, Industrial Production, Capacity Utilization
Wed. - Consumer Price Index, Net Foreign Security Purchases, NAHB Housing Market Index, Fed’s Beige Book
Thur. - Housing Starts, Building Permits, Initial Jobless Claims, Philly Fed.
Fri. - Univ. of Mich. Consumer Confidence
A few of the more noteworthy companies that release quarterly earnings this week are:
Mon. - US Markets Closed
Tues. - AmSouth Bancorp(ASO), Charles Schwab(SCHW), Commerce Bancorp.(CBH), Fifth Third Bancorp(FITB), Forest Labs(FRX), Freeport-McMoRan(FCX), IBM Corp.(IBM), Intel Corp.(INTC), Linear Tech(LLTC), National City Corp.(NCC), Sovereign Bancorp(SOV), US Bancorp(USB), Wells Fargo(WFC), Yahoo!(YHOO)
Wed. - Advanced Micro Devices(AMD), Ameritrade Holdings(AMTD), AMR Corp.(AMR), Apple Computer(AAPL), Bank of NY(BK), CIT Group(CIT), eBay Inc.(EBAY), JPMorgan Chase(JPM), Kinder Morgan Energy(KMP), Lam Research(LRCX), Mellon Financial(MEL), QLogic Corp.(QLGC), Seagate Technology(STX), Southwest Airlines(LUV), State Street(STT), SunTrust Banks(STI), Washington Mutual(WM)
Thur. - Amdocs(DOX), Beazer Homes(BZH), Capital One Financial(COF), Comerica(CMA), DR Horton(DHI), F5 Networks(FFIV), Freescale Semi(FSL), Harley Davidson(HDI), International Game Technology(IGT), Merrill Lynch(MER), Microchip Tech(MCHP), Motorola Inc.(MOT), Pfizer Inc.(PFE), PNC Financial(PNC), Rambus Inc.(RMBS), Rowan Cos.(RDC), Scientific-Atlanta(SFA), UnitedHealth Group(UNH), Wachovia Corp.(WB), Xilinx(XLNX)
Fri. - Alltel Corp.(AT), Bebe Stores(BEBE), Citigroup(C), Fortune Brands(FO), General Electric(GE), Johnson Controls(JCI), Keycorp(KEY), MBNA Corp.(KRB), Progressive Corp.(PGR), Schlumberger(SLB)
Other events that have market-moving potential this week include:
Mon. - US Markets Closed
Tue. - Goldman Sachs Energy Conference
Wed. - Prudential Growth Conference, Goldman Sachs Energy Conference
Thur. - None of note
Fri. - None of note
BOTTOM LINE: I expect US stocks to finish the week mixed as declining energy prices, short-covering, less hawkish Fed commentary and positive economic data offsets worries over Iran’s nuclear ambitions, some disappointment with forward earnings guidance and profit-taking. My trading indicators are still giving bullish signals and the Portfolio is 75% net long heading into the week.
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