There are several important economic reports of note and a few significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - Factory Orders, Pending Home Sales
Tues. - Final 4Q Non-farm Productivity, Final 4Q Unit Labor Costs, Consumer Credit
Wed. - None of note
Thur. - Trade Balance, Initial Jobless Claims
Fri. - Change in Non-farm Payrolls, Unemployment Rate, Change in Manufacturing Payrolls, Average Hourly Earnings, Wholesale Inventories, Monthly Budget Statement
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Allied Capital(ALD), Bausch & Lomb(BOL), Inamed Corp.(IMDC), KFx Inc.(KFX), Medarex(MEDX), Semtech(SMTC)
Tues. - Albertson’s(ABS), Cooper Cos.(COO), Copart Inc.(CPRT), Dick’s Sporting Goods(DKS), Kroger Co.(KR), Martek Biosciences(MATK), OSI Pharmaceuticals(OSIP), Pixar(PIXR), Sports Authority(TSA)
Wed. - Dynegy(DYN), Liberty Media(L), Michaels Stores(MIK), Tech Data(TECD), Wind River(WIND)
Thur. - Aeropostale Inc.(ARO), Andrx Corp.(ANDX), Blockbuster Inc.(BBI), Claire’s Stores(CLE), DreamWorks(DWA), Hansen Natural(HANS), Hibbett Sporting Goods(HIBB), McData Corp.(MCDTA), National Semiconductor(NSM), Quiksilver Inc.(ZQK), Renal Care(RCI), Sears(SHLD), Urban Outfitters(URBN)
Fri. - AnnTaylor Stores(ANN), Children’s Place(PLCE)
Other events that have market-moving potential this week include:
Mon. - Morgan Stanley Semiconductor Conference, Cowen & Co. Healthcare Conference, Raymond James Institutional Investors Conference
Tue. - Cowen & Co. Healthcare Conference, Citigroup Global Industrial Manufacturing Conference, Raymond James Institutional Investors Conference, Morgan Stanley Semiconductor Conference, Bear Stearns Consumer Conference
Wed. - Morgan Stanley Semiconductor Conference, Cowen & Co. Healthcare Conference, Lehman Brothers Global Healthcare Conference, Raymond James Institutional Investors Conference, Citigroup Global Industrial Manufacturing Conference, Bear Stearns Consumer Conference, Thomas Weisel Internet Conference
Thur. - Cowen & Co. Healthcare Conference, Lehman Brothers Global Healthcare Conference, Bear Stearns Consumer Conference, Thomas Weisel Internet Conference
Fri. - Bear Stearns Consumer Conference, Lehman Brothers Global Healthcare Conference
BOTTOM LINE: I expect US stocks to finish the week mixed as mostly positive economic data, short-covering and lower energy prices offsets higher long-term rates. My trading indicators are now giving mostly bullish signals and the Portfolio is 75% net long heading into the week.
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