There are a few economic reports of note and a number of significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - None of note
Tues. - Consumer Confidence, Existing Home Sales, Richmond Fed Index
Wed. - Durable Goods Orders, New Home Sales, Fed’s Beige Book
Thur. - Initial Jobless Claims
Fri. - Advance 1Q GDP, Advance 1Q GDP Price Index, Advance 1Q Personal Consumption, Employment Cost Index, Final Univ. of Mich. Consumer Confidence, Chicago Purchasing Manager
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Alcon Inc.(ACL), American Express(AXP), Caterpillar(CAT), Chubb Corp.(CB), Hasbro(HAS), Kimberly-Clark(KMB), Pitney Bowes(PBI), TD Ameritrade(AMTD), Yum! Brands(YUM)
Tues. - Aflac Inc.(AFL), Amazon.com(AMZN), BJ Services(BJS), Burlington Northern(BNI), CDW Corp.(CDWC), Coach Inc.(COH), Corning Inc.(GLW), Diebold(DBD), ENSCO Intl.(ESV), Forest Labs(FRX), HCA Inc.(HCA), Imclone Systems(IMCL), JetBlue(JBLU), L-3 Communications(LLL), Lexmark Intl.(LXK), Lockheed Martin(LMT), Lucent Technologies(LU), Microchip Tech(MCHP), Northrop Grumman(NOC), Omnicom Group(OMC), Panera Bread(PNRA), Smith Intl.(SII), Stanley Works(SWK), Valero Energy(VLO), Varian Medical(VAR), Vulcan Materials(VMC), Whirlpool(WHR)
Wed. - Affiliated Managers(AMG), Allegheny Technologies(ATI), Amerada Hess(AHC), AmerisourceBergen(ABC), Anheuser-Busch(BUD), Baker Hughes(BHI), Becton Dickinson(BDX), Biogen Idec(BIIB), Boeing(BA), CBS Corp.(CBS/A), Cendant Corp.(CD), Centex Corp.(CTX), Chicago Merc(CME), Colgate-Palmolive(CL), ConocoPhillips(COP), Express Scripts(ESRX), Foundation Coal(FCL), Infospace(INSP), Maxim Integrated(MXIM), Monster Worldwidd(MNST), Norfolk Southern(NSC), Office Depot(ODP), Pulte Homes(PHM), Rowan Cos(RDC), Sohu.com(SOHU), Sprint Nextel(S), Weyerhaeuser(WY), Xilinx(XLNX), Zimmer Holdings(ZMH)
Thur. - Aetna(AET), Altera(ALTR), Apache Corp.(APA), Beazer Homes(BZH), Bebe Stores(BEBE), Black & Decker(BDK), BorgWarner(BWA), Bristol-Myers(BMY), Cardinal Health(CAH), Celgene(CELG), Chiron Corp.(CHIR), Comcast(CMCSA), Cooper Cameron(CAM), Diamond Offshore(DO), Dow Chemical(DOW), Exxon Mobil(XOM), Harrah’s Entertainment(HET), JDS Uniphase(JDSU), Kla-Tencor(KLAC), Liz Claiborne(LIZ), McAfee(MFE), MGM Mirage(MGM), Microsoft(MSFT), Phelps Dodge(PD), Raytheon(RTN), Starwood Hotels(HOT), Wendy’s(WEN), Western Digital(WDC), XM Satellite(XMSR)
Fri. - Bausch&Lomb(BOL), Chevron(CVX), Constellation Energy(CEG), Cummins(CMI), Estee Lauder(EL), Flextronics(FLEX), Overstock.com(OSTK)
Other events that have market-moving potential this week include:
Mon. - AG Edwards Media & Entertainment Conference, UBS Global Pharma Conference
Tue. - UBS Global Pharma Conference, AG Edwards Media & Entertainment Conference
Wed. - None of note
Thur. - None of note
Fri. - None of note
BOTTOM LINE: I expect US stocks to finish the week modestly lower as better-than-expected earnings reports and lower long-term rates are more than offset by weaker housing data and high energy prices. My trading indicators are giving bullish signals and the Portfolio is 50% net long heading into the week.
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