There are a number of economic reports of note and a few significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - US Markets Closed
Tues. - Consumer Confidence
Wed. - Chicago Purchasing Manager, Minutes of May 10 FOMC Meeting
Thur. - Final 1Q Non-farm Productivity, Final 1Q Unit Labor Costs, Initial Jobless Claims, Continuing Claims, Construction Spending, Pending Home Sales, ISM Manufacturing, ISM Prices Paid, Total Vehicle Sales
Fri. - Change in Non-farm Payrolls, Unemployment Rate, Change in Manufacturing Payrolls, Average Hourly Earnings, Factory Orders
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - US Markets Closed
Tues. - Freddie Mac(FRE), McData Corp.(MCDTA), Reynolds & Reyolds(REY), Sunrise Senior Living(SRZ)
Wed. - ADC Telecom(ADCT), Comverse Technology(CMVT), Copart Inc.(CPRT), Dress Barn(DBRN), Hovnanian Enterprises(HOV), Novell Inc.(NOVL), Tiffany & Company(TIF)
Thur. - Ciena Corp.(CIEN), Dollar General(DG), HJ Heinz(HNZ)
Fri. - None of note
Other events that have market-moving potential this week include:
Mon. - US Markets Closed
Tue. - None of note
Wed. - Bear Stearns Biotech Confab, Citigroup Semi Conference
Thur. - Citigroup Semi Conference, CSFB Environmental & Engineering Services Conference
Fri. - None of note
BOTTOM LINE: I expect US stocks to finish the week mixed as weaker economic data and mixed Fed commentary offset short-covering, bargain hunting and declining long-term rates. My trading indicators are still giving mostly bearish signals and the Portfolio is 100% net long heading into the week.
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