Economic reports for the week include:
Mon. - Monthly Budget Statement
Tues. - Producer Price Index, Advance Retail Sales, Business Inventories
Wed. - Consumer Price Index, Fed’s Beige Book
Thur. - Initial Jobless Claims, Empire Manufacturing, Net Foreign Security Purchases, Industrial Production, Philly Fed.
Fri. - Current Account Balance, Univ. of Mich. Consumer Confidence
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Lehman Brothers(LH)
Tues. - Best Buy(BBY), CA Inc.(CA), Flowserve Corp.(FLS), Freddie Mac(FRE), Goldman Sachs(GS)
Wed. - None of note
Thur. - Adobe Systems(ADBE), Bear Stearns(BSC), KB Home(KBH), Omnivision Technologies(OVTI), Pier 1 Imports(PIR)
Fri. - Carnival Corp.(CCL), Circuit City(CC), Winnebago Industries(WGO)
Other events that have market-moving potential this week include:
Mon. - Bear Stearns Tech Conference, Goldman Sachs Global Healthcare Conference
Tue. - Goldman Sachs Global Healthcare Conference, CSFB Consumer and Retail Conference, Bear Stearns Tech Conference, CIBC Industrial Products & Capital Goods Conference, Merrill Lynch Global Transport Conference, Deutsche Bank Media & Telecom Conference
Wed. - Merrill Lynch Global Transport Conference, Deutsche Bank Media & Telecom Conference, CSFB Consumer and Retail Conference, Merrill Lynch Agricultural Chemicals Conference, Needham Biotech Conference, CIBC Industrial Products & Capital Goods Conference
Thur. - Goldman Sachs Global Healthcare Conference, CSFB Consumer and Retail Conference, Merrill Lynch Global Transport Conference, Needham Biotech Conference
Fri. - None of note
BOTTOM LINE: I expect US stocks to finish the week modestly higher on decelerating inflation readings, short-covering, bargain hunting and declining long-term rates. My trading indicators are still giving mostly bearish signals and the Portfolio is 75% net long heading into the week.
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