There are a few economic reports of note and some significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - NAHB Housing Market Index
Tues. - Housing Starts, Building Permits
Wed. - None of note
Thur. - Initial Jobless Claims, Leading Indicators
Fri. - Durable Goods Orders
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Carmax(KMX), Circuit City Stores(CC)
Tues. - Actuant(ATU), Apollo Group(APOL), Arrow Intl.(ARRO), Factset Research(FDS), JM Smucker(SJM)
Wed. - Bed Bath & Beyond(BBBY), FedEx Corp.(FDX), Jabil Circuit(JBL), Morgan Stanley(MS), Sonic Corp.(SONC)
Thur. - Comverse Technology(CMVT), Del Monte Foods(DLM), Family Dollar(FDO), GTECH Holdings(GTK), Oracle(ORCL), Rite Aid(RAD), Solectron(SLR), Tektronix(TEK)
Fri. - AG Edwards(AGE), Micron Technology(MU)
Other events that have market-moving potential this week include:
Mon. - Prudential Biotech Meetings
Tue. - Piper Jaffray Retail & Financial Services Symposium
Wed. - Morgan Stanley Business and Professional Services Conference
Thur. - Morgan Stanley Business and Professional Services Conference
Fri. - None of note
BOTTOM LINE: I expect US stocks to finish the week modestly higher on short-covering, bargain hunting, less irrational pessimism 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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