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. - New Home Sales
Tues. - Existing Home Sales, Consumer Confidence, Richmond Fed. Manufacturing Index
Wed. - None of note
Thur. - Final 1Q GDP, Final 1Q GDP Price Index, Final 1Q Personal Consumption, Final 1Q Core PCE, Initial Jobless Claims, Continuing Claims, FOMC Rate Decision
Fri. - Personal Income, Personal Spending, PCE Core, Univ. of Mich. Consumer Confidence, Chicago Purchasing Manager
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Lennar Corp.(LEN), Steelcase(SCS), Walgreen(WAG)
Tues. - Flowserve(FLS), Freddie Mac(FRE), HB Fuller(FUL), Nike(NKE)
Wed. - 3Com Corp.(COMS), Arrow International(ARRO), Biomet(BMET), ConAgra Foods(CAG), Herman Miller(MLHR), McCormick & Co.(MKC), Micron Technology(MU), Paychex Inc.(PAYX), Red Hat Inc.(RHAT)
Thur. - Accenture(ACN), American Greetings(AM), CA Inc.(CA), Constellation Brands(STZ), General Mills(GIS), Monsanto(MON), Palm Inc.(PALM), Worthington Industries(WOR)
Fri. - None of note
Other events that have market-moving potential this week include:
Mon. - Jeffries Life Sciences Conference
Tue. - Jeffries Life Sciences Conference, Banc of America Gaming Conference, William Blair Growth Stock Conference
Wed. - William Blair Growth Stock Conference, Banc of America Gaming Conference, Jeffries Life Sciences Conference
Thur. - Banc of America Gaming Conference, William Blair Growth Stock Conference
Fri. - None of note
BOTTOM LINE: I expect US stocks to finish the week modestly higher on a lifting of uncertainty surrounding the FOMC policy statement, short-covering, bargain hunting and a decline in 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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