Sunday, June 25, 2006

Weekly Outlook

Click here for The Week Ahead by Reuters

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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