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. - Wholesale Inventories, Consumer Credit
Tues. - None of note
Wed. - Trade Balance
Thur. - Initial Jobless Claims, Continuing Claims, Monthly Budget Statement
Fri. - Import Price Index, Advance Retail Sales, Univ. of Mich. Consumer Confidence, Business Inventories
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Alcoa Inc.(AA), Shaw Group(SGR)
Tues. - Flowserve(FLS), Genentech(DNA), Ruby Tuesday(RI)
Wed. - Chaparral Steel(CHAP), Commerce Bancshares(CBSH), Fastenal(FAST), Gannett Co.(GCI), Genzyme Corp.(GENZ), Resources Connection(RECN)
Thur. - Cintas Corp.(CTAS), Marriott Intl.(MAR), Polaris Industries(PII), Progressive Corp.(PGR), Texas Industries(TXI), Tribune Co.(TRB)
Fri. - EW Scripts(SSP), General Electric(GE), Rambus Inc.(RMBS), Regions Financial(RF)
Other events that have market-moving potential this week include:
Mon. - SEMICON West
Tue. - SEMICON West, CIBC Consumer Growth Conference
Wed. - CIBC Consumer Growth Conference, SEMICON West
Thur. - SEMICON West
Fri. - SEMICON West
BOTTOM LINE: I expect US stocks to finish the week mixed as continuing worries over slowing economic growth offset short-covering, lower energy prices and bargain hunting. My trading indicators are still giving neutral signals and the Portfolio is 50% net long heading into the week.
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