There are several economic reports of note and a number of significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - None of note
Tues. - Consumer Confidence, Existing Home Sales, Richmond Fed Index
Wed. - Fed’s Beige Book
Thur. - Durable Goods Orders, Initial Jobless Claims, New Home Sales
Fri. - Advance 2Q GDP, Advance 2Q GDP Price Index, Advance 2Q Personal Consumption, Advance 2Q PCE Core, 2Q Employment Cost Index, Univ. of Mich. Consumer Confidence
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Alcon(ACL), Altera Corp.(ALTR), American Express(AXP), Avaya(AV), BellSouth(BLS), Hasbro(HAS), Kraft Foods(KFT), Merck(MRK), Pitney Bowes(PBI), Quest Diagnostics(DGX), SanDisk(SNDK), Schering-Plough(SGP), Texas Instuments(TXN), 3M Co.(MMM)
Tues. - Aflac Inc.(AFL), Altria Group(MO), Amazon.com(AMZN), AmerisourceBergen(ABC), AT&T(T), BJ Services(BJS), Boyd Gaming(BYD), Burlington Northern(BNI), Chicago Merc(CME), Chubb Corp.(CB), Colgate-Palmolive(CL), Corning Inc.(GLW), Countrywide Financial(CFC), Diebold(DBD), Energen(EGN), ENSCO(ESV), Flextronics(FLEX), Legg Mason(LM), Lexmark(LXK), Lincare(LNCR), Liner Tech(LLTC), Lockheed Martin(LMT), McDonald’s(MCD), Nabors Industries(NBR), Murphy Oil(MUR), Omnicom Group(OMC), Panera Bread(PNRA), QLogic(QLGC), Smith Intl.(SII), Stanley Works(SWK), United Parcel(UPS), Weyerhaeuser(WY), Whirlpool(WHR), Xilinx(XLNX)
Wed. - Allegheny Tech(ATI), Anheuser-Busch(BUD), Baidu.com(BIDU), Biogen Idec(BIIB), Black & Decker(BDK), Boeing(BA), Cadence Design(CDN), ConocoPhillips(COP), Diamond Offshore(DO), Express Scripts(ESRX), General Motors(GM), Intuitive Surgical(ISRG), Kimberly-Clark(KMB), Lucent Tech(LU), Norfolk Southern(NSC), PF Chang’s(PFCB), Phelps Dodge(PD), Pulte Homes(PHM), Ruth’s Chris(RUTH), Symantec(SYMC), Terex Corp.(TEX), Under Armour(UARM), Wellpoint(WLP), Zimmer Holdings(ZMH)
Thur. - Aetna(AET), American Power(APCC), Andarko Petroleum(APC), Apache Corp.(APA), Beazer Homes(BZH), Boston Scientific(BSX), Bowater(BOW), Bristol-Myers(BMY), CB Richard Ellis(CBG), Celgene(CELG), Chesapeake Energy(CHK), Cleveland-Cliffs(CLF), Comcast(CMCSA), Cummins(CMI), Deckers Outdoor(DECK), Dow Chemical(DOW), Ethan Allen(ETH), Exxon Mobil(XOM), F5 Networks(FFIV), Fortune Brands(FO), Garmin Ltd.(GRMN), Harrah’s(HET), Kellogg(K), Kerr-McGee(KMG), L-3 Communications(LLL), Lear Corp.(LEA), Massey Energy(MEE), MBIA Inc.(MBI), McAfee(MFE), McKesson Corp.(MCK), Monster Worldwide(MNST), Newmont Mining(NEM), Northrop Grumman(NOC), OfficeMax(OMX), OSI Pharma(OSIP), Rackable Systems(RACK), Raytheon(RTN), Royal Caribbean(RCL), Sohu.com(SOHU), Starwood Hotels(HOT), THQ Inc.(THQI), Tidewater(TDW), XM Satellite(XMSR)
Fri. - American Tower(AMT), Baker Hughes(BHI), Centex(CTX), Chevron(CVX), Dolby Labs(DLB), Ingersoll-Rand(IR), Ingram Micro(IM), Multimedia Games(MGAM), Office Depot, Western Digital(WDC), Whole Foods(WFMI)
Other events that have market-moving potential this week include:
Mon. - None of note
Tue. - None of note
Wed. - None of note
Thur. - None of note
Fri. - None of note
BOTTOM LINE: I expect US stocks to finish the week higher on mostly positive earnings reports, increased speculation for a Fed “pause”, a calming in Middle Eastern tensions, short-covering and bargain hunting. My trading indicators are giving mostly bearish signals and the Portfolio is 75% net long heading into the week.
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