There are a number of economic reports of note and several significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - None of note
Tues. - Richmond Fed. Manufacturing Index
Wed. - Existing Home Sales
Thur. - Durable Goods Orders, Initial Jobless Claims, Continuing Claims, New Home Sales
Fri. - None of note
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Bob Evans(BOBE), Lowe’s(LOW), Verint Systems(VRNT)
Tues. - Intuit(INTU), Jack Henry(JKHY), Medtronic(MDT), Toll Brothers(TOL)
Wed. - Borders Group(BGP), Brown Shoe(BWS), Chico’s FAS(CHS), Coldwater Creek(CWTR), Dollar Tree(DLTR), Eaton Vance(EV), Handleman(HDL), Kerzner Intl.(KZL), Michaels Stores(MIK), Payless ShoeSource(PSS), Phillips-Van Heusen(PVH), Regis(RGS), Tech Data(TECD)
Thur. - Hormel(HRL), Jackson Hewitt(JTX), Patterson Cos(PDCO), Smithfield Foods(SFLD), Williams-Sonoma(WSM)
Fri. - None of note
Other events that have market-moving potential this week include:
Mon. - None of note
Tue. - Fed’s Guynn Speaks, Fed’s Moskow speaks
Wed. - AAPL’s NAPE Summer 2006
Thur. - AAPL’s NAPE Summer 2006
Fri. - Fed’s Bernanke speaks
BOTTOM LINE: I expect US stocks to finish the week mixed as short-covering and lower long-term rates offset profit-taking and rising tensions with Iran. My trading indicators are now giving bullish signals and the Portfolio is 100% net long heading into the week.
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