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. - US Markets Closed
Tues. - None of note
Wed. - Final 2Q Non-farm Productivity, Final 2Q Unit Labor Costs, ISM Non-Manufacturing, Fed’s Beige Book
Thur. - Initial Jobless Claims, Wholesale Inventories
Fri. - Consumer Credit
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - US Markets Closed
Tues. - Hain Celestial(HAIN)
Wed. - Donaldson Co.(DCI), Hovnanian(HOV), Martek Bioscience(MATK)
Thur. - Cooper Cos.(COO), JOS A Bank(JOSB), Korn/Ferry Intl.(KFI), National Semi(NSM), Quiksilver(ZQK), Shuffle Master(SHFL), UTI Worldwide(UTIW)
Fri. - Stage Stores(SSI)
Other events that have market-moving potential this week include:
Mon. - US Markets Closed
Tue. - Citigroup Global Tech Conference, Lehman Brothers Energy Conference
Wed. - Citigroup Global Tech Conference, Lehman Brothers Energy Conference
Thur. - Goldman Sachs Global Retail Conference, Prudential Back-to-School Consumer Conference, Piper Jaffray Software/Services Symposium, Lehman Brothers Energy Conference, CSFB Global Automotive Conference, Citigroup Global Tech Conference
Fri. - Citigroup Global Tech Conference
BOTTOM LINE: I expect US stocks to finish the week modestly higher on short-covering, bargain hunting, lower energy prices, less pessimism and mostly positive economic data. My trading indicators are still giving bullish signals and the Portfolio is 100% net long heading into the week.
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