There are some economic reports of note and a few significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - None of note
Tues. - Trade Balance
Wed. - Monthly Budget Statement
Thur. - Import Price Index, Advance Retail Sales, Initial Jobless Claims, Business Inventories
Fri. - Consumer Price Index, Empire Manufacturing, Industrial Production, Univ. of Mich. Consumer Confidence
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Campbell Soup(CPB)
Tues. - Best Buy(BBY), CBRL Group(CBRL), Energy Conversion(ENER), Goldman Sachs(GS), John Wiley & Sons(JW/A), Kroger(KR), Pall Corp.(PLL)
Wed. - Lehman Brothers(LEH)
Thur. - Adobe Systems(ADBE), Bear Stearns(BSC), Pier 1(PIR), Tektronix(TEK)
Fri. - Corinthian Colleges(COCO), Sands Regent(SNDS), Verint Systems(VRNT)
Other events that have market-moving potential this week include:
Mon. - Bear Stearns Healthcare Conference, CSFB Homebuilding Symposium, TXN Mid-quarter Update, Fed’s Kohn speaks, Fed’s Minehan speaks, Fed’s Poole speaks
Tue. - Bear Stearns Healthcare Conference, Merrill Lynch Media & Entertainment Conference, CSFB Homebuilding Symposium, Lehman Brothers Conference, DELL analyst meeting, Fed’s Yellen speaks
Wed. - Morgan Stanley Industrials Conference, Merrill Lynch Media & Entertainment Conference, Lehman Brothers Conference, AKAM analyst summit
Thur. - Bear Stearns Liquid Products Conference, Morgan Stanley Industrials Conference, Merrill Lynch Media & Entertainment Conference, Lehman Brothers Conference
Fri. - Morgan Stanley Industrials Conference, Fed’s Hoenig speaks
BOTTOM LINE: I expect US stocks to finish the week modestly higher on short-covering, bargain hunting, decelerating inflation readings and less pessimism. My trading indicators are still giving bullish signals and the Portfolio is 100% net long heading into the week.
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