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. - Consumer Credit
Tues. - IDB/TIPP Economic Optimism
Wed. - MBA Mortgage Applications, EIA Weekly Energy Inventories, Trade Balance, Wholesale Inventories
Thur. - Initial Jobless Claims, Monthly Budget Statement
Fri. - Import Price Index, Advanced Retail Sales, Business Inventories
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Schnitzer Steel(SCHN)
Tues. - Alcoa Inc.(AA), Freddie Mac(FRE), Ruby Tuesday(RI)
Wed. - California Pizza Kitchen(CPKI), Genentech(DNA)
Thur. - M&T Bank(MTB), MGIC Investment Corp.(MTG), Stride Rite(SRR)
Fri. - None of note
Other events that have market-moving potential this week include:
Mon. - The Fed’s Kohn speaking, CSFB Building Products Conference, Citigroup Entertainment/Media and Telecom Conference, MacWorld Conference, JPMorgan Healthcare Conference, JPMorgan CES Tech Forum
Tue. - Needham Growth Conference, Cowen Consumer Conference, MacWorld Conference, Raymond James Govt. Services & Tech Summit, Citigroup Entertainment/Media and Telecom Conference, JPMorgan Healthcare Conference
Wed. - The Fed’s Moskow speaking, JPMorgan Healthcare Conference, Cowen Consumer Conference, Citigroup Entertainment/Media and Telecom Conference, MacWorld Conference, Needham Growth Conference
Thur. - The Fed’s Geithner speaking, the Fed’s Bies speaking, Citigroup Entertainment/Media and Telecom Conference, JPMorgan Healthcare Conference, MacWorld Conference, Needham Growth Conference
Fri. - MacWorld Conference, Needham Growth Conference
BOTTOM LINE: I expect US stocks to finish the week modestly higher on mostly positive economic data, buyout speculation, lower energy prices, seasonal strength, stable long-term rates, a firmer US dollar, bargain-hunting and short-covering. I expect the recent substantial outperformance by true “growth” stocks over “value” stocks to continue this week and throughout the year. My trading indicators are giving mostly bullish signals and the Portfolio is 75% net long heading into the week.
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