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. - Consumer Confidence
Wed. - MBA Mortgage Applications, ADP Employment Change, Advance 4Q GDP, Advance 4Q Personal Consumption, Advance 4Q GDP Price Index, Employment Cost Index, Construction Spending, Chicago Purchasing Manager, FOMC Rate Decision
Thur. - Challenger Job Cuts, Personal Income, Personal Spending, PCE Deflator, Initial Jobless Claims, Pending Home Sales, ISM Manufacturing, ISM Prices Paid, Total Vehicle Sales
Fri. - Change in Non-farm Payrolls, Unemployment Rate, Change in Manufacturing Payrolls, Average Hourly Earnings, Factory Orders, Univ. of Mich. Consumer Confidence
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Cummins Inc.(CMI), JDA Software(JDAS), Mattel Inc.(MAT), Phelps Dodge(PD), Schering-Plough(SGP), Tyson Foods(TSN), Verizon Communications(VZ), Zimmer Holdings(ZMH)
Tues. - 3M Co(MMM), Aflac Inc.(AFL), Allstate Corp.(ALL), Apollo Group(APOL), Black & Decker(BDK), Burger King Holdings(BKC), Chicago Merc(CME), Chubb Corp.(CB), Colgate-Palmolive(CL), Corinthian Colleges(COCO), Countrywide Financial(CFC), Diebold Inc.(DBD), Flextronics(FLEX), General Motors(GM), Illinois Tool Works(ITW), Kellogg Co(K), Lexmark Intl(LXK), MBIA Inc.(MBI), Merck & Co.(MRK), Pepsi Bottling(PBG), Pilgrim’s Pride(PPC), Procter & Gamble(PG), Safeco Corp.(SFC), SanDisk Corp.(SNDK), United Parcel Service(UPS), US Air(LCC), Wyeth(WYE)
Wed. - Allergan Inc.(AGN), Altria Group(MO), Armor Holdings(AH), Boeing Co.(BA), Constellation Energy(CEG), Dominion Resources(D), Eastman Kodak(EK), Eli Lilly(LLY), Estee Lauder(EL), Gilead Sciences(GILD), Google Inc.(GOOG), Hilton Hotels(HLT), Ingersoll-Rand(IR), JB Hunt(JBHT), JDS Uniphase(JDSU), Kraft Foods(KFT), L-3 Communications(LLL), Microchip Tech(MCHP), MicroStrategy(MSTR), Murphy Oil(MUR), Nymex Holdings(NMX), Pulte Homes(PHM), Starbucks(SBUX), Time Warner Inc.(TWX), Tractor Supply(TSCO), VeriSign(VRSN), Xcel Energy(XEL)
Thur. - Amazon.com(AMZN), American Standard(ASD), Anheuser-Busch(BUD), Apache Corp.(APA), Archer-Daniels(ADM), Avid Tech(AVID), Boston Scientific(BSX), CA Inc.(CA), Celgene Corp.(CELG), Cerner Corp.(CERN), Clorox Co.(CLX), Comcast Corp.(CMCSA), CVS Corp.(CVS), Dolby Labs(DLB), Electronic Arts(ERTS), Exxon Mobil(XOM), Goodrich Corp.(GR), Intuitive Surgical(ISRG), JetBlue(JBLU), Marathon Oil(MRO), Monster Worldwide(MNST), Raytheon Cos(RTN), Royal Gold(RGLD), Sabre Holdings(TSG), St Paul(STA), Starwood Hotels(HOT), Under Armour(UA), Valero Energy(VLO), YRC Worldwide(YRCW)
Fri. - American Axle(AXL), Arch Coal(ACI), Equity Office Properties(EOP), Gannett Co.(GCI), ITT Corp.(ITT), Medimmune(MEDI), Moody’s Corp.(MCO), NYSE Group(NYX), Royal Caribbean(RCL), Ryder System(R), Sara Lee(SLE), THQ Inc.(THQI), Wendy’s Intl(WEN), Whirlpool Corp.(WHR)
Other events that have market-moving potential this week include:
Mon. - Wachovia Healthcare Conference
Tue. - Wachovia Healthcare Conference, Citigroup Financial Services Conference
Wed. - Citigroup Financial Services Conference, Wachovia Healthcare Conference
Thur. - Raymond James Growth Airline Conference, Retail Same-Store-Sales
Fri. - None of note
BOTTOM LINE: I expect US stocks to finish the week mixed as mostly positive economic data, mostly positive earnings reports, buyout speculation, a stronger US dollar and constructive Fed comments offsets profit-taking, higher long-term rates and shorting. My trading indicators are giving mostly bullish signals and the Portfolio is 100% net long heading into the week.
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