Sunday, September 23, 2007

Weekly Outlook

Click here for Wall St. Week Ahead by Reuters.

Click here for Stocks in Focus for Monday by

There are several economic reports of note and some significant corporate earnings reports scheduled for release this week.

Economic reports for the week include:

Mon. – None of note

Tues. – CaseShiller Home Price Index, Richmond Fed Manufacturing Index, Consumer Confidence, Existing Home Sales, weekly retail sales

Wed. – Weekly MBA Mortgage Applications Report, weekly EIA energy inventory report, Durable Goods Orders

Thur. – Final 2Q GDP, Final 2Q Personal Consumption, Final 2Q GDP Price Index, Final 2Q Core PCE, Initial Jobless Claims, New Home Sales

Fri. – Personal Income, Personal Spending, PCE Core, Chicago Purchasing Manager, Construction Spending, Univ. of Mich. Consumer Confidence

Some of the more noteworthy companies that release quarterly earnings this week are:

Mon. – Thor Industries(THO)

Tues. – Discover Financial(DFS), Factset Research(FDS), HB Fuller(FUL), Red Hat(RHT), Resources Connection(RECN)

Wed. – Bed Bath & Beyond(BBBY), Copart Inc.(CPRT), Paychex Inc.(PAYX), Worthington Industries(WOR)

Thur. – Accenture(ACN), BearingPoint(BE), Christopher & Banks(CBK), Cintas Corp.(CTAS), Finish Line(FINL), Global Payments(GPN), Jabil Circuit(JBL), KB Home(KBH), McCormick & Co.(MKC), Texas Industries(TXI)

Fri. – CSK Auto(CAO), Hartmarx(HMX)

Other events that have market-moving potential this week include:

Mon. – The Fed’s Fisher speaking, (COL) analyst meeting, UBS Global Life Sciences Conference, Piper Jaffray Solar Conference

Tue. – The Fed’s Plosser speaking, (AMAT) solar power meeting, (LOW) analyst conference, Jeffries Shipping/Logistics/Offshore Services Conference, Piper Solar Conference, CSFB Chemical Conference, UBS Global Life Sciences Conference, Merrill Global Power Conference, Thomas Weisel Consumer Conference, RBC Financial Institutions Conference

Wed. – The Fed’s Poole speaking, (SPW) analyst meeting, Merrill Global Power Conference, UBS Global Life Sciences Conference, Jeffries Shipping/Logistics/Offshore Services Conference, CSFB Chemical Conference, RBC Financial Institutions Conference, Thomas Weisel Consumer Conference

Thur. – The Fed’s Mishkin speaking, Fed’s Evans speaking, (INTU) investor day, (FCS) analyst meeting, UBS Global Life Sciences Conference, CSFB Chemical Conference

Fri. – The Fed’s Mishkin speaking, Fed’s Poole speaking, Fed’s Yellen speaking, Fed’s Lockhart speaking, (PRX) analyst meeting

BOTTOM LINE: I expect US stocks to finish the week mixed as diminishing credit market fears, lower energy prices, investment manager performance anxiety, a stronger US dollar, better consumer confidence and short-covering offsets more hawkish Fed commentary, lower home sales and profit-taking. My trading indicators are now giving bullish signals and the Portfolio is 100% net long heading into the week.

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