Weekly Outlook

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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. – Existing Home Sales

Tues. – Weekly retail sales, Producer Price Index, S&P/Case Shiller Home Price Index, Consumer Confidence, Richmond Fed Manufacturing, 4Q House Price Index

Wed. – Weekly MBA Mortgage Applications report, weekly EIA energy inventory report, Durable Goods Orders, New Home Sales, Bernanke Report on Economy & Fed Policy

Thur. – 4Q GDP, 4Q Personal Consumption, 4Q GDP Price Index, 4Q Core PCE, Initial Jobless Claims

Fri. – Personal Income, Personal Spending, PCE Deflator, PCE Core, Chicago Purchasing Manager, Univ. of Mich. Consumer Confidence, NAPM-Milwaukee

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

Mon. – American Tower(AMT), Nordstrom(JWN), Lowe’s Cos(LOW), RadioShack(RSH)

Tues. – CBS Corp.(CBS), Autozone(AZO), PMI Group(PMI), Sirius Satellite(SIRI), HJ Heinz(HNZ), DreamWorks(DWA), Sotheby’s(BID), Home Depot(HD), Macy’s(M), CBRL Group(CBRL), Focus Media(FMCN), Autodesk Inc.(ADSK), DISH Network(DISH), El Paso(EP), Office Depot(ODP), Target Corp.(TGT), KBR Inc.(KBR), Domino’s Pizza(DPZ), GlobalSantaFe Corp.(GSF), Frontier Oil(FTO)

Wed. – Dynegy Inc.(DYN), Dollar Tree(DLTR), Toll Brothers(TOL), Checkpoint Systems(CKP), Boyd Gaming(BYD), Salesforce.com(CRM), Ltd Brands(LTD), Titanium Metals(TIE), Public Storage(PSA), Liz Claiborne(LIZ), Papa John’s(PZZA), Harrah’s Entertainment(HET), Vornado Realty(VNO)

Thur. – Rowan Cos(RDC), Freddie Mac(FRE), Flour Corp.(FLR), Teekay Corp.(TK), Sprint Nextel(S), Novell Inc.(NOVL), Kohl’s Corp.(KSS), Gap Inc.(GPS), Cepheid Inc.(CPHD), BEA Systems(BEAS), American Intl Group(AIG), Hansen Natural(HANS), Viacom(VIA), WellCare Health(WCG), Revlon Inc.(REV), Deckers(DECK), Dell Inc.(DELL), BearingPoint(BE), Cablevision(CVC), Brown-Forman(BF/B)

Fri. – Mirant Corp.(MIR), Fannie Mae(FNM), Triarc Cos(TRY)

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

Mon. – (SNDK) analyst meeting, (HON) investor conference, (Q) analyst day, CSFB Global Services Conference, BMO Global Metals & Mining Conference

Tue. – (SO) analyst meeting, (NICE) analyst meeting, (XTO) analyst conference, HIMSS Conference, BMO Global Metals & Mining Conference, CSFB Global Services Conference, Goldman Tech Symposium, Merrill Communications Services Congerence

Wed. – (JPM) investor day, (SNWL) analyst meeting, (UTX) analyst meeting, CSFB Transport & Logistics Conference, BMO Global Metals & Mining Conference, Goldman Tech Symposium, CSFB Global Services Conference, Robert Baird Business Solutions Conference, Keefe Bruyette Regional Bank Conference, Jeffries Internet Conference, Merrill Communications Services Conference, Wachovia Homebuilding Conference

Thur. – (DTV) investor day, (ETN) analyst meeting, (CAI) analyst meeting, (EOG) analyst conference, CSFB Specialty Pharma Conference, CSFB Aerospace/Defense Conference, CSFB Transport/Logistics Conference, Robert Baird Business Solutions Conference, Wachovia Homebuilding Conference, Goldman Tech Symposium, Pacific Crest Data Center Conference, Keefe Bruyette Regional Bank Conference

Fri. – (CPN) analyst meeting, Pacific Crest Data Center Conference, Wachovia Homebuilding Conference

BOTTOM LINE: I expect US stocks to finish the week modestly higher on mostly positive earnings reports, less economic pessimism, bargain hunting, diminishing bond insurer uncertainty and short-covering. My trading indicators are giving mostly bullish signals and the Portfolio is 100% net long heading into the week.