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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. – Wholesale Inventories
Tues. – Trade Balance, IDP/TIPP Economic Optimism, weekly retail sales reports
Wed. – Weekly EIA energy inventory data, weekly MBA Mortgage Applications report, Monthly Budget Statement
Thur. – Import Price Index, Advance Retail Sales, Initial Jobless Claims, Business Inventories
Fri. – Consumer Price Index,
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. – Hovnanian Enterprises(HOV), Foot Locker(FL), Blackstone Group(BX)
Tues. – Dick’s Sporting Goods(DKS), Take-Two(TTWO), J Crew Group(JCG), Kroger(KR), GlobalSantaFe(GSF), John Wiley(JW/A)
Wed. – JA Solar(JASO), Men’s Warehouse(MW), Sigma Designs(SIGM), American Eagle Outfitters(AEO), Gymboree Corp.(GYMB), Pacific Sunwear(PSUN), Hibbett Sports(HIBB)
Thur. – Aeropostale(ARO), Genesco(GCO), Dillard’s(DDS)
Fri. – Liz Claiborne(LIZ), AnnTaylor(ANN), WellCare Health(WCG)
Other events that have market-moving potential this week include:
Mon. – (TXN) Mid-Quarter Update, Stifel Nicolaus Consumer Conference, Bear Stearns Media Conference, CSFB Ag Science Conference, CSFB Communications Conference
Tue. – (NTAP) Analyst Day, (CVX) Analyst Day, (BMC) Analyst Day, (CAT) Analyst Day, Bear Stearns Media Conference, Banc of America Consumer Conference, CSFB Communications Conference, Piper Jaffray ChinaVenture Conference
Wed. – (COP) Analyst Meeting, (FRE) Analyst Meeting, (ABI) Analyst Meeting, Bear Stearns Media Conference, Banc of America Consumer Conference, Deutsche Bank Hospitality & Gaming Conference, Lehman High-Yield Bond Conference
Thur. – (MSFT) Financial Analyst Briefing, Bear Stearns Healthcare Conference, Lehman High-Yield Bond Conference
Fri. – (DNA) Investment Meeting, Lehman High-Yield Bond Conference
BOTTOM LINE: I expect US stocks to finish the week mixed as mostly positive earnings reports, increasing rate cut odds and bargain hunting offset more shorting, elevated credit market angst and economic pessimism. My trading indicators are giving mostly bearish signals and the Portfolio is 75% net long heading into the week.