Sunday, April 13, 2008

Weekly Outlook

Click here for Wall St. Week Ahead by Reuters.

Click here for stocks in focus for Monday by MarketWatch.

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. – Advance Retail Sales, Business Inventories

Tues. – Producer Price Index, Empire Manufacturing, Net Long-term TIC Flows, NAHB Housing Market Index, weekly retail sales

Wed. – Weekly MBA Mortgage Applications report, weekly EIA energy inventory report, Consumer Price Index, Housing Starts, Building Permits, Industrial Production, Capacity Utilization, Fed’s Beige Book

Thur. – Initial Jobless Claims, Leading Indicators, Philly Fed

Fri. – None of note

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

Mon. – Eaton Corp.(ETN), WW Grainger(GWW), Bear Stearns(BSC), Biomet(BMET), Charles Schwab(SCHW)

Tues. – US Bancorp(USB), Forest Labs(FRX), Marshall & Ilsley(MI), Seagate Technology(STX), CSX Corp.(CSX), State Street(STT), Johnson & Johnson(JNJ), Linear Tech(LLTC), Intel Corp.(INTC), Washington Mutual(WM), Polaris Industries(PII), Adtran Inc.(ADTN)

Wed. – BlackRock Inc.(BLK), Piper Jaffray(PJC), Coca-Cola(KO), Wolverine World Wide(WWW), Abbott Labs(AVT), JPMorgan Chase(JPM), Illinois Tools Works(ITW), Wells Fargo(WFC), St. Jude Medical(STJ), Gilead Sciences(GILD), Altera Corp.(ALTR), IBM(IBM), SLM Corp.(SLM), AMR Corp.(AMR), Johnson Controls(JCI), eBay Inc.(EBAY)

Thur. – United Technologies(UTX), Marriott Intl.(MAR), Merrill Lynch(MER), PPG Industries(PPG), BB&T Corp.(BBT), Checkpoint Software(CHKP), Comerica(CMA), Bank of New York(BK), Keycorp(KEY), Reliance Steel(RS), Intl Game Technology(IGT), Harley-Davidson(HOG), Amphenol Corp.(APH), Stryker(SYK), Capital One(COF), Advanced Micro Devices(AMD), Intuitive Surgical(ISRG), Mohawk Industries(MHK), Southwest Air(LUV), Google Inc.(GOOG), Pfizer Inc.(PFE), PNC Financial(PNC), TD Ameritrade(AMTD), Continental Air(CAL), Baxter Intl.(BAX), Sherwin-Williams(SHW), Sunpower(SPWR), Amdocs(DOX), Nucor(NUE), SanDisk(SNDK)

Fri. – Manpower(MAN), Honeywell(HON), Schlumberger(SLB), Citigroup(C), Wachovia(WB), Caterpillar(CAT), Commerce Bancorp(CBH), Kinder Morgan(KMP)

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

Mon. – The Fed’s Warsh speaking, (ACOR) analyst meeting

Tue. – (JCP) analyst meeting, SunTrust Robinson Humphrey Institutional Conference

Wed. – The Fed’s Plosser speaking, SunTrust Robinson Humphrey Institutional Conference

Thur. – The Fed’s Kohn speaking, (LNE) analyst meeting, (WMT) analyst field trip, Morgan Stanley Commodities & Shipping Conference

Fri. – The Fed’s Lacker speaking, Morgan Stanley Commodities & Shipping Conference

BOTTOM LINE: I expect US stocks to finish the week modestly higher on a firmer US dollar, short-covering, less economic pessimism, mostly positive earnings reports and bargain hunting. My trading indicators are giving mostly bullish signals and the Portfolio is 75% net long heading into the week.

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