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. – 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.