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There are several economic reports of note and a number of significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. – None of note
Tues. – S&P/CaseShiller Home Price Index, weekly retail sales reports, Consumer Confidence, FOMC Meeting
Wed. – Weekly MBA mortgage applications report, weekly EIA energy inventory report, ADP Employment Change, 1Q GDP, 1Q Personal Consumption, 1Q GDP Price Index, 1Q Core PCE, 1Q Employment Cost Index, Chicago Purchasing Manager, FOMC Rate Decision
Thur. – Challenger Job Cuts, Personal Income, Personal Spending, PCE Deflator, Initial Jobless Claims, ISM Manufacturing, ISM Prices Paid, Construction Spending, Total Vehicle Sales
Fri. – Change in Non-farm Payrolls, Unemployment Rate, Average Hourly Earnings, Factory Orders
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. – BE Aerospace(BEAV), SYSCO Corp.(SYY), Sohu.com(SOHU), Humana Inc.(HUM), Verizon Communications(VZ), Covance Inc.(CVD), Atheros Communications(ATHR), Microchip Tech(MCHP), Southern Copper(PCU), CNA Financial(CNA), Tyson Foods(TSN), Loews Corp(LTR)
Tues. – Medco Health(MHS), Lear Corpr.(LEA), Archer-Daniels-Midland(ADM), Martha Stewart(MSO), CBS Corp.(CBS), Corning Inc.(GLW), Under Armour(UA), Burlington Northern(BNI), CB Richard Ellis(CBG), Panera Bread(PNRA), DreamWorks(DWA), Express Scripts(ESRX), United States Steel(X), Global Crossing(GLBC), Buffalo Wild Wings(BWLD), Liz Claiborne(LIZ), Mastercard(MA), Office Depot(ODP), Flextronics(FLEX), Valero Energy(VLO), Domino’s Pizza(DPZ)
Wed. – Garmin Ltd(GRMN), Time Warner(TWX), IAC/InterActiveCorp(IACI), Ingersoll-Rand(IR), Kraft Foods(KFT), Procter & Gamble(PG), General Motors(GM), First Solar(FSLR), Kellogg(K), Starbucks(SBUX), Centex(CTX), Owens-Illinois(OI), JDS Uniphase(JDSU), Murphy Oil(MUR), OfficeMax(OMX), Akamai Technologies(AKAM), Colgate-Palmolive(CL), Symantec(SYMC), Cummins(CMI), Hess Corp.(HES), SPX Corp.(SPW), Brink’s Co(BCO), Jones Apparel(JNY)
Thur. – Administaff(ASF), Rowan Cos(RDC), Tyco Intl(TYC), Patterson-UTI(PTEN), Apache Corp(APA), Nymex Holdings(NMX), Timberland Co(TBL), Williams Cos(WMB), Burger King(BKC), Cardinal Health(CAH), CVS Caremark(CVS), Expedia(EXPE), Cigna Corp.(CI), Eastman Kodak(EK), First American(FAF), Cephalon(CEPH), NetSuite(N), Dolby Labs(DLB), Digital River(DRIV), Chesapeake Energy(CHK), QLogic Corp(QLGC), Monster Worldwide(MNST), Morningstar(MORN), Automatic Data Processing(ADP), Callaway Golf(ELY), Comcast Corp(CMCSA), Kenneth Cole(KCP), Bebe Stores(BEBE), NDS Group(NNDS), Wyndam Worldwide(WYN), Wynn Resorts(WYNN), Marathon Oil(MRO), Clorox(CLX), Exxon Mobil(XOM), Sun Microsystems(JAVA)
Fri. – Federal Signal(FSS), Weyerhaeuser(WY), Chevron Corp.(CVX), Barnes Group(B), American Tower(AMT), Duke Energy(DUK), Teekay Corp.(TK), BorgWarner(BWA), Quanta Services(PWR), KBR Inc.(KBR), IntercontinentalExchange(ICE), Checkpoint Systems(CKP), Las Vegas Sands(LVS)
Other events that have market-moving potential this week include:
Mon. – None of note
Tue. – (SUPG) analyst meeting, (FIC) analyst day, (ALXA) analyst day, (SIX) analyst meeting, Lehman Brothers Retail Conference
Wed. – (IHS) investor day, Morgan Stanley Global Healthcare Conference, Lehman Brothers Retail Conference
Thur. – Morgan Stanley Global Healthcare Conference
Fri. – Morgan Stanley Global Healthcare Conference
BOTTOM LINE: I expect US stocks to finish the week modestly higher on a stronger US dollar, lower energy prices, less economic pessimism, short-covering and mostly positive earnings reports. My trading indicators are giving bullish signals and the Portfolio is 100% net long heading into the week.