Sunday, June 15, 2008

Weekly Outlook

Click here for Wall St. Week Ahead by Reuters.

Click here for stocks in focus for Monday by MarketWatch.

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. – Empire Manufacturing, Net Long-term TIC Flows, NAHB Housing Market Index

Tues. – Current Account Balance, Producer Price Index, Housing Starts, Building Permits, Industrial Production, Capacity Utilization, weekly retail sales reports

Wed. – Weekly EIA Energy Inventory report, weekly MBA Mortgage Applications report

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

Fri. – None of note

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

Mon. – Titan Machinery(TITN), Lehman Brothers(LEH), Adobe Systems(ADBE)

Tues. – Goldman Sachs(GS)

Wed. – Factset Research(FDS), Best Buy(BBY), Commercial Metals(CMC), Carmax(KMX), Morgan Stanley(MS)

Thur. – JMSmucker(SJM), Carnival Corp.(CCL), Circuit City(CC), Actuant Corp.(ATU)

Fri. – Ameron Intenational(AMN)

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

Mon. – Fed’s Bernanke speaking, Fed’s Lacker speaking, (SSW) analyst meeting, BIO International Convention

Tue. – (MAT) analyst conference, (FSL) analyst meeting, (WTM) investor meeting, CSFB Global Nanotech Conference, William Blair Growth Stock Conference, BIO International Convention, Merrill Lynch Transports Conference

Wed. – Fed’s Yellen speaking, (PLXS) investor day, (GET) analyst day, BIO International Convention, Merrill Lynch Transports Conference, William Blair Growth Stock Conference, Deutsche Bank Consumer/Food Retail Conference

Thur. – (MET) investor day, (TD) analyst meeting, (ARO) analyst day, (HIG) investor day, (MCK) analyst meeting, BIO International Convention, Deutsche Bank Consumer/Food Retail Conference, William Blair Growth Stock Conference, BMO Capital Emerging Media Forum, , Merrill Lynch Transports Conference, CSFB Consumer Conference, Bank of America Homebuilders Conference

Fri. – (WU) investor conference, BIO International Convention

BOTTOM LINE: I expect US stocks to finish the week modestly higher on a rising US dollar, diminishing credit market angst, a decline in energy prices, less economic pessimism, a bounce in emerging market shares, a bounce in financial stocks, bargain-hunting and short-covering. My trading indicators are giving mixed signals and the Portfolio is 100% net long heading into the week.

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