Sunday, October 19, 2008

Weekly Outlook

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There are a few economic reports of note and several significant corporate earnings reports scheduled for release this week.

Economic reports for the week include:

Mon. – Leading Indicators

Tues. – Weekly retail sales

Wed. – Weekly EIA energy inventory report, weekly MBA Mortgage Applications report

Thur. – Initial Jobless Claims, House Price Index

Fri. – Existing Home Sales

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

Mon. – Halliburton Co.(HAL), Eaton Corp.(ETN), Mattel Inc.(MAT), NetFlix(NFLX), Texas Instruments(TXN), American Express(AXP), Lincare Holdings(LNCR), SanDisk Corp.(SNDK), Hasbro Inc.(HAS)

Tues. Brinker International(EAT), Freeport-McMoRan(FCX), 3M Co.(MMM), Quest Diagnostics(DGX), Biogen Idec(BIIB), Lockheed Martin(LMT), BlackRock Inc.(BLK), Forest Labs(FRX), Du Pont(DD), Caterpillar Inc.(CAT), Keycorp(KEY), AK Steel(AKS), Manpower Inc.(MAN), Norfolk Southern(NSC), Boston Scientific(BSX), QLogic Corp.(QLGC), Cerner Corp.(CERN), VMware Inc.(VMW), Panera Bread(PNRA), Illumina(ILMN), Broadcom(BRCM), Coach Inc.(COH), UAL Corp.(UAUA), Omnicom Group(OMC), Raymond James(RJF), Lexmark(LXK), Pfizer(PFE), Apple Inc.(AAPL), Schering-Plough(SGP), Stanley Works(SWK), National City(NCC), Yahoo! Inc.(YHOO)

Wed. – Foundation Coal(FCL), Baker Hughes(BHI), McDonald’s(MCD), WellPoint(WLP), Philip Morris(PM), PF Changs(PFCB), Wyeth(WYE), Boeing(BA), AT&T(T), ConocoPhillips(COP), Chipotle Mexican Grill(CMG), Allstate(ALL), Pulte Homes(PHM), Ryland Group(RYL), Wachovia Corp.(WB), EMC Corp.(EMC), Genzyme Corp.(GENZ), General Dynamics(GD), Northrop Grumman(NOC), Travelers(TRV), Kimberly-Clark(KMB), Lam Research(LRCX), Amgen Inc.(AMGN),, Merck(MRK)

Thur. – New York Times(NYT), Goodrich(GR), SunTrust Banks(STI), L-3 Communications, Starwood Hotels(HOT), Dow Chemical(DOW), Altria Group(MO), Raytheon(RTN), Zimmer(ZMH), United Parcel Service(UPS), Burlington Northern(BNI), Microsoft Corp.(MSFT), Juniper Networks(JNPR), YRC Worldwide(YRCW), Western Digital(WDC), Ingram Micro(IM), Cheesecake Factory(CAKE), Aflac(AFL), Celgene Corp.(CELG), Deckers Outdoor(DECK), Eli Lilly(ELY), Diamond Offshore(DO), Black & Decker(BDK), Bristol-Myers(BMY), RadioShack(RSH), Microchip Tech(MCHP)

Fri. – ITT Corp.(ITT), Fortune Brands(FO), ImClone(IMCL)

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

Mon. – None of note

Tue. – None of note

Wed. – (UTEK) analyst meeting

Thur. – (CETV) investor day

Fri. – None of note

BOTTOM LINE: I expect US stocks to finish the week modestly higher on bargain-hunting, technical buying, less credit market angst, diminishing financial sector pessimism and short-covering. My trading indicators are giving neutral signals and the Portfolio is 100% net long heading into the week.

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