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There are some economic reports of note and several significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. – Empire Manufacturing, Industrial Production, Capacity Utilization
Tues. – Producer Price Index, Net Long-term TIC Flows, NAHB Housing Market Index, weekly retail sales
Wed. – Weekly EIA energy inventory data, weekly MBA mortgage applications report, Consumer Price Index, Housing Starts, Building Permits, Minutes of Oct. 28-29 FOMC Meeting
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. – Covidien Ltd.(COV), Target Corp.(TGT), Lowe’s Cos.(LOW)
Tues. – Medtronic(MDT), Pacific Sunwear(PSUN), Jack in the Box(JBX), Home Depot(HD), Saks Inc.(SKS)
Wed. – BJ’s Wholesale(BJ), Ross Stores(ROST), Dress Barn(DBRN), Intuit Inc.(INTU), PetSmart Inc.(PETM), Gymboree Corp.(GYMB), Ltd Brands(LTD)
Thur. – Barnes & Noble(BKS), Dick’s Sporting Goods(DKS), Gap Inc.(GPS), Salesforce.com Inc.(CRM), Autodesk(ADSK), Dell Inc.(DELL), Eaton Vance(EV), The Buckle(BKE), Dillard’s(DDS), Gamestop(GME), Children’s Plcace(PLCE), Foot Locker(FL)
Fri. – Ann Taylor(ANN), HJ Heinz(HNZ), JM Smucker(SJM)
Other events that have market-moving potential this week include:
Mon. – (STEC) Analyst Day, (RAI) Analyst Meeting, (IART) Analyst Forum, (ADBE) Meeting, (BBX) Investor Luncheon, Deutsche Bank/Goldman Sachs Gaming Forum
Tue. – (ALGT) Institutional Investor Day, (FLEX) Investor Meeting, (XIDE) Investor Day, (CF) Investor Day, (HNT) Annual Investor Conference, (SXCI) Analyst Event, (SXL) Analyst Meeting, (PDE) Analyst Day, (OCR) Analyst Day, (ESS) Analyst Day, (BBX) Investor Luncheon, (NFG) Analyst Presentation, (VARI) Investor Luncheon, Bank of America Health Care Conference, Citigroup Transportation Conference, CanaccordAdams Energy Conference, Raymond James IT Supply Chain Conference, Morgan Stanley Retail Conference, CSFB Insurance Conference, Oppenheimer Small-cap Conference
Wed. – (ALGT) Investor Day, (SMOD) Analyst Meeting, (CKP) Investor Day, (HAL) Analyst Meeting, (TKLC) Investor Day, (BBX) Investor Meeting, (GWW) Analyst Meeting, (ROK) Investor Meeting, Cowen Healthcare Conference, Bank of America Credit Conference, CSFB Aerospace & Defense Conference, Lazard Healthcare Conference, Morgan Stanley Retail Conference
Thur. – (AFFY) Analyst Day, (INWK) Investor Day, (AKAM) Analyst Meeting, CSFB Aerospace & Defense Conference, Needham Infectious Disease Conference, UBS Technology & Services Conference
Fri. – (DUK) Analyst Meeting, (MHS) Analyst Day, (NSTC) Analyst Day, (ALGN) Analyst Meeting, Bank of
BOTTOM LINE: I expect US stocks to finish the week modestly higher on seasonal strength, bargain-hunting, technical buying, diminishing financial sector pessimism, less forced selling and short-covering. My trading indicators are giving neutral signals and the Portfolio is 75% net long heading into the week.