Weekly Outlook

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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. – ISM Manufacturing, ISM Prices Paid, Construction Spending

Tues. – Weekly retail sales reports, Total Vehicle Sales

Wed. – Weekly MBA Mortgage Applications report, weekly EIA Energy Inventory report, Challenger Job Cuts, ADP Employment report, Final 3Q Non-farm Productivity, Final 3Q Unit Labor Costs, ISM Non-Manufacturing, Fed’s Beige Book

Thur. – Initial Jobless Claims, Factory Orders, ICSC Chain Store Sales

Fri. – Change in Non-farm Payrolls, Unemployment Rate, Average Hourly Earnings, Consumer Credit

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

Mon. – Pilgrim’s Pride Corp.(PPC)

Tues. – Beazer Homes(BZH), Sears Holdings(SHLD), Omnivision Technologies(OVTI), Staples Inc.(SPLS)

Wed. – Synopsys(SNPS), Copart Inc.(CPRT), Jo-Ann Stores(JAS), Aeropostale(ARO), Del Monte Foods(DLM)

Thur. – Novell Inc.(NOVL), Williams-Sonoma(WSM), Toll Brothers(TOL), Guess ? Inc.(GES)

Fri. – Brown-Forman(BF/B), Korn/Ferry(KFY), Big Lots(BIG)

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

Mon. – The Fed’s Bernanke speaking, Fed’s Fisher speaking, (VTAL) analyst meeting

Tue. – The Fed’s Plosser speaking, (GE) Financial Services Investor Meeting, (UNH) Investor Conference, (LXRX) R&D Day, Piper Jaffray Healthcare Conference, CSFB Airline Conference, Merrill Lynch Energy Conference, CSFB Tech Conference

Wed. – The Feds’ Lacker speaking, Fed’s Kroszner speaking, (EGN) Investor Meeting, (XEL) Investor Meeting, (HI) Analyst Day, Deutsche Bank Tech Conference, Merrill Lynch Energy Conference, Citi Chemicals Conference, FBR Investor Conference, CSFB Tech Conference

Thur. – (NUS) Investor Day, (SBUX) Analyst Conference, (AMSC) Analyst Day, (JTX) Analysts’ Day, (PRU) Investor Day, (ATHN) Investor Summit, (PMI) Investor Conference, (NCR) Analyst Meeting, (SWY) Investor Conference, (OSIP) Analyst Day, JPMorgan Small-Mid Cap Conference, Bank of America Software Services Mini Conference, CSFB Tech Conference

Fri. – JPMorgan Small-Mid Cap Conference

BOTTOM LINE: I expect US stocks to finish the week mixed as seasonal strength, diminishing financial sector pessimism, lower mortgage rates and less forced selling offsets global growth worries, more shorting and profit-taking. My trading indicators are giving mostly bullish signals and the Portfolio is 100% net long heading into the week.