Sunday, January 25, 2009

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. – Leading Indicators, Existing Home Sales, Dallas Fed Manufacturing Activity


Tues. – S&P/CS Home Price Index, Consumer Confidence, Richmond Fed Manufacturing Index, weekly retail sales reports


Wed. – Weekly MBA mortgage applications report, weekly EIA energy inventory data report, FOMC Rate Decision


Thur. – Durable Goods Orders, Initial Jobless Claims, New Home Sales


Fri. – Advance 4Q GDP, Advance 4Q Personal Consumption, Advance GDP Price Index, Advance Core PCE, Advance 4Q Employment Cost Index, Chicago Purchasing Manager, Univ. of Mich. Consumer Confidence, NAPM-Milwaukee


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


Mon. – Eaton Corp.(ETN), Covidien(COV), Freeport-McMoRan(FCX), McDonald’s(MCD), Quest Diagnostics(DGX), Caterpillar(CAT), Tyson Foods(TSN), McKesson(MCK), NetFlix(NFLX), Texas Instruments(TXN), Amgen(AMGN), VMware(VMW), QLogic(QLGC), American Express(AXP), Steel Dynamics(STLD), Kimberly-Clark(KMB), Halliburton(HAL)


Tues. Corning(GLW), Verizon(VZ), Stryker(SYK), Gilead Sciences(GILD), Altera Corp.(ALTR), Norfolk Sourthern(NSC), Yahoo!(YHOO), Bristol-Myers(BMY), Valero Energy(VLO), Delta Air(DAL), Energizer(ENR), Hershey(HSY), Travelers(TRV), BJ Services(BJ), Sun Micro(JAVA), United States Steel(X), EMC(EMC), Peabody Energy(BTU), Nucor(NUE), DeVry(DV), Lexmark(LXK)


Wed. – Tidewater(TDW), Baker Hughes(BHI), WellPoint(WLP), Boeing(BA), Wells Fargo(WFC), AT&T(T), ConocoPhillips(COP), Robert Half(RHI), Qualcomm Inc.(QCOM), Allstate(ALL), Symantec(SYMC), Ryland Group(RYL), Western Digital(WDC), Starbucks(SBUX), Boston Scientific(BSX), Owens-Illinois(OI), Becton Dickinson(BDX), General Dynamics(GD), Pfizer(PFE), Hess Corp.(HES), Southern Copper(PCU), JB Hunt(JBHT), Lam Research(LRCX), Franklin Resources(BEN), Stanley Works(SWK)


Thur. – Starwood Hotels(HOT), Alliant Techsystems(ATK), L-3 Communications(LLL), 3M(MMM), Eli Lilly(LLY), International Paper(IP), Smith Intl.(SII), Under Armour(UA), Altria Group(MO), Ford Motor(F), Zimmer Holdings(ZMH), Eastman Kodak(EK), Illinois Tool Worls(ITW), Raytheon(RTN), Continental Air(CAL), Maxim Integrated(MXIM), CA Inc.(CA), Broadcom(BRCM), Microchip Tech(MCHP), Juniper Networks(JNPR), YRC Worldwide(YRCW), Celgene(CELG), Autonation(AN), Royal Caribbean(RCL), Fortune Brands(FO), Kla-Tencor(KLAC), Wyeth(WYE), Amazon(AMZN), Black & Decker(BDK), Colgate-Palmolive(CL)


Fri. – Honeywell(HON), Chevron(CVX), Procter & Gamble(PG), Exxon Mobil(XOM)


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


Mon. – (CBSH) analyst presentation, (STD) shareholders’ meeting, (ALOG) stockholders meeting, (ENR) shareholders meeting

Tue. – Citi Financial Services Conference, (SNX) analyst meeting, (DMND) analyst meeting, (GMR) analyst meeting, (GNK) analyst meeting, (ANW) analyst meeting, (PBR) analyst meeting


Wed. – Citi Financial Services Conference, World Economic Forum, (SQNM) analyst day


Thur. – World Economic Forum, (DFS) financial briefing, (KMP) analyst meeting, (ASH) shareholders meeting, (SCHW) business update


Fri. – World Economic Forum


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

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