Sunday, May 10, 2009

Weekly Outlook

Click here for Wall St. Week Ahead by Reuters.

Click here for stocks in focus for Monday by MarketWatch.


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


Economic reports for the week include:


Mon. – None of note


Tues. – Trade Balance, Monthly Budget Statement, weekly retail sales reports


Wed. – Weekly EIA energy inventory data, weekly MBA mortgage applications report, Business Inventories, Advance Retail Sales, Import Price Index


Thur. – Producer Price Index, Initial Jobless Claims


Fri. – Consumer Price Index, Empire Manufacturing, Net Long-term TIC Flows, Industrial Production, Capacity Utilization, Univ. of Mich. Consumer Confidence


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


Mon. – Flour Corp(FLR), DISH Network(DISH), McDermott(MDR), priceline.com(PCLN)


Tues. – Warnaco Group(WRC), BMC Software(BMC), Applied Materials(AMAT)


Wed. – Tidewater(TDW), CA Inc.(CA), Jack in the Box(JACK), Whole Foods(WFMI), Macy’s(M)


Thur. – Wal-Mart(WMT), Urban Outfitters(URBN), Kohl’s Corp.(KSS), Agilent Technologies(A), Genentech(DNA), Compuware(CPWR), Nordstrom(JWN)


Fri. – JC Penney(JCP), Abercrombie & Fitch(ANF)


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


Mon. – The Fed’s Bernanke speaking on bank stress tests(CLH) shareholders meeting, (ABX) shareholders meeting, (TIE) shareholders meeting

Tue. – The Fed’s Lockhart speaking, Fed’s Rosengren speaking, Bank of America Healthcare Conference, UBS Global Financial Services Conference, CSFB Basic Materials Conference, UBS Industrials Conference, (MMM) shareholders meeting, (PRU) shareholders meeting, CSFB Aerospace & Defense Conference, Merrill Pharma/Biotech/Medical Conference, (INTC) analyst meeting


Wed. – The Fed’s Lockhart speaking, Fed’s Plosser speaking, BMO Capital Ag/Protein/Fertilizer Conference, Bank of America Healthcare Conference, (IBM) Analyst Meeting, (MA) Investor Meeting, Robert Baird Growth Conference, UBS Financial Services Conference


Thur. – BMO Capital Ag/Protein/Fertilizer Conference, Goldman Consumer Conference, Bank of America Healthcare Conference, (F) Shareholders Meeting, Robert Baird Growth Stock Conference, CSFB Financials Conference


Fri. – The Fed’s Fisher speaking, (MFE) Investor Day, (M) Shareholders Meeting


BOTTOM LINE: I expect US stocks to finish the week mixed as less credit market angst, declining economic fear, short covering and investment manager performance anxiety offsets higher energy prices and profit-taking. My trading indicators are giving bullish signals and the Portfolio is 100% net long heading into the week.

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