Sunday, June 21, 2009

Weekly Outlook

Click here for Wall St. Week Ahead by Reuters.

Click here for stocks in focus for Monday by MarketWatch.

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

Economic reports for the week include:

Mon. – None of note

Tues. – Richmond Fed Manufacturing Index, Existing Home Sales, House Price Index, weekly retail sales reports

Wed. – Weekly MBA mortgage applications report, weekly EIA energy inventory report, Durable Goods Orders, New Home Sales, FOMC Rate Decision

Thur. – Final 1Q GDP, Final 1Q Personal Consumption, Final 1Q GDP Price Index, Final 1Q Core PCE, Initial Jobless Claims, Continuing Claims

Fri. – Personal Income, Personal Spending, PCE Core, Univ. of Mich. Consumer Confidence Index

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

Mon. – Walgreen Co.(WAG)

Tues. – Steelcase(SCS), Jabil Circuit(JBL), Darden Restaurant(DRI), Oracle Corp.(ORCL), Commercial Metals(CMC), Kroger Co..(KR)

Wed. – Monsanto(MON), Nike Inc.(NKE), Paychex(PAYX), Red Hat(RHT), American Greeting(AM), Bed Bath & Beyond(BBBY)

Thur. – Lennar Corp.(LEN), Jackson Hewitt(JTX), ConAgra(CAG), Palm Inc.(PALM), Micron Technology(MU), McCormick(MKC)

Fri. – KB Home(KBH)

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

Mon. – (TK) analyst meeting, (BMC) analyst meeting, (KMX) shareholders meeting, $40 billion 2-year Treasury Note Auction, (DAL) stockholders meeting

Tue. – (BBY) shareholders meeting, $37 billion 5-year Treasury Note Auction, Wachovia Equity Conference

Wed. – (POL) Investor Day, Bernanke testimony on BAC/MER Deal, $27 billion 7-year Treasury Note Auction, (FSLR) investor meeting, Wachovia Equity Conference

Thur. – (CHS) analyst meeting, the Fed’s Fisher speaking

Fri. – None of note

BOTTOM LINE: I expect US stocks to finish the week mixed as diminishing financial sector pessimism, investment manager performance anxiety and lower energy prices offset profit-taking, more shorting and increasing economic angst. My trading indicators are giving mixed signals and the Portfolio is 100% net long heading into the week.

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