Sunday, July 26, 2009

Weekly Outlook

Click here for Wall St. Week Ahead by Reuters.

Click here for Stocks to Watch 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. – New Home Sales, Dallas Fed Manufacturing Activity

Tues. – Weekly retail sales reports, S&P/CaseShiller Home Price Index, Consumer Confidence, Richmond Fed Manufacturing Index, ABC Consumer Confidence

Wed. – Weekly MBA mortgage applications report, Durable Goods Orders, Fed’s Beige Book

Thur. – Initial Jobless Claims

Fri. – Advance 2Q GDP, Advance 2Q Personal Consumption, Advance 2Q GDP Price Index, Advance 2Q Core PCE, Advance 2Q Employment Cost Index, Chicago Purchasing Manager, NAPM-Milwaukee

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

Mon. – Corning Inc(GLW), Energizer Holdings(ENR), Alpha Natural Resources(ANR), Foundation Coal(FCL), Honeywell(HON), Verizon(VZ), Amgen(AMGN), CF Industries(CF), Jacobs Engineering(JEC), SL Green(SLG)

Tues. – Smith Intl(SII), Corn Products(CPO), McGraw-Hill(MHP), Rockwell Automation(ROK), Norfolk Southern(NSC), Panera(PNRA), McKesson(MCK), Massey Energy(MEE), Agco(AGCO), Valero Energy(VLO), United States Steel(X), Office Depot(ODP), Coach(COH), Viacom(VIA/B)

Wed. – Tidewater(TDW), Medco(MHS), Time Warner(TWX), IAC/InterActiveCorp(IACI), WellPoint Inc.(WLP), Aetna(AET), American Tower(AMT), Sprint Nextel(S), Qwest(Q), ConocoPhillips(COP), Teradyne(TER), Ryland Group(RYL), Digital River(DRIV), General Maritime(GMR), Express Scripts(ESRX), CBRichard Ellis(CBG), Owens-Illinois(OI), Cerner(CERN), Aflac(AFL), Lam Research(LRCX), Jones Apparel(JNY), Hess Corp.(HES), Affiliated Managers(AMG), Akamai(AKAM), Royal Caribbean(RCL), SPX Corp.(SPW), General Dynamics(GD), Symantec(SYMC), Sealed Air(SEE), Centex(CTX)

Thur. – NYSE(NYX), AmerisourceBergen(ABC), Mack-Cali(CLI), Intl Paper(IP), Consol Energy(CNX), Automatic Data(ADP), Expedia(EXPE), Strayer Education(STRA), Cigna(CI), Dow Chemical(DOW), Motorola(MOT), Eastman Kodak(EK), Rockwell Collins(ROK), Kellogg(K), WebMD(WBMD), KBR Inc.(KBR), Walt Disney(DIS), NetSuite(N), First Solar(FSLR), AllianceBerstein(AB), Beckman Coulter(BEC), Ingram Micro(IM), MetLife(MET), Exxon Mobil(XOM), McAfee(MFE), Revlon(REV), Mastercard(MA), Becton Dickinson(BDX), Avon Products(AVP), Wynn Resorts(WYNN), Pitney Bowes(PBI), Apache Corp.(APA), Noble Energy(NBL), Cummins(CMI), Colgate-Palmolive(CL), OfficeMax(OMX), Las Vegas Sands(LVS)

Fri. – Allergan(AGN), Autonation(AN), Chevron(CVX), Constellation Energy(CEG), Dominion(D), ITT Industries(ITT), Weyerhaeuser(WYE)

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

Mon. – Geithner/Clinton meeting with Chinese officials, (LM) shareholders meeting

Tue. – Geithner/Clinton meeting with Chinese officials, the Fed’s Yellen speaking, Keefe Bruyette Woods Community Bank Conference, (GE) Investor Webcast, (RRI) analyst day

Wed. – The Fed’s Dudley speaking, Fed’s Beige Book, (RF) investor day, Keefe Bruyette Woods Community Bank Conference

Thur. – (MSFT) analyst meeting

Fri. – (PLCE) shareholders meeting, (ANR) stockholders meeting

BOTTOM LINE: I expect US stocks to finish the week mixed as less financial sector pessimism, lower long-term rates, declining economic fear, diminishing healthcare reform worries, investment manager performance anxiety and mostly positive earnings reports offset more shorting 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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