BOTTOM LINE: The Portfolio is about even into the final hour as gains in my Semi longs and Retail longs are offsetting losses in my Energy-related shorts. I added to my (IWM) and (QQQQ) shorts today, thus leaving the Portfolio 50% net long. The tone of the market is neutral as the advance/decline line is modestly lower, sector performance is mostly positive and volume is about average. The energy sector saw the greatest increase in net insider selling in the S&P 500 last week. Insiders sold $364,392,555 worth of stock, while only buying $4,734,854. The industrial sector saw the second-greatest amount of net insider selling. Insiders sold $265,133,591 worth of stock, while purchasing $5,045,250. This corresponds with my view that the most economically sensitive stocks, which have recently seen huge price spikes, will underperform as economic growth slows over the coming months. I expect US stocks to trade mixed into the close from current levels as strong economic data offset the rise in energy prices and long-term rates.
Monday, May 01, 2006
Stocks Modestly Higher into Final Hour Even as Oil and Long-term Rates Rise
Today's Headlines
Bloomberg:
- Yahoo!(YHOO) added a section with reviews and advice on consumer technology to lure advertisers including Hewlett-Packard(HPQ) and Verizon Wireless(VZ).
- Boeing(BA) agreed to buy airplane-parts distributor Aviall Inc.(AVL) for about $1.7 billion, expanding in a market that is growing more than twice as fast as Boeing’s aircraft unit.
- Aramark Corp.(RMK), operator of campus cafeterias and stadium concession stands, said an investor group led by CEO Neubauer offered $32 a share to take the company private.
- Kerzner Intl.(KZL), the owner of the Atlantis casino-resort in the Bahamas, said a group of investors including its chairman increased their buyout offer to $3.2 billion.
- US Treasuries are falling for the first time in three days after US economic data came in above expectations.
- Crude oil is rising in NY on speculation that the dispute over Iran’s pursuit of nuclear technology may lead the producer to cut supplies.
- Federal Reserve interest-rate policy is “very close” to a level that’s “properly calibrated” to the outlook for moderating economic growth, Atlanta Fed President Jack Guynn said.
- Stephen Roach, chief global economist at Morgan Stanley, is becoming more optimistic after years of warning of impending world economic disaster.
Wall Street Journal:
- CBS Corp.(CBS) and Clear Channel(CCU) have agreed with MSpot Inc., a mobile-phone content provider, to make some of their biggest sports radio stations available on cell phones.
- Thousands of Internet sites are using generic-sounding names to attract advertising and viewers.
- US technology start-ups are benefiting from a boom in so-called “angel investments” by executives from companies such as Google(GOOG) who’ve cashed in stock options.
- Investors are increasingly buying stock of companies that have filed for bankruptcy protection, instead of making a more traditional purchase of bonds.
- Level 3 Communications(LVLT) today plans to say it’s buying TelCove Inc., a closely held rival, for about $1 billion.
NY Times:
- Google(GOOG) is alleging that Microsoft(MSFT) is unfairly using its new Internet browser to direct users to its MSN search service, bringing up the matter with the US Justice Dept. and the European Commission.
- Starbucks(SBUX) signed an agreement with the William Morris Agency to find movies and books to promote.
- Ford Motor(F) is considering producing a reality television show.
- Yahoo!(YHOO) added a section with reviews and advice on consumer technology to lure advertisers including Hewlett-Packard(HPQ) and Verizon Wireless(VZ).
- Boeing(BA) agreed to buy airplane-parts distributor Aviall Inc.(AVL) for about $1.7 billion, expanding in a market that is growing more than twice as fast as Boeing’s aircraft unit.
- Aramark Corp.(RMK), operator of campus cafeterias and stadium concession stands, said an investor group led by CEO Neubauer offered $32 a share to take the company private.
- Kerzner Intl.(KZL), the owner of the Atlantis casino-resort in the Bahamas, said a group of investors including its chairman increased their buyout offer to $3.2 billion.
- US Treasuries are falling for the first time in three days after US economic data came in above expectations.
- Crude oil is rising in NY on speculation that the dispute over Iran’s pursuit of nuclear technology may lead the producer to cut supplies.
- Federal Reserve interest-rate policy is “very close” to a level that’s “properly calibrated” to the outlook for moderating economic growth, Atlanta Fed President Jack Guynn said.
- Stephen Roach, chief global economist at Morgan Stanley, is becoming more optimistic after years of warning of impending world economic disaster.
Wall Street Journal:
- CBS Corp.(CBS) and Clear Channel(CCU) have agreed with MSpot Inc., a mobile-phone content provider, to make some of their biggest sports radio stations available on cell phones.
- Thousands of Internet sites are using generic-sounding names to attract advertising and viewers.
- US technology start-ups are benefiting from a boom in so-called “angel investments” by executives from companies such as Google(GOOG) who’ve cashed in stock options.
- Investors are increasingly buying stock of companies that have filed for bankruptcy protection, instead of making a more traditional purchase of bonds.
- Level 3 Communications(LVLT) today plans to say it’s buying TelCove Inc., a closely held rival, for about $1 billion.
NY Times:
- Google(GOOG) is alleging that Microsoft(MSFT) is unfairly using its new Internet browser to direct users to its MSN search service, bringing up the matter with the US Justice Dept. and the European Commission.
- Starbucks(SBUX) signed an agreement with the William Morris Agency to find movies and books to promote.
- Ford Motor(F) is considering producing a reality television show.
Incomes Strong, Spending Brisk, Inflation Contained, Manufacturing Surges
- Personal Income for March rose .8% versus estimates of a .4% gain and a .3% rise in February.
- Personal Spending for March rose .6% versus estimates of a .4% increase and a .2% rise in February.
- The PCE Core(M-o-M) for March rose .3% versus estimates of a .2% rise and a .1% gain in February.
- Construction Spending for March rose .9% versus estimates of a .4% gain and a 1.0% rise in February.
- ISM Manufacturing for April rose to 57.3 versus estimates of 55.0 and a reading of 55.2 in March.
- ISM Prices Paid for April rose to 71.5 versus estimates of 70.0 and a reading of 66.5 in March.
- Personal Spending for March rose .6% versus estimates of a .4% increase and a .2% rise in February.
- The PCE Core(M-o-M) for March rose .3% versus estimates of a .2% rise and a .1% gain in February.
- Construction Spending for March rose .9% versus estimates of a .4% gain and a 1.0% rise in February.
- ISM Manufacturing for April rose to 57.3 versus estimates of 55.0 and a reading of 55.2 in March.
- ISM Prices Paid for April rose to 71.5 versus estimates of 70.0 and a reading of 66.5 in March.
BOTTOM LINE: Americans increased spending more than expected in March, encouraged by higher wages that more than offset higher energy prices, Bloomberg reported. The core PCE, the Fed’s favorite inflation gauge, rose more than expected, but is still only 2% higher from the same month in 2005. Moreover, personal incomes are up 6% from a year ago, twice the amount of most inflation measures. This helps explain Wal-Mart’s(WMT) very strong 6.8% April sales gain even as gas prices surged. I expect income growth to remain healthy over the intermediate-term, while spending will likely slow to average rates.
Construction spending in the US rose twice as much as forecast in March as homebuilding remained strong and local governments spent more on hospitals and police stations, Bloomberg reported. I expect construction spending to decelerate through year-end as the effects of hurricane rebuilding subside and homebuilding slows.
Manufacturing growth in the US accelerated last month as companies stepped up production to meet demand, Bloomberg said. The new orders component of the index fell to 57.6 from 58.4 the prior month. The employment component of the index rose to 55.8 versus 52.5 the prior month. I expect manufacturing to slow back to more average levels through year-end as inventory rebuilding subsides and demand slows.
Sunday, April 30, 2006
Monday Watch
Weekend Headlines
Bloomberg:
- Wal-Mart Stores said April same-store sales in the US increased about 6.8% on sales of Easter food and clothing. The company had projected an April sales gain of 4% to 6%.
- Iran, whose nuclear program is being reviewed by the UN Security Council, is keen to negotiate a solution on “large-scale” uranium enrichment, said Hamid Reza Asefi, a spokesman for the Foreign Ministry.
- Secretary of State Condoleezza Rice said Iran is “playing games” in its latest offer to negotiate on uranium enrichment, and the US will continue pressing for possible sactions at the UN.
- Shares of Toshiba Corp., Japan’s second-largest chipmaker, rose after the company forecast profit would gain and reported record annual sales on demand for chips used in mobile phones and music players such as Apple Computer’s(AAPL) iPod Nano.
Wall Street Journal:
- Higher prices for crude oil and gasoline may help change US energy policy meaningfully for the first time since the 1970s.
NY Times:
- New York officials have revived a plan to develop a fourth major airport for the NYC region amid predictions its three airports will reach maximum capacity in 15 years.
- Mexico passed a law early yesterday that permits legal possession of small amounts of drugs such as heroin, marijuana and cocaine and mandates treatment for addicts.
- The US government may seek to use espionage laws to put more pressure on reporters to disclose their sources for stories on classified information.
- Most US charities collected as much or more money last year than in 2004, citing a survey by the Assoc. of Fundraising Professionals.
San Francisco Chronicle:
- Leaders in California’s Silicon Valley issued a formal request yesterday for proposals to build a wireless Internet network that will encompass cities in four counties stretching from Daly City to Santa Cruz.
Economist.com:
- Among its latest record-busting yardsticks was Goldman Sachs’(GS) 40% quarterly return on equity.
Barron’s:
- The Dow Jones Industrial Average will climb another 5% to almost 12,000 by the end, institutional investors told Barron’s.
San Jose Mercury News:
- Intel Corp.(INTC), which on Thursday announced plans to restructure, has turned to marketing chief Eric Kim to remake the company’s image as a cutting-edge supplier of microprocessors.
Nikkei Financial Daily:
- Japanese assets held by hedge funds rose 38% last year as pensions and other institutions broadened investments amid a recovery in the nation’s shares.
Financial Times:
- Hedge fund managers are increasingly avoiding risky investments to retain customers and fees, citing Julius Baer Holding AG’s GAM hedge fund unit. It is difficult to find managers willing to take the level of risk required to generate returns demanded by wealthy investors, citing GAM.
- The Kremlin signed a multi-million dollar contract with a US-based PR firm to improve communications with western press while Russia heads the Group of Eight industrial nations.
- US television broadcasters and networks are concentrating on digital component in pitches for advertising dollars.
Independent:
- C. Boyden Gray, the US ambassador to the European Union, said US regulations may have to be eased to stop an exodus of companies from New York to London to list their shares.
El Universal:
- Venezuela, the world’s fifth-largest oil exporter, approved a plan to build 15 plants to produce ethanol.
Shanghai Securities News:
- China may stop approving new steel plants to curb excess capacity in the country, citing Luo Bingsheng, vice chairman of the China Iron and Steel Association.
AFP:
- Iranian troops shelled positions held by Kurdish guerrillas in Iraq’s northern Arbil province, the second attack of its kind in the last 10 days.
- Iraq’s government is close to reaching an agreement with seven insurgent groups on ending violence, citing a statement from Iraqi President Jalal Talabani.
The Business:
- Dow Jones(DJ) and China’s Xinhua News Agency may bid for AFX News Ltd., the financial unit of AFP, rivaling an offer from Thomson Corp.
Weekend Recommendations
Barron's:
- Had positive comments on (XRX).
- Had negative comments on (UNM).
Night Trading
Asian indices are unch. to +.75% on average.
S&P 500 indicated +.22%.
NASDAQ 100 indicated +.23%.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Global Commentary
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
Company/Estimate
- (AG)/.11
- (ARG)/.43
- (CHK)/.98
- (CMVT)/.98
- (FSH)/.83
- (HUM)/.43
- (PLAY)/.35
- (SWN)/.30
- (SYY)/.32
- (TSN)/-.25
Upcoming Splits
- (LEH) 2-for-1
- (SONC) 3-for-2
Economic Releases
8:30 am EST:
- Personal Income for March is estimated to rise .4% versus a .3% gain in February.
- Personal Spending for March is estimated to rise .4% versus a .1% gain in February.
- PCE Core for March is estimated to rise .2% versus a .1% gain in February.
10:00 am EST:
- Construction Spending for March is estimated to rise .4% versus a .8% gain in February.
- ISM Manufacturing for April is estimated to fall to 55.0 versus a reading of 55.2 in March.
- ISM Prices Paid for April is estimated to rise to 70.0 versus a reading of 66.5 in March.
Bloomberg:
- Wal-Mart Stores said April same-store sales in the US increased about 6.8% on sales of Easter food and clothing. The company had projected an April sales gain of 4% to 6%.
- Iran, whose nuclear program is being reviewed by the UN Security Council, is keen to negotiate a solution on “large-scale” uranium enrichment, said Hamid Reza Asefi, a spokesman for the Foreign Ministry.
- Secretary of State Condoleezza Rice said Iran is “playing games” in its latest offer to negotiate on uranium enrichment, and the US will continue pressing for possible sactions at the UN.
- Shares of Toshiba Corp., Japan’s second-largest chipmaker, rose after the company forecast profit would gain and reported record annual sales on demand for chips used in mobile phones and music players such as Apple Computer’s(AAPL) iPod Nano.
Wall Street Journal:
- Higher prices for crude oil and gasoline may help change US energy policy meaningfully for the first time since the 1970s.
NY Times:
- New York officials have revived a plan to develop a fourth major airport for the NYC region amid predictions its three airports will reach maximum capacity in 15 years.
- Mexico passed a law early yesterday that permits legal possession of small amounts of drugs such as heroin, marijuana and cocaine and mandates treatment for addicts.
- The US government may seek to use espionage laws to put more pressure on reporters to disclose their sources for stories on classified information.
- Most US charities collected as much or more money last year than in 2004, citing a survey by the Assoc. of Fundraising Professionals.
San Francisco Chronicle:
- Leaders in California’s Silicon Valley issued a formal request yesterday for proposals to build a wireless Internet network that will encompass cities in four counties stretching from Daly City to Santa Cruz.
Economist.com:
- Among its latest record-busting yardsticks was Goldman Sachs’(GS) 40% quarterly return on equity.
Barron’s:
- The Dow Jones Industrial Average will climb another 5% to almost 12,000 by the end, institutional investors told Barron’s.
San Jose Mercury News:
- Intel Corp.(INTC), which on Thursday announced plans to restructure, has turned to marketing chief Eric Kim to remake the company’s image as a cutting-edge supplier of microprocessors.
Nikkei Financial Daily:
- Japanese assets held by hedge funds rose 38% last year as pensions and other institutions broadened investments amid a recovery in the nation’s shares.
Financial Times:
- Hedge fund managers are increasingly avoiding risky investments to retain customers and fees, citing Julius Baer Holding AG’s GAM hedge fund unit. It is difficult to find managers willing to take the level of risk required to generate returns demanded by wealthy investors, citing GAM.
- The Kremlin signed a multi-million dollar contract with a US-based PR firm to improve communications with western press while Russia heads the Group of Eight industrial nations.
- US television broadcasters and networks are concentrating on digital component in pitches for advertising dollars.
Independent:
- C. Boyden Gray, the US ambassador to the European Union, said US regulations may have to be eased to stop an exodus of companies from New York to London to list their shares.
El Universal:
- Venezuela, the world’s fifth-largest oil exporter, approved a plan to build 15 plants to produce ethanol.
Shanghai Securities News:
- China may stop approving new steel plants to curb excess capacity in the country, citing Luo Bingsheng, vice chairman of the China Iron and Steel Association.
AFP:
- Iranian troops shelled positions held by Kurdish guerrillas in Iraq’s northern Arbil province, the second attack of its kind in the last 10 days.
- Iraq’s government is close to reaching an agreement with seven insurgent groups on ending violence, citing a statement from Iraqi President Jalal Talabani.
The Business:
- Dow Jones(DJ) and China’s Xinhua News Agency may bid for AFX News Ltd., the financial unit of AFP, rivaling an offer from Thomson Corp.
Weekend Recommendations
Barron's:
- Had positive comments on (XRX).
- Had negative comments on (UNM).
Night Trading
Asian indices are unch. to +.75% on average.
S&P 500 indicated +.22%.
NASDAQ 100 indicated +.23%.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Global Commentary
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
Company/Estimate
- (AG)/.11
- (ARG)/.43
- (CHK)/.98
- (CMVT)/.98
- (FSH)/.83
- (HUM)/.43
- (PLAY)/.35
- (SWN)/.30
- (SYY)/.32
- (TSN)/-.25
Upcoming Splits
- (LEH) 2-for-1
- (SONC) 3-for-2
Economic Releases
8:30 am EST:
- Personal Income for March is estimated to rise .4% versus a .3% gain in February.
- Personal Spending for March is estimated to rise .4% versus a .1% gain in February.
- PCE Core for March is estimated to rise .2% versus a .1% gain in February.
10:00 am EST:
- Construction Spending for March is estimated to rise .4% versus a .8% gain in February.
- ISM Manufacturing for April is estimated to fall to 55.0 versus a reading of 55.2 in March.
- ISM Prices Paid for April is estimated to rise to 70.0 versus a reading of 66.5 in March.
BOTTOM LINE: Asian Indices are mostly higher, boosted by commodity shares in the region. I expect US stocks to open modestly higher and to trade modestly lower into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the week.
Weekly Outlook
Click here for The Week Ahead by Reuters
There are a number of economic reports of note and significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - Personal Income, Personal Spending, PCE Core, Construction Spending, ISM Manufacturing
Tues. - Pending Home Sales, Total Vehicle Sales
Wed. - Factory Orders, ISM Non-Manufacturing
Thur. - Non-farm Productivity, Unit Labor Costs, Initial Jobless Claims
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. - Chesapeake Energy(CHK), Fisher Scientific(FSH), Humana Inc.(HUM), Sysco Corp.(SYY), Tyson Foods(TSN)
Tues. - Administaff(ASF), Archer-Daniels(ADM), Caremark Rx(CMX), CB Richard Ellis(CBG), Cephalon(CEPH), CNA Financial(CNA), DreamWorks Animation(DWA), Duke Energy(DUK), Electronic Data Systems(EDS), Emerson Electric(EMR), Genesis Microchip(GNSS), IAC/InterActive Corp.(IACI), Loews Corp.(LTR), Sirius Satellite(SIRI), St. Joe(JOE), Timberland(TBL), TXU Corp.(TXU), Verizon Communications(VZ), Vornado Realty(VNO)
Wed. - Allergan Inc.(AGN), Alltel(AT), Cigna Corp.(CI), Clear Channel(CCU), Clorox(CLX), Devon Energy(DVN), Electronic Arts(ERTS), GlobalSantaFe Corp.(GSF), Hewitt Assoc,(HEW), JDS Uniphase(JDSU), Lone Star Steakhouse(STAR), Marsh & McLennan(MMC), Patterson-UTI(PTEN), PG&E Corp.(PGC), Priceline.com(PCLN), Procter & Gamble(PG), Prudential Financial(PRU), QLogic(QLGC), Qwest Communications(Q), Safeguard Scientific(SFE), Starbucks(SBUX), Teekay Shipping(TK), Terex Corp.(TEX), Tidewater(TDW), Time Warner(TWX), Whole Foods Market(WFMI)
Thur. - Activision(ATVI), Andrx Corp.(ADRX), Avid Technology(AVID), Chiquita Brands(CQB), Conseco Inc.(CNO), CVS Corp.(CVS), Eastman Kodak(EK), Estee Lauder(EL), Goodyear Tire(GT), International Paper(IP), Kerr-McGee(KMG), Las Vegas Sands(LVS), Legg Mason(LM), Marvel Entertainment(MVL), Maytag Corp.(MYG), McKesson(MCK), News Corp.(NWS/A), Transocean Inc.(RIG), Tyco Intl.(TYC), Univision Communications(UVN), Wynn Resorts(WYNN)
Fri. - Cablevision Systems(CVC), El Paso Corp.(EP), Medco Health Solutions(MHS), Mills Corp.(MLS), Nabors Industries(NBR), Pixar(PIXR), Sina Corp.(SINA), THQ Inc.(THQI)
Other events that have market-moving potential this week include:
Mon. - None of note
Tue. - Kaufman Brothers Small-cap Growth Forum, CSFB Semi/Semi Equip. Conference, Lehman Brothers Retail Conference, Deutsche Bank Healthcare Conference, Merrill Lynch Tech Gathering, Interop Las Vegas
Wed. - Deutsche Bank Securities Health Care Conference, CSFB Semi/Semi Equip. Conference, Merrill Lynch Tech Gathering, Morgan Stanley Global Healthcare Conference, Interop Las Vegas, Banc of American Basic Industries Conference, Lehman Brothers Retail Conference
Thur. - Banc of American Basic Industries Conference, Morgan Stanley Global Healthcare Conference
Fri. - Morgan Stanley Global Healthcare Conference
There are a number of economic reports of note and significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - Personal Income, Personal Spending, PCE Core, Construction Spending, ISM Manufacturing
Tues. - Pending Home Sales, Total Vehicle Sales
Wed. - Factory Orders, ISM Non-Manufacturing
Thur. - Non-farm Productivity, Unit Labor Costs, Initial Jobless Claims
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. - Chesapeake Energy(CHK), Fisher Scientific(FSH), Humana Inc.(HUM), Sysco Corp.(SYY), Tyson Foods(TSN)
Tues. - Administaff(ASF), Archer-Daniels(ADM), Caremark Rx(CMX), CB Richard Ellis(CBG), Cephalon(CEPH), CNA Financial(CNA), DreamWorks Animation(DWA), Duke Energy(DUK), Electronic Data Systems(EDS), Emerson Electric(EMR), Genesis Microchip(GNSS), IAC/InterActive Corp.(IACI), Loews Corp.(LTR), Sirius Satellite(SIRI), St. Joe(JOE), Timberland(TBL), TXU Corp.(TXU), Verizon Communications(VZ), Vornado Realty(VNO)
Wed. - Allergan Inc.(AGN), Alltel(AT), Cigna Corp.(CI), Clear Channel(CCU), Clorox(CLX), Devon Energy(DVN), Electronic Arts(ERTS), GlobalSantaFe Corp.(GSF), Hewitt Assoc,(HEW), JDS Uniphase(JDSU), Lone Star Steakhouse(STAR), Marsh & McLennan(MMC), Patterson-UTI(PTEN), PG&E Corp.(PGC), Priceline.com(PCLN), Procter & Gamble(PG), Prudential Financial(PRU), QLogic(QLGC), Qwest Communications(Q), Safeguard Scientific(SFE), Starbucks(SBUX), Teekay Shipping(TK), Terex Corp.(TEX), Tidewater(TDW), Time Warner(TWX), Whole Foods Market(WFMI)
Thur. - Activision(ATVI), Andrx Corp.(ADRX), Avid Technology(AVID), Chiquita Brands(CQB), Conseco Inc.(CNO), CVS Corp.(CVS), Eastman Kodak(EK), Estee Lauder(EL), Goodyear Tire(GT), International Paper(IP), Kerr-McGee(KMG), Las Vegas Sands(LVS), Legg Mason(LM), Marvel Entertainment(MVL), Maytag Corp.(MYG), McKesson(MCK), News Corp.(NWS/A), Transocean Inc.(RIG), Tyco Intl.(TYC), Univision Communications(UVN), Wynn Resorts(WYNN)
Fri. - Cablevision Systems(CVC), El Paso Corp.(EP), Medco Health Solutions(MHS), Mills Corp.(MLS), Nabors Industries(NBR), Pixar(PIXR), Sina Corp.(SINA), THQ Inc.(THQI)
Other events that have market-moving potential this week include:
Mon. - None of note
Tue. - Kaufman Brothers Small-cap Growth Forum, CSFB Semi/Semi Equip. Conference, Lehman Brothers Retail Conference, Deutsche Bank Healthcare Conference, Merrill Lynch Tech Gathering, Interop Las Vegas
Wed. - Deutsche Bank Securities Health Care Conference, CSFB Semi/Semi Equip. Conference, Merrill Lynch Tech Gathering, Morgan Stanley Global Healthcare Conference, Interop Las Vegas, Banc of American Basic Industries Conference, Lehman Brothers Retail Conference
Thur. - Banc of American Basic Industries Conference, Morgan Stanley Global Healthcare Conference
Fri. - Morgan Stanley Global Healthcare Conference
BOTTOM LINE: I expect US stocks to finish the week mixed as better-than-expected earnings reports, lower energy prices and lower long-term rates are offset by mixed economic data and profit-taking. My trading indicators are giving mostly bullish signals and the Portfolio is 75% net long heading into the week.
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