Mon. - Consumer Credit
Wed. - Fed's Beige Book
Thur. - Initial Jobless Claims, Continuing Claims, Wholesale Inventories, Monthly Budget Statement
Fri. - Trade Balance
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Dick's Sporting Goods(DKS), Marvel Enterprises(MVL)
Tues. - Kroger Co.(KR), Las Vegas Sands(LVS), Tenet Healthcare(THC)
Wed. - Blockbuster Inc.(BBI), Cooper Cos.(COO), Talbots Inc.(TLB), American Tower(AMT)
Thur. - Aeropostale Inc.(ARO), AnnTaylor Stores(ANN), Borders Group(BGP), Dillard's Inc.(DDS), National Semiconductor(NSM), Quiksilver(ZQK), Tech Data(TECD)
Fri. - Berkshire Hathaway(BRK/A), Electronics Boutique(ELBO), Urban Outfitters(URBN)
Other events that have market-moving potential this week include:
Mon. - Smith Barney REIT Conference, Raymond James Institutional Investor Conference, Morgan Stanley Semiconductor Conference, Deutsche Bank Global Software Conference, Texas Instruments Mid-quarter Update
Tue. - Raymond James Institutional Conference, Smith Barney Global Industrial Manufacturing Conference, Bear Stearns Retail/Restaurants/Apparel Conference, Smith Barney REIT Conference, Morgan Stanley Semiconductor Conference, Merrill Lynch Communications Forum, Lehman Brothers Global Software/IT Services/Internet Conference, Merrill Lynch Advertising/Marketing Services/Education/Information Services Conference, Deutsche Bank Global Software Conference, Bear Stearns Retail/Restaurants/Apparel Conference, Fed's Bernanke speaks, Fed's Poole speaks, Xilinx Mid-quarter Update
Wed. - Lehman Brothers Global Software/IT Services/Internet Conference, Altera Business Update, Smith Barney REIT Conference, Morgan Stanley Semiconductor Conference, Deutsche Bank Hardware Conference, Bear Stearns Retail/Restaurants/Apparel Conference, Bear Stearns Restaurant Conference, Merrill Lynch Advertising/Marketing Services/Education/Information Services Conference, Smith Barney Global Industrial Manufacturing Conference, Raymond James Institutional Investors Conference, JP Morgan Small-cap Conference, Fed's Moskow speaks
Thur. - JP Morgan Small-cap Conference, Goldman Sachs Small-cap Growth Conference, Bear Stearns Retail/Restaurants/Apparel Conference, Deutsche Bank IT Hardware Conference, Intel Mid-quarter Update, Fed's Bernanke speaks, Fed's Greenspan speaks
Fri. - Goldman Sachs Small-cap Growth Conference, Fed's Greenspan speaks
Bottom Line: I expect US stocks to finish the week modestly higher as technology shares rebound on positive comments from semiconductor companies during mid-quarter updates, earnings reports and conference presentations. I also expect small-caps to continue their outperformance from last week. As well, Biotech shares should see a technical relief rally and retail may continue to outperform on more strong earnings reports. This should result in a breakout to the upside in the Nasdaq from its recent trading range. A drop or stabilization in energy prices or decline in long-term interest rates could help to push shares higher than I currently anticipate. Conference news and Fed comments will carry more weight this week as economic and earnings reports are light. I expect the Fed to make positive comments on recent labor cost readings with respect to their implications for inflation. My short-term trading indicators are mostly bullish and the Portfolio is 125% net long heading into the week.
No comments:
Post a Comment