Sunday, June 19, 2005

Weekly Outlook

There are several important economic reports and a few significant corporate earnings reports scheduled for release this week.

Economic reports for the week include:

Mon. - Leading Indicators
Tues. - None of note
Wed. - None of note
Thur. - Initial Jobless Claims, Existing Home Sales
Fri. - Durable Goods Orders, New Home Sales

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

Mon. - Carmax(KMX)
Tues. - Darden Restaurants(DRI), Lennar Corp.(LEN), Jabil Circuit(JBL)
Wed. - Bed, Bath & Beyond(BBBY), Morgan Stanley(MWD)
Thur. - Family Dollar(FDO), FedEx(FDX), Micron Technology(MU), Nike(NKE)
Fri. - None of note

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

Mon. - Fed's Lacker speaks
Tue. - None of note
Wed. - CSFB Small/Mid-cap Semi Equipment Conference
Thur. - CSFB Small/Mid-cap Semi Equipment Conference
Fri. - None of note

BOTTOM LINE: I expect US stocks to finish the week mixed as high energy prices offset strong housing data. So far equities have mostly ignored the recent rise in energy. However, a rise in oil above $60/bbl. would likely pressure stocks. Conversely, a decline in oil back below $50 would likely send stocks meaningfully higher. My trading indicators are still giving bullish signals and the Portfolio is 100% net long heading into the week.

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