There are some important economic reports and a few significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - US Markets Closed for New Years
Tues. - Construction Spending, ISM Manufacturing, ISM Prices Paid, FOMC Minutes
Wed. - Factory Orders, Total Vehicle Sales
Thur. - Initial Jobless Claims, ISM Non-manufacturing, Pending Home Sales
Fri. - Change in Non-farm Payrolls, Unemployment Rate, Average Hourly Earnings
A few of the more noteworthy companies that release quarterly earnings this week are:
Mon. - US markets closed for New Years
Tues. - BISYS Group(BSG), Flowserve(FLS), Key Energy Services(KEGS), Walgreen(WAG)
Wed. - Sonic Corp.(SONC)
Thur. - Accenture Ltd.(ACN), Constellation Brands(STZ), Dana Corp.(DCN), Monsanto(MON), Ruby Tuesday(RI), Take Two Interactive(TTWO)
Fri. - Shaw Group(SGR)
Other events that have market-moving potential this week include:
Mon. - US markets closed for New Years
Tue. - None of note
Wed. - None of note
Thur. - None of note
Fri. - Fed’s Fisher & Minehan speak
BOTTOM LINE: I expect US stocks to finish the week modestly lower as continued profit-taking, fears over the slowdown in housing and worries over recent poor equity performances during January more than offset lower energy prices, less hawkish Fed commentary and healthy economic reports. My trading indicators are now giving mostly bearish signals and the Portfolio is 50% net long heading into the week.
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