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. - Consumer Credit
Tues. - Wholesale Inventories
Wed. - None of note
Thur. - Trade Balance, Import Price Index, Initial Jobless Claims, Monthly Budget Statement
Fri. - Producer Price Index, Advance Retail Sales, Business Inventories
A few of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Alcoa Inc.(AA)
Tues. - Genentech (DNA), Supervalu(SVU)
Wed. - None of note
Thur. - Freddie Mac(FRE), MGIC Investment(MTG), Navistar International(NAV)
Fri. - None of note
Other events that have market-moving potential this week include:
Mon. - Fed’s Guynn speaking, JP Morgan Healthcare Conference, Citigroup Global Entertainment/Media/Telecom Conference
Tue. - JP Morgan Healthcare Conference, Needham Growth Conference, SG Cowen Consumer Conference, Citigroup Global Entertainment/Media/Telecom Conference
Wed. - Needham Growth Conference, Citigroup Global Entertainment/Media/Telecom Conference, SG Cowen Consumer Conference, JP Morgan Healthcare Conference
Thur. - Needham Growth Conference, Deutsche Bank Real Estate Conference, JP Morgan Healthcare Conference
Fri. - Needham Growth Conference
BOTTOM LINE: I expect US stocks to finish the week modestly higher as technical buying, bargain-hunting, short-covering and seasonal strength more than offsets higher inflation readings and profit-taking. I added to my (BBY)/(ANF)/(RACK) longs and existing shorts on Friday. My trading indicators are back to giving bullish signals and the Portfolio is 100% net long heading into the week.
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