There are some important economic reports and a number of significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - Leading Indicators
Tues. - Richmond Fed Index
Wed. - Existing Home Sales
Thur. - Durable Goods Orders, Initial Jobless Claims
Fri. - GDP, Personal Consumption, GDP Price Index, New Home Sales
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - American Express(AXP), Avaya(AV), Bank of America(BAC), E*Trade(ET), Ford Motor(F), Pilgrim’s Pride(PPC), Texas Instruments(TXN)
Tues. - 3M(MMM), Brinker Intl.(EAT), BJ Services(BJS), Centex Corp.(CTX), CNF Inc.(CNF), Coach Inc.(COH), Computer Assoc.(CA), Corning Inc.(GLW), CSX Corp.(CSX), EMC Corp.(EMC), Golden West Financial(GDW), Imclone Systems(IMCL), Johnson & Johnson(JNJ), Kimberly-Clark(KMB), Legg Mason(LM), Lexmark Intl.(LXK), McDonald’s(MCD), Northrop Grumman(NOC), Ryland Group(RYL), Tidewater Inc.(TDW)
Wed. - Abott Labs(ABT), Altera Corp.(ALTR), Amerada Hess Corp.(AHC), AmerisourceBergen(ABC), Ameritrade Holding(AMTD), Bellsouth Corp.(BLS), Bristol-Myers(BMY), Burlington Resources(BR), Colgate-Palmolive(CL), ConocoPhillips(COP), General Dynamics(GD), HCA Inc.(HCA), Hershey(HSY), Juniper Networks(JNPR), Maxim Integrated(MXIM), Novellus Systems(NVLS), Qualcomm Inc.(QCOM), St Jude Medical(STJ), Varian Medical(VAR)
Thur. - Amgen(AMGN), AT&T(T), Baxter Intl.(BAX), Becton Dickinson(BDX), Broadcom(BRCM), Cardinal Health(CAH), Caterpillar Inc.(CAT), Consolidated Edison(ED), Diebold(DBD), Dow Chemical(DOW), Eli Lilly(LLY), Estee Lauder(EL), General Motors(GM), Honeywell Intl.(HON), Ingersoll-Rand(IR), JDS Uniphase(JDSU), Kla-Tencor(KLAC), Lockheed Martin(LMT), McKesson Corp.(MCK), Microsoft Corp.(MSFT), Peabody Energy(BTU), SanDisk Corp.(SNDK), Sirius Satellite(SIRI), Stryker Corp.(SYK), United Parcel Service(UPS), Verizon Communications(VZ), Western Digital(WDC)
Fri. - Bausch & Lomb(BOL), Chevron Corp.(CVX), Gannett Corp.(GCI), Guidant Corp.(GDT), Halliburton(HAL), ITT Industries(ITT), Massey Energy(MEE), Nucor Corp.(NUE), Procter & Gamble(PG)
Other events that have market-moving potential this week include:
Mon. - None of note
Tue. - AG Edwards Retailing Conference
Wed. - None of note
Thur. - Raymond James Growth Airline Conference
Fri. - None of note
BOTTOM LINE: I expect US stocks to finish the week modestly lower on weaker housing data, worries over Iran’s nuclear ambitions and some disappointment with forward earnings guidance. My trading indicators are now giving mostly bearish signals and the Portfolio is 50% net long heading into the week.
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