There are a number of important economic reports of note and some significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - New Home Sales
Tues. - Preliminary 4Q GDP, Preliminary 4Q Personal Consumption, Preliminary 4Q GDP Price Index, Chicago Purchasing Manager, Richmond Fed Index, Consumer Confidence, Existing Home Sales
Wed. - Personal Income, Personal Spending, PCE Core, Construction Spending, ISM Manufacturing, ISM Prices Paid, Total Vehicle Sales
Thur. - Initial Jobless Claims
Fri. - Univ. of Mich. Consumer Confidence, ISM Non-Manufacturing
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Cablevision Systems(CVC), Conseco Inc.(CNO), Hormel Foods(HRL), Lowe’s(LOW), Newmont Mining(NEM), Universal Health(UHS), Warnaco Group(WRNC)
Tues. - Autodesk(ADSK), BJ’s Wholesale(BJ), Cal Dive(CDIS), Ceradyne(CRDN), CommScope(CTV), Crown Castle(CCI), Deckers Outdoor(DECK), Eaton Vance(EV), Evergreen Solar(ESLR), HJ Heinz(HNZ), O’Reilly Automotive(ORLY), Payless ShoeSource(PSS), Scientific Games(SGMS), Staples(SPLS), Telephone & Data(TDS), Vornado Realty(VNO), Williams Cos(WMB)
Wed. - ADC Telecom(ADCT), American Eagle(AEOS), Autozone(AZ), Chico’s FAS(CHS), Copart(CPRT), Flour Corp.(FLR), Foot Locker(FL), Hovnanian Enterprises(HOV), Iron Mountain(IRM), Kroger(KR), Liz Claiborne(LIZ), McDermott Intl.(MDR), Medco Health(MHS), Omnivision Tech(OVTI), Pacific Sunwear(PSUN), Pall Corp.(PLL), Papa John’s(PZZA), Petsmart(PETM), Rowan Cos(RDC), Saks Inc.(SKS), SPX Corp.(SPW)
Thur. - Checkpoint Systems(CKP), Costco Wholesale(COST), Del Monte Foods(DLM), Novell Inc.(NOVL), Univision Communiciations(UVN)
Fri. - Serono SA(SRA), Tekelec(TKLC), Terex Corp.(TEX)
Other events that have market-moving potential this week include:
Mon. - CIBC Israeli Tech Conference, Citigroup Global Healthcare Conference, Bear Stearns Media Conference, Goldman Sachs Tech Symposium
Tue. - Citigroup Global Healthcare Conference, CSFB Networking Conference, Wachovia Homebuilding Conference, Goldman Tech Symposium, Jeffries Internet Conference, Bear Stearns Media Conference, Merrill Lynch Internet Conference, Merrill Lynch Global Communications Forum
Wed. - Goldman Tech Symposium, CIBC Gaming Conference, CSFB Networking Conference, Citigroup Global Healthcare Conference, Merrill Global Communications Forum, Bear Stearns Media Conference, Jeffries Wireless Broadband Conference, Merrill Lynch Internet Conference, Wachovia Homebuilders Conference
Thur. - CSFB Networking Conference, CSFB Truck Builders Conference, Merrill Lynch Internet Conference, Citigroup Utilities Conference, CIBC Gaming Conference
Fri. - Citigroup Utilities Conference, UBS Defense IT Conference
BOTTOM LINE: I expect US stocks to finish the week modestly higher on mostly positive economic data, good earnings reports, lower energy prices and short-covering. My trading indicators are still giving mixed signals and the Portfolio is 100% net long heading into the week.
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