There are a few economic reports of note and significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - None of note
Tues. - Wholesale Inventories
Wed. - Monthly Budget Statement, FOMC Rate Decision
Thur. - Advance Retail Sales, Business Inventories, Initial Jobless Claims
Fri. - Trade Balance, Import Price Index, Univ. of Mich. Consumer Confidence
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - AES Corp.(AES), BISYS Group(BSG), Chipotle Mexican(CMG), Flour Corp.(FLR), Guidant Corp.(GDT), Human Genome Sciences(HGSI), Nabors Industries(NBR)
Tues. - Brightpoint Inc.(CELL), Cablevision Systems(CVC), Cisco Systems(CSCO), Energy Conversion Devices(ENER), Hansen Natural(HANS), Lamar Advertising(LAMR), Mylan Labs(MYL), Sara Lee(SLE), Symantec Corp.(SYMC), Walt Disney(DIS)
Wed. - Federated Dept. Store(FD), Legg Mason(LM), News Corp.(NWS/A)
Thur. - Echostar Communications(DISH), Expedia Inc.(EXPE), JC Penney(JCP), Kohl’s Corp.(KSS), Nvidia Corp.(NVDA), Pacific Sunwear(PSUN), Urban Outfitters(URBN), Viacom Inc.(VIA)
Fri. - Bausch & Lomb(BOL), DRS Technologies(DRS), Pacific Ethanol(PEIX)
Other events that have market-moving potential this week include:
Mon. - Jeffries Gaming/Lodging/Media/Entertainment Conference
Tue. - Merrill Lynch Global Metals/Mining/Steel Conference, Bear Stearns Global Transportation Conference, Jeffries Gaming/Lodging/Media Conference, CIBC Media/Internet/Telecom Conference
Wed. - Merrill Lynch Global Metals/Mining/Steel Conference, Bear Stearns Global Transportation Conference, Piper Jaffray Hardware & Communications Conference, CIBC Media/Internet/Telecom Conference, Jeffries Gaming/Lodging/Media/Entertainment Conference
Thur. - Merrill Lynch Global Metals/Mining/Steel Conference, Piper Jaffray Hardware & Communications Conference, Goldman Sachs Power & Utility Conference
Fri. - Goldman Sachs Power & Utility Conference
BOTTOM LINE: I expect US stocks to finish the week modestly higher on better-than-expected earnings reports, lower energy prices, short-covering and stable long-term rates. My trading indicators are giving bullish signals and the Portfolio is 100% net long heading into the week.
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