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. - Richmond Fed Manufacturing Index
Wed. - Durable Goods Orders, New Home Sales
Thur. - Preliminary 1Q GDP, Preliminary GDP Price Index, Preliminary Personal Consumption, Preliminary Core PCE, Initial Jobless Claims, Continuing Claims, Existing Home Sales
Fri. - Personal Income, Personal Spending, PCE Deflator, PCE Core, Final Univ. of Mich. Consumer Confidence
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Campbell Soup(CPB), Guidant Corp.(GDT), Key Energy Services(KEGS), Lowe’s(LOW), Mentor Corp.(MNT), Mills Corp.(MLS), Tekelec(TKLC)
Tues. - Borders Group(BGP), CBRL Group(CBRL), Computer Sciences(CSC), Medtronic(MDT), Phillips-Van Heusen(PVH), Tech Data(TECD), Toll Brothers(TOL)
Wed. - Coldwater Creek(CWTR), Dillard’s(DDS), Dollar Tree(DLTR), Eaton Vance(EV), JLG Industries(JLG), Network Appliance(NTAP), Williams-Sonoma(WSM)
Thur. - Brown-Forman(BF/A), Chico’s FAS(CHS), Donaldson Company(DCI), Hormel Foods(HRL), Joy Global(JOYG), Michaels Stores(MIK), Patterson Cos(PDCO), Petco Animal Supplies(PETC), Polo Ralph Lauren(RL), Telephone & Data Systems(TDS), Toro Co(TTC)
Fri. - Bausch & Lomb(BOL), Flowserve(FLS), US Cellular(USM)
Other events that have market-moving potential this week include:
Mon. - Lehman Brothers Worldwide Wireless, Wireline and Media Conference, Morgan Stanley Enterprise Computing Symposium, JP Morgan Tech Conference, Bear Stearns Internet Roundtable, UBS Global Oil & Gas Conference
Tue. - JP Morgan Tech Conference, Bear Stearns Internet Roundtable, Morgan Keegan Security Conference, UBS Global Oil & Gas Conference, Lehman Brothers Worldwide Wireless, Wireline and Media Conference, UBS Enterprise Tech Conference, Goldman Sachs Basic Materials Conference, Morgan Stanley Media & Communications Conference
Wed. - UBS Enterprise Tech Conference, Thomas Weisel GPS & RFID Conference, JP Morgan Tech Conference, Goldman Sachs Basic Materials Conference, Goldman Sachs Internet Conference, Wachovia Media and Communications Conference, Morgan Stanley Media & Communications Conference, Morgan Keegan Security Conference
Thur. - Thomas Weisel GPS & RFID Conference, Goldman Sachs Internet Conference, UBS Global Oil & Gas Conference, Goldman Sachs Basic Materials Conference
Fri. - None of note
BOTTOM LINE: I expect US stocks to finish the week higher on lower energy prices, short-covering, bargain hunting and declining long-term rates. My trading indicators are now giving mostly bearish signals and the Portfolio is 75% net long heading into the week.
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