Sunday, June 18, 2006

Weekly Outlook

Click here for The Week Ahead by Reuters

There are a few economic reports of note and some significant corporate earnings reports scheduled for release this week.

Economic reports for the week include:

Mon. - NAHB Housing Market Index

Tues. - Housing Starts, Building Permits

Wed. - None of note

Thur. - Initial Jobless Claims, Leading Indicators

Fri. - Durable Goods Orders

Some of the more noteworthy companies that release quarterly earnings this week are:

Mon. - Carmax(KMX), Circuit City Stores(CC)

Tues. - Actuant(ATU), Apollo Group(APOL), Arrow Intl.(ARRO), Factset Research(FDS), JM Smucker(SJM)

Wed. - Bed Bath & Beyond(BBBY), FedEx Corp.(FDX), Jabil Circuit(JBL), Morgan Stanley(MS), Sonic Corp.(SONC)

Thur. - Comverse Technology(CMVT), Del Monte Foods(DLM), Family Dollar(FDO), GTECH Holdings(GTK), Oracle(ORCL), Rite Aid(RAD), Solectron(SLR), Tektronix(TEK)

Fri. - AG Edwards(AGE), Micron Technology(MU)

Other events that have market-moving potential this week include:

Mon. - Prudential Biotech Meetings

Tue. - Piper Jaffray Retail & Financial Services Symposium

Wed. - Morgan Stanley Business and Professional Services Conference

Thur. - Morgan Stanley Business and Professional Services Conference

Fri. - None of note

BOTTOM LINE: I expect US stocks to finish the week modestly higher on short-covering, bargain hunting, less irrational pessimism and declining long-term rates. My trading indicators are still giving mostly bearish signals and the Portfolio is 100% net long heading into the week.

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