Sunday, August 27, 2006

Weekly Outlook

Click here for The Week Ahead by Reuters

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

Economic reports for the week include:

Mon. - None of note

Tues. - Consumer Confidence, Minutes of Aug. 8 FOMC Meeting

Wed. - ADP Employment Change, Preliminary 2Q GDP, Preliminary 2Q GDP Price Index, Preliminary Personal Consumption, Preliminary Core PCE

Thur. - Personal Income, Personal Spending, PCE Deflator, PCE Core, Initial Jobless Claims, Help Wanted Index, Chicago Purchasing Manager, Factory Orders

Fri. - Change in Non-farm Payrolls, Unemployment Rate, Avg. Hourly Earnings, Univ. of Mich. Consumer Confidence, Construction Spending, ISM Manufacturing, ISM Prices Paid, Pending Home Sales, Total Vehicle Sales

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

Mon. - BISYS Group(BSG), Cascade(CAE)

Tues. - ADC Telecom(ADCT), Dycom Industries(DY), FuelCell(FCEL), Micros Systems(MCRS), Novell(NOVL), Semtech(SMTC)

Wed. - JDS Uniphase(JDSU), Tivo Inc.(TIVO), United Natural Foods(UNFI)

Thur. - Brown-Forman(BF/A), Cheesecake Factory(CAKE), Ciena Corp.(CIEN), Del Monte(DLM), Dollar General(DG), H&R Block(HRB), HJ Heinz(HNZ), Joy Global(JOYG), Nvidia Corp.(NVDA), Omnivision Tech(OVTI), Tiffany(TIF), Wind River(DRIV), Zale Corp.(ZLC)

Fri. - Corinthian Colleges(COCO), Vimpelcom(VIP)

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

Mon. - None of note

Tue. - Fed’s Fisher speaks

Wed. - Fed’s Fisher speaks

Thur. - Fed’s Bernanke speaks

Fri. - pre-Labor day: Financial & Bond markets early close

BOTTOM LINE: I expect US stocks to finish the week modestly higher on short-covering, lower energy prices and mostly positive economic data. My trading indicators are still giving bullish signals and the Portfolio is 100% net long heading into the week.

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