There are several economic reports of note and a number of significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - Personal Income, Personal Spending, PCE Core
Tues. - 3Q Employment Cost Index, Consumer Confidence, Chicago Purchasing Manager
Wed. - MBA Mortgage Applications, ADP Employment Change, Construction Spending, ISM Manufacturing, ISM Prices Paid, Pending Home Sales, Total Vehicle Sales
Thur. - 3Q Preliminary Non-farm Productivity, 3Q Preliminary Unit Labor Costs, Initial Jobless Claims, Factory Orders
Fri. - Change in Non-farm Payrolls, Unemployment Rate, Average Hourly Earnings, ISM Non-Manufacturing
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - BE Aerospace(BEAV), Blue Nile(NILE), Clear Channel(CCU), Diebold(DBD), Humana(HUM), Post Properties(PPS), Rackable Systems(RACK), Skywest(SKYW), Southern Copper(PCU), Symbol Tech(SBL), Verizon(VZ)
Tues. - Archer-Daniels-Midland(ADM), ADP(ADP), Baidu.com(BIDU), Biogen(BIIB), BJ Services(BJS), Checkpoint Systems(CKP), Chipotle Mexican Grill(CMG), CNA Financial(CNA), Cummins(CMI), DreamWorks(DWA), Eastman Kodak(EK), Gartner Inc.(IT), Hilton(HLT), IAC/InterActive(IACI), Krispy Kreme(KKD), Loews(LTR), Martha Stewart(MSO), McKesson(MCK), Perot Systems(PER), P&G(PG), Qwest(Q), Royal Caribbean(RCL), St Joe(JOE), Under Armour(UARM), Valero(VLO), Vornado(VNO)
Wed. - Allergan(AGN), Cigna(CI), Electronic Data(EDS), Garmin(GRMN), Infospace(INSP), Las Vegas Sandsa(LVS), Mastercard(MA), Maxim Integrated(MXIM), Newmont Mining(NEM), Papa John’s(PZZA), Ruth’s Chris(RUTH), Time Warner(TWX)
Thur. - AmerisourceBergen(ABC), Caremark(CMX), Cephalon(CEPH), Computer Science(CSC), CVS Corp.(CVS), Electronic Arts(ERTS), JDS Uniphase(JDSU), MGM Mirage(MGM), Qualcomm(QCOM), Sina Corp.(SINA), Transocean(RIG), Univision(UVN), Western Digital(WDC), Whole Foods(WFMI)
Fri. - Clorox(CLX), Duke Energy(DUK), Medco Health(MHS), OM Group(OMG), THQ Inc.(THQI), Wynn Resorts(WYNN)
Other events that have market-moving potential this week include:
Mon. - CE Unterberg Towbin Emerging Health Care Conference, Fed’s Lacker speaking, Fed’s Moskow speaking
Tue. - CE Unterberg Towbin Emerging Health Care Conference
Wed. - Goldman Sachs Global Capital Goods Conference, Merrill Lynch Global Energy Conference, Susquehanna Emerging Trends Conference, Fed’s Bernanke speaking
Thur. - Goldman Sachs Global Capital Goods Conference, Oppenheimer Digital Media Conference, Merrill Lynch Global Energy Conference, Monthly Retail Same-store-sales, Fed’s Fisher speaking, Fed’s Bies speaking
Fri. - Fed’s Kohn speaking
BOTTOM LINE: I expect US stocks to finish the week modestly lower as political uncertainty and profit-taking more than offsets mostly positive economic data, strong corporate profits and lower energy prices. My trading indicators are still giving bullish signals and the Portfolio is 50% net long heading into the week.
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