There are some economic reports of note and a number of significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - Monthly Budget Statement
Tues. - Producer Price Index, Advance Retail Sales, Business Inventories
Wed. - Empire Manufacturing, Oct.24 FOMC Minutes
Thur. - Consumer Price Index, Initial Jobless Claims, Net Foreign Security Purchases, Industrial Production, Capacity Utilization, Philly Fed, NAHB Housing Market Index
Fri. - Housing Starts, Building Permits
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Bob Evans Farms(BOBE), Dick’s Sporting Goods(DKS), Qiagen NV(QGEN), Tyson Foods(TSN)
Tues. - Abercrombie & Fitch(ANF), Agilent Technology(A), American Eagle Outfitters(AEOS), Analog Devices(ADI), BJ’s Wholesale(BJ), DR Horton(DHI), Fossil Inc.(FOSL), Home Depot(HD), Pep Boys(PBY), Pilgrim’s Pride(PPC), Ross Stores(ROSS), Saks Inc.(SKS), Staples(SPLS), Target Corp.(TGT), TJX Cos(TJX), Wal-Mart Stores(WMT)
Wed. - Applied Materials(AMAT), Aramark Corp.(RMK), BEA Systems(BEAS), Charming Shoppes(CHRS), Gymboree Corp.(GYMB), HOT Topic(HOTT), Ltd Brands(LTD), Men’s Warehouse(MW), Network Appliance(NTAP), PetSmart Inc.(PETM), Salesforce.com(CRM), Talbots(TLB), Tyco Intl.(TYC)
Thur. - Barnes & Noble(BKS), Children’s Place(PLCE), Claire’s Stores(CLE), Dell Inc.(DELL), Footlocker(FL), Hewlett-Packard(HPQ), Hibbett Sporting Goods(HIBB), Intuit(INTU), JLG Industries(JLG), Kulicke & Soffa(KLIC), Longs Drug Store(LDG), Marvell Tech(MRVL), Stages Stores(SSI), Starbucks(SBUX), William-Sonoma(WSM), Zale Corp.(ZLC)
Fri. - AnnTaylor Stores(ANN), JM Smucker(SJM), Vimpel Communications(VIP), Zoll Medical(ZOLL)
Other events that have market-moving potential this week include:
Mon. - Deutsche Bank/Goldman Sachs Gaming Forum
Tue. - Bear Stearns SMid-cap Conference, Merrill Lynch Banking and Financial Services Conference, Citigroup Transports Conference, Morgan Stanley Global Consumer & Retail Conference, Deutsche Bank/Goldman Gaming Forum, UBS Global Communications and Tech Conference, (GE) Analyst Meeting, Fed’s Poole speaking, Fed’s Minehan speaking, Fed’s Yellen speaking
Wed. - Merrill Lynch Banking and Financial Services Conference, CSFB Healthcare Conference, Think Equity Media Convergence Summit, Citigroup Transports Conference, Morgan Stanley Global Consumer & Retail Conference, Lehman Small-cap Conference, Bank of America Energy Conference, Bear Stearns SMid-cap Conference, UBS Global Communications and Tech Conference
Thur. - Oppenheimer Restaurant Conference, CIBC Optical Tech Conference, Morgan Stanley Global Consumer & Retail Conference, CSFB Alternative Energy Conference, Bank of America Energy Conference, Lehman Small-cap Conference, CSFB Healthcare Conference, Merrill Lynch Banking & Financial Services Conference, Fed’s Pinalto speaking, Fed’s Kroszner speaking, Fed’s Bies speaking, Fed’s Moskow speaking
Fri. - Lehman Small-cap Conference, Bank of America Energy Conference, CSFB Insurance Conference, CSFB Healthcare Conference, Fed’s Fisher speaking, Fed’s Pinalto speaking
BOTTOM LINE: I expect US stocks to finish the week modestly higher on less political uncertainty, falling inflation worries, rising consumer spending optimism, lower energy prices, seasonal strength, strong corporate profits, investment manager performance anxiety and short-covering. My trading indicators are still giving bullish signals and the Portfolio is 100% net long heading into the week.
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