There are a number of economic reports of note and some significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - None of note
Tues. - Durable Goods Orders, Consumer Confidence, Existing Home Sales, Richmond Fed Manufacturing Index
Wed. - 3Q GDP, 3Q GDP Price Index, 3Q Personal Consumption, 3Q Core PCE, New Home Sales, Fed’s Beige Book
Thur. - Personal Income, Personal Spending, PCE Deflator, Initial Jobless Claims, Chicago Purchasing Manager, House Price Index
Fri. - Construction Spending, ISM Manufacturing, ISM Prices Paid, Total Vehicle Sales
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Donaldson Co.(DCI)
Tues. - Chico’s FAS(CHS), Dollar General(DG), Dress Barn(DBRN), Jackson Hewitt(JTX)
Wed. - Aeropostale Inc.(ARO), BEA Systems(BEAS), JLG Industries(JLG), Marvell Tech(MRVL), Synopsys(SNPS), Telephone & Data(TDS), Tiffany & Co.(TIF)
Thur. - Brown-Forman(BF/A), Del Monte Foods(DLM), H&R Block(HRB), HJ Heinz(HNZ), Omnivision Tech(OVTI)
Fri. - Atwood Oceanics(ATW), Finisar Corp.(FNSR), j2 Global(JCOM), Multimedia Games(MGAM), Quanex Corp.(NX), Vimpel-Communications(VIP)
Other events that have market-moving potential this week include:
Mon. - None of note
Tue. - CSFB Tech Conference, JP Morgan Consumer & Retail Conference, Lazard Life Sciences Conference, CIBC Mid/Small-cap Best Ideas Conference, Goldman Sachs Shipping Conference, Merrill Lynch Health Services Conference
Wed. - CIBC Mid/Small-cap Best Ideas Conference, Lazard Life Sciences Conference, Piper Jaffray Health Care Conference, Bear Stearns Commodities & Capital Goods Conference, CSFB Tech Conference, JPMorgan Consumer & Retail Conference, Merrill Lynch Health Services Conference
Thur. - Bear Stearns Commodities & Capital Goods Conference, CSFB Tech Conference, Piper Jaffray Health Care Conference, monthly retail same-store-sales releases
Fri. - Piper Jaffray Health Care Conference, CSFB Tech Conference
BOTTOM LINE: I expect US stocks to finish the week modestly higher on better-than-expected economic data, 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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