Sunday, June 17, 2007

Weekly Outlook

Click here for The Week Ahead by Reuters

Click here for Stocks in Focus for Monday by MarketWatch

There are some economic reports of note and a few 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, weekly retail sales

Wed. – weekly MBA Mortgage Applications report, weekly EIA energy inventory data

Thur. – Initial Jobless Claims, Leading Indicators, Philly Fed.

Fri. – None of note

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

Mon. – Baxter Intl(BAX)

Tues. – Actuant(ATU), Best Buy(BBY), Carnival Corp.(CCL), Darden Restaurants(DRI), Factset Research(FDS), La-Z-Boy Inc.(LZB)

Wed. – Carmax(KMX), Circuit City Stores(CC), Commercial Metals(CMC), Comverse Technology(CMVT), FedEx Corp.(FDX), Morgan Stanely(MS), Sonic Corp(SONC)

Thur. – American Greetings(AM), H&R Block(HRB), Jabil Circuit(JBL), JM Smucker(SJM), John Wiley & Sons(JW/A), McKesson Corp.(MCK), Pir 1 Imports(PIR)

Fri. – Isle of Capri Casinos(ISLE)

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

Mon. – The Fed’s Minehan speaking, (UTX) analyst meeting

Tue. – The Fed’s Minehan speaking, former Fed head Volcker speaking, (ALKS) analyst day, (TYC) analyst meeting, William Blair Growth Conference

Wed. – The Fed’s Yellen speaking, (MDT) analyst meeting, (NVDA) analyst meeting, Jefferies Financial Services Conference, William Blair Growth Stock Conference, Merrill Lynch Financial Services Conference

Thur. – (MCK) analyst meeting, William Blair Growth Stock Conference

Fri. – None of note

BOTTOM LINE: I expect US stocks to finish the week modestly higher on buyout speculation, lower long-term rates, bargain hunting, investment manager performance anxiety, better-than-expected earnings reports and short-covering. My trading indicators are giving bullish signals and the Portfolio is 100% net long heading into the week.

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