Weekly Outlook

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

Economic reports for the week include:

Mon. – Empire Manufacturing, Industrial Production, Capacity Utilization

Tues. – Consumer Price Index, Net Long-term TIC Flows, NAHB Housing Market Index, FOMC Rate Decision, weekly retail sales reports

Wed. – Weekly MBA Mortgage Applications report, Current Account Deficit, Housing Starts, Building Permits

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

Fri. – None of note

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

Mon. – Titan Machinery(TITN)

Tues. – CBRL Group(CBRL), Goldman Sachs(GS), Darden Restaurant(DRI), Best Buy(BBY), Kroger(KR), Adobe Systems(ADBE)

Wed. – Dress Barn(DBRN), Herman Miller(MLHR), CKE Restaurants(CKR), General Mills(GIS), Morgan Stanley(MS)

Thur. – ConAgra(CAG), FedEx Corp.(FDX), Palm Inc.(PALM), Oracle Corp.(ORCL), Cintas Corp.(CTAS), Carnival Corp.(CCL)

Fri. – None of note

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

Mon. – (HPQ) analyst meeting, (RVBD) vision day, (ATVI) analyst meeting, (WNS) analyst meeting, Bank of America Investment Conference

Tue. – (AIQ) investor day, (ATR) analyst day, (MNKD) analyst day, (CSCO) financial analyst conference, (TOT) mid-year review, CSFB Chemical Conference, BB&T Consumer Softlines Conference, Bank of America Investment Conference, Jeffries Shipping/Logistics/Offshore Services Conference, RBC Financial Institutions Conference, UBS Global Paper/Forest Products Conference

Wed. – (BRCD) analyst meeting, Goldman Sachs Communications Conference, UBS Global Paper/Forest Products Conference, Jeffries Shipping/Logistics/Offshore Services Conference, CSFB Chemical Conference, Bank of America Investment Conference, Merrill Lynch Global Real Estate Conference, RBC Financial Institutions Conference, BMO Capital Markets Real Estate Conference

Thur. – DA Davidson Engineering/Construction Conference, Calyon Airline Conference, CSFB Chemical Conference, Merrill Lynch Global Real Estate Conference, Goldman Communications Conference

Fri. – DA Davidson Engineering/Construction Conference

BOTTOM LINE: I expect US stocks to finish the week modestly higher on bargain-hunting, less credit market angst, diminishing financial sector pessimism, lower commodity prices, a stronger US dollar, mostly positive economic data and short-covering. My trading indicators are giving neutral signals and the Portfolio is 100% net long heading into the week.