Sunday, September 21, 2008

Weekly Outlook

Click here for a weekly economic preview by Bloomberg.

Click here for stocks in focus for Monday by MarketWatch.

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. – None of note

Tues. – Richmond Fed Manufacturing Index, House Price Index, weekly retail sales reports

Wed. – Existing Homes Sales, weekly EIA energy inventory report, weekly MBA mortgage applications report

Thur. – Durable Goods Orders, Initial Jobless Claims, New Home Sales

Fri. – 2Q Final GDP, 2Q Final Personal Consumption, 2Q Final GDP Price Index, 2Q Final Core PCE, Final Univ. of Mich. Consumer Confidence

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

Mon. – Autozone(AZO), Carmax Inc.(KMX), 3Com Corp.(COMS)

Tues. – Lennar Corp.(LEN), HB Fuller(FUL), Factset Research(FDS), Copart Inc.(CPRT), Worthington


Wed. – Nike Inc.(NKE), Paychex(PAYX), Bed Bath & Beyond(BBBY), Red Hat(RHT)

Thur. – Discover Financial(DFS), Vail Resorts(MTN), Chattem Inc.(CHTT), Scholastic Corp.(SCHL), TIBCO Software(TIBX), Analogic Corp.(ALOG), McCormick & Company(MKC), Texas Industries(TXI), Research In Motion(RIMM)

Fri. – Jabil Circuit(JBL), American Greeting(AM), KB Home(KBH)

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

Mon. – (TOMO) analyst and investor presentation, (JSDA) analyst meeting, UBS Global Life Sciences Conference, Deutsche Bank Homebuilding Symposium, RBC Capital Markets Manufacturing/Tech/Services Conference, Thomas Weisel Consumer Conference

Tue. – (PSS) analyst meeting, (SEE) investor day, (JOYG) analyst day, (ARAY) analyst meeting, (SQNM) analyst day, Thomas Weisel Consumer Conference, UBS Global Life Sciences Conference, Merrill Lynch Global Power/Gas Conference

Wed. – (INTU) investor day, (LOW) analyst conference, (STL) investor day, Merrill Lynch Global Power/Gas Conference, UBS Global Life Sciences Conference, Deutsche Bank Leverage Finance Conference, CSFB Global Steel/Mining Conference

Thur. – Fed’s Fisher speaking, Fed’s Warsh speaking, Fed’s Evans speaking, (ORCL) analyst meeting, (NSM) analyst meeting, (EHTH) analyst day, UBS Global Life Sciences Conference

Fri. – Fed’s Bullard speaking

BOTTOM LINE: I expect US stocks to finish the week modestly higher on bargain-hunting, less credit market angst, diminishing financial sector pessimism and short-covering. My trading indicators are giving neutral signals and the Portfolio is 75% net long heading into the week.

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