Sunday, September 28, 2008

Weekly Outlook

Click here for Wall St. Week Ahead by Reuters.

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. – Personal Income, Personal Spending, PCE Core

Tues. – S&P/CaseShiller Home Price Index, Chicago Purchasing Manager, Consumer Confidence, NAPM-Milwaukee, weekly retail sales reports

Wed. – Total Vehicle Sales, weekly EIA energy inventory data, weekly MBA mortgage applications report, Challenger Job Cuts, ADP Employment Change, ISM Manufacturing, Construction Spending, ISM Prices Paid

Thur. – Initial Jobless Claims, Factory Orders

Fri. – Change in Non-farm Payrolls, Unemployment Rate, Average Hourly Earnings, ISM Non-Manufacturing Composite

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

Mon. – Steelcase(SCS), Walgreen Co.(WAG), Circuit City(CC)

Tues. – Pepsi Bottling Group(PBG)

Wed. – Actuant Corp.(ATU), Mosaic Co.(MOS), Micron Tech(MU)

Thur. – Marriott(MAR), Constellation Brands(STZ), Global Payments(GPN), Resources Connection(RECN)

Fri. – Family Dollar(FDO)

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

Mon. – (AWI) Investor Meeting

Tue. – (SJI) Analyst Meeting, (VQ) Analyst Day, (ATO) Analyst Meeting

Wed. – Merrill Lynch Global Energy Conference, (ENER) Investor Day, (OKS) Analyst Meeting, (SFE) Analyst Day

Thur. – Cowen Therapeutics Conference

Fri. – None of note

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 100% net long heading into the week.

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