Sunday, February 15, 2009

Weekly Outlook

Click here for Wall St. Week Ahead by Reuters.

Click here for stocks in focus for Tuesday by MarketWatch.

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

Economic reports for the week include:

Mon. US markets closed

Tues. – Empire Manufacturing, Total Net TIC Flows, NAHB Housing Market Index

Wed. – Weekly retail sales reports, weekly MBA mortgage applications report, Import Price Index, Housing Starts, Building Permits, Industrial Production, Capacity Utilization, Minutes of Jan 28th FOMC Meeting

Thur. – Producer Price Index, Initial Jobless Claims, Leading Indicators, Philly Fed

Fri. – Consumer Price Index

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

Mon. US markets closed

Tues. – Louisiana-Pacific(LPX), Transocean (RIG), Wal-Mart(WMT), Medtronic(MDT), Agilent Technologies(A), Jack in the Box(JACK), Chesapeake Energy(CHK)

Wed. – Owens Corning(OC), Comcast(CMCSA), Goodyear Tire(GT), Analog Devices(ADI), Itron Inc.(ITRI), CBS Corp.(CBS), Ingram Micro(IM), Synopsys(SNPS), Hewlett-Packard(HPQ), Whole Foods(WFMI), Advance Auto(AAP),, Constellation Energy(CEG), OfficeMax(OMX), Deere(DE)

Thur. – Williams Cos(WMB), Expedia(EXPE), Barnes Group(B), Sprint Nextel(S), CVS Caremark(CVS), Apache Corp.(APA), Career Education(CECO), Intuit(INTU), Newmont(NEM), Wynn Resorts(WYNN), XTO Energy(XTO)

Fri. – JC Penney(JCP), Campbell Soup(CPB), Blackstone(BX), MGM Mirage(MGM), Lowe’s(LOW), Zale Corp.(ZLC)

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

Mon. US markets closed

Tue. – The Fed’s Bullard speaking, (OMTR) analyst meeting, Morgan Stanley Basic Materials Conference, Roth Growth Stock Conference

Wed. – The Fed’s Pianalto speaking, Fed’s Bernanke speaking, Fed’s Evans speaking, Kaufman Bros. Green Tech Conference, Morgan Stanley Basic Materials Conference, Roth Growth Stock Conference

Thur. – The Fed’s Lockhart speaking, (PVTB) Investor Day, (AIPC) shareholders meeting, (SAFM) annual meeting(CBE$) annual outlook, Oppenheimer REITs/Real Estate Forum, CSFB Paper Conference, Piper Clean Tech Conference, (CR) analyst conference, Oppenheimer Semi Summit, CIBC Institutional Investor Conference

Fri. – (BEAV) Investor Meeting

BOTTOM LINE: I expect US stocks to finish the week modestly higher on bargain-hunting, technical buying, declining credit market angst, less severe economic fear, falling financial sector pessimism and short-covering. My trading indicators are giving mostly bullish signals and the Portfolio is 100% net long heading into the week.

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