Sunday, March 01, 2009

Weekly Outlook

Click here for Wall St. Week Ahead by Reuters.

Click here for stocks in focus for Monday by MarketWatch.

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

Economic reports for the week include:

Mon. – Personal Income, Personal Spending, PCE Core, ISM Manufacturing, ISM Prices Paid, Construction Spending

Tues. – Pending Home Sales, Total Vehicle Sales, weekly retail sales reports

Wed. – Weekly MBA mortgage applications report, weekly EIA energy inventory report, Challenger Job Cuts, ADP Employment Change, ISM Non-Manufacturing, Fed’s Beige Book

Thur. – ICSC Chain Store Sales, 4Q Non-farm Productivity, 4Q Unit Labor Costs, Initial Jobless Claims, Factory Orders

Fri. – Change in Non-farm Payrolls, Unemployment Rate, Average Hourly Earnings, Consumer Credit

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

Mon. – Dish Network(DISH), Wendy’s(WEN), Conseco(CNO), Clear Channel(CCO), McDermott(MDR)

Tues. – Autozone(AZO), Tech Data(TECD), Chico’s FAS(CHS), Kenneth Cole(KCP), VeriFone(PAY)

Wed. – Liz Claiborne(LIZ), Joy Global(JOYG), PetSmart(PETM), Foot Locker(FL), BJ’s Wholesale(BJ), Big Lots(BIG), Toll Brothers(TOL)

Thur. – Ciena Corp(CIEN), Urban Outfitters(URBN), Cooper Cos.(COO), Intrepid Potash(IPI), Costco(COST)

Fri. – H&R Block(HRB), Korn/Ferry(KFY), Blockbuster(BBI)

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

Mon. – Fed’s Lacker speaking, Fed’s Rosengren speaking, Fed’s Foreign Exchange Rates Statistical Release, (DNA) Investment Community Meeting, Deutsche Bank Media/Telecom Conference, Citi Global Property Conference, Morgan Stanley Tech Conference

Tue. – Fed’s Lockhart speaking, Bernanke’s Testimony Before Senate Budget Committee, (SD) analyst conference, (BP) strategy presentation, (JAH) analyst day, (EAC) analyst meeting, (LMNX) analyst meeting, (ARRS) analyst meeting, Deutsche Bank Media/Telecom Conference, Citi Global Property Conference, Sandler O’Neill Financial Services Conference, Morgan Stanley Tech Conference

Wed. – Fed’s Fisher speaking, Fed’s Lockhart speaking, Fed’s Beige Book, (ICGE) investor meeting, (TAP) analyst meeting, Morgan Stanley Tech Conference, UBS Nat Gas/Electric/Coal Conference, Citi Global Property Conference, Deutsche Bank Media/Telecom Conference, Keefe Bruyette Woods Regional Bank Conference

Thur. – Fed’s Lockhart speaking, Geithner Testimony Before House Budget Cmte on FY10 Treasury Budget, (CUB) analyst meeting, (WTW) investor day, (XOM) analyst meeting, (CTCT) analyst meeting, Keefe Bruyette Woods Regional Bank Conference

Fri. – Fed’s Dudley speaking, Fed’s Plosser speaking, (FWLT) investors meeting, (PNY) shareholders meeting

BOTTOM LINE: I expect US stocks to finish the week mixed as bargain-hunting, technical buying, lower energy prices and diminishing financial sector pessimism offset more shorting, rising credit market angst, tax hike worries and increasing economic pessimism. My trading indicators are giving mostly bearish signals and the Portfolio is 50% net long heading into the week.

1 comment:

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