Weekly Outlook

Click here for Wall St. Week Ahead by Reuters.

Click here for US Equity Preview for Monday by Bloomberg.

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

Economic reports for the week include:

Mon. – ISM Non-Manufacturing

Tues. – Weekly retail sales reports

Wed. – Weekly EIA energy inventory report, weekly MBA mortgage applications report, Consumer Credit

Thur. – Initial Jobless Claims, Wholesale Inventories, ICSC Chain Store Sales

Fri. – Trade Balance, Import Price Index, Univ. of Mich. Consumer Confidence

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

Mon. – None of note

Tues. – Ruby Tuesday(RT)

Wed. – Family Dollar(FDO), Pepsi Bottling(PBG), Alcoa(AA)

Thur. – Shaw Group(SGR)

Fri. – Progressive Corp.(PGR)

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

Mon. – President Obama Visiting Russia

Tue. – None of note

Wed. – G8 Annual Summit, the Fed’s Evans speaking, Morgan Stanley Deepwater Conference

Thur. – The Fed’s Duke speaking, (CTX) shareholders meeting, (CTX) shareholders meeting, (SMSC) analyst day

Fri. – (MRVL) shareholders meeting

BOTTOM LINE: I expect US stocks to finish the week modestly lower on rising financial sector pessimism, more shorting, profit-taking and increasing economic pessimism. My trading indicators are giving mixed signals and the Portfolio is 75% net long heading into the week.