Another Week For The Bulls!
Third straight week for the Bulls! It sure smell like we are going to have that year end rally. The Dow hit the resistance on Friday at 10690. S&P 500 and Nasdaq are approaching three year high.
Next week’s key earnings and economic events
* Monday: Lowe’s is expected to have earned 77 cents per share, according to a consensus of economists surveyed by earnings tracker First Call, versus 66 cents a year ago; Wal-Mart Stores is expected to have earned 58 cents per share versus 54 cents a year ago.
* Tuesday: Home Depot is expected to have earned 68 cents per share, versus 60 cents a year ago.
* Wednesday: Applied Materials is expected to have earned 14 cents per share, versus 27 cents a year ago.
* Thursday: Hewlett-Packard is expected to have earned 46 cents per share, versus 41 cents a year ago; Walt Disney is expected to have earned 18 cents per share, versus 19 cents a year ago.
Other key events
* On Tuesday, Federal Reserve chairman nominee Ben Bernanke appears before the Senate Banking Committee to begin what is expected to be a straightforward confirmation process.
* On Tuesday, the New York Empire State index is due. The read on manufacturing in the New York area is expected to have risen to 15.0 in November from 12.1 in October, according to a consensus of economists surveyed by Briefing.com.
* October retail sales, due Tuesday, are expected to have fallen 0.6 percent, according to forecasts, after rising 0.2 percent in September. Sales excluding the volatile autos component are expected to have risen 0.3 percent in the month, after rising 1.1 percent in September.
* The Producer Price index (PPI), due Tuesday is expected to have risen 0.1 percent in October after rising 1.9 percent in September; so-called “core” PPI, which excludes volatile food and energy prices, is expected to have risen 0.2 percent after rising 0.3 percent in September.
* The Consumer Price index (CPI), due Wednesday, is expected to have risen 0.1 percent in October, according to estimates. CPI rose 1.2 percent in September. The “core” CPI is expected to have risen 0.2 percent in the month after rising 0.1 percent in September.
* October housing starts, due Thursday, are expected to have fallen to a 2.06 million unit annual rate from a 2.108 million unit rate in September. Building permits are expected to have fallen to a 2.146 million unit annual rate in October from a 2.219 million unit rate in the previous month.
* The Philadelphia Fed index, a regional read on manufacturing, is expected to have fallen to 16.3 in November from 17.3 in October.
Most import numbers for next week would be the PPI and CPI. Strong CPI and PPI number will suggest inflation is a problem and the Federal Reserve may have to act aggressively on raising rate. This will certainly stall the stock market and continue worry on economic slowdown in 06.
It's not when you buy. It's when you sell!
