Market today & Trading Lookout for next week July 19-23 2010

[ 0 ] July 16, 2010 |

The market was in trouble today as a result of the action of Google after the interpretation of their results last night and the Economic data. This hurt the financials too as a result. In addition, Apple, I believe, weighed on the market most of the day as all were uncertain what the company would do regarding the iPhone issues, or lack of them:) The market had been trying to take a break all week and kept coming back, so today it took a long summer weekend and I still think we will move higher in the near future. Do’t forget to add expiration day in there today too.

I totally like the fact the Euro went through 1.30 today and then, even with a down market, closed at 1.2931. It did not give back a lot of its gains. This to me is good for our markets, and the European Markets too. There are bond offerings in Portugal and some other EU countries next week so we need to see how they go, and rest assured, the ECB is probably there waiting to buy.

I like to nibble on Google beginning next week after the news is digested, and Apple and other tech growth stocks, as well as the market in general if things set up properly. Lets see of we get the old fashioned Turn Around Tuesday! The market needed a break and a down day so lets see what the week ahead holds for us.

Its the most important week for earnings so far!

Here are the issues ahead for next week to be on the Lookout For:

Next week traders will get a break from the ugly economic reports as earnings season gets into full swings. Many large companies such as: Apple (AAPL), Amazon (AMZN), Pepsi (PEP), Wells Fargo (WFC), and Morgan Stanley (MS) will report as well as all the companies listed below.

Monday, July 19

US Economics

No Releases

Global Economic Data

No Releases

Earnings

Before: DAL, HAL, HAS, MMR, EDU, PETS

After: ATHR, CCK, ELS, IBM, NE, PKG, RLRN, STLD, TXN, TUP, ZION

Auction

11:30 3-Month Bill Auction
11:30 6-Month Bill Auction

Tuesday, July 20

US Economics

08:30 Building Permits 555k cons.
08:30 Housing Starts 563k cons.

Global Economic Data

02:00 German PPI
09:00 Bank of Canada Announcement

Earnings

Before: AOS, BK, BIIB, CRUS, DPZ, FRX, GS, HOG, JNJ, ITW, MTG, MICC, BTU, PEP, STT, AMTD, USG, WFT, WHR

After: ALGT, MDRX, AAPL, AMX, BSX, CNH, CYT, GILD, JNPR, SYK, URI, VMW, YHOO

Wednesday, July 21

US Economics

10:30 Crude Inventories

Global Economic Data

No Releases

Earnings

Before: ABT, MO, APH, BLK, CHKP, KO, CMA, ETN, EMC, FCX, GENZ, HCBK, LUFK, MAN, MS, NTRS, OSTK, PJC, SWK, SY, TXT, USB, WFC

After: AFFX, AF, BIDU, CA, CFNL, CLB, EWBC, EBAY, FFIV, HBI, ISRG, NFLX, NVEC, QCOM, RT, SBUX, TEX, TSS, WRN, XLNX

Speeches

10:00 Ben Bernanke

Thursday, July 22

US Economics

08:30 Initial Claims
08:30 Continuing Claims
10:00 Existing Homes Sales 5.10 mln cons.
10:00 Leading Indicators -0.5% cons.

Global Econ Data

04:30 Great Britain Retail Sales
08:30 Canada Retail Sales

Earnings

Before: MMM, ALK, T, AN, BAX, BBT, BX, BMY, BG, CSIQ, CAT, CLP, CY, DO, ELN, ENTR, FITB, JAKK, JNS, JBLU, LTM, MHS, NYT, NOK, NUE, OXPS, PENN, PM, PNC, PCP, RS, RAI, SWY, SHW, SON, STJ, HOT, STI, TRAD, TRV, TZOO, UNP, UPS, VFC, VSI, WSO, WVV, XRX, ZMH

After: ALGN, AMZN, AXP, ATHN, BJRI, COF, CAKE, CMG, CB, COLM, CPWR, CYBS, DECK, DRC, ETFC, EZPW, FWRD, HWAY, HITT, HGSI, IBKR, JJSF, MOS, NFX, PMCS, QLGC, RMBS, RVBD, SNDK, SPWRA, WOOF

Speeches

09:30 Ben Bernanke

Friday, July 23

US Economics

No Economic Releases

Global Econ Data

02:45 France Manufacture Goods
04:00 German ifo Survey
04:00 Italy Retail Sales
04:30 Great Britain GDP
07:00 Canadian CPI

Earnings

Before: ALV, DLR, HON, IR, JCI, KMB, ERIC, MCD, MHP, SLB, SXT, SPAR, TROW, VZ, WIT, WL

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