Markets. What To Look For Next Week. Comment after close today. Fast Money’s 1300 S&P 500 Call.

[ 0 ] January 28, 2011 |

Today was looking good before the open, then we had the combination of a slightly weaker than expected GDP Report coupled with extreme tensions, rioting, and a government uprising in Egypt. Obviously this double whammy hurt the markets and stocks and additionally, so many have been looking for the 5 to 10 percent ” correction” that this too exacerbated the selling. We will be doing our homework over the weekend after Barrons is delivered tomorrow morning, amongst other reading, and be back with further comments. In the meantime, our initial thought is that this is not a “correction” but rather a “pullback” that can be between 1% to 4%. It’s been our experience, and that of others smarter than us that a correction is 5% to 10% or more, therefore we have used the term “pullback” . We have consistently recommended buying quality stocks on weakness so it looks like we may have that opportunity sooner rather than later. You will see quality stock recommendations to look for during pullbacks from Lange Financial Services in previous posts.

One more thing. Grasso on CNBC’s Fast Money the other day specifically stated with emphasis that as soon as the S&P 500 trades through 1300 the market is a STRONG BUY. This morning, it traded through 1300 on the upside to 1302.67, and dropped from there to close down 1.8 percent on the day. Great call. NOT.

Have a good weekend!

Next week all eyes will on the tension over in Egypt. Expect commodity and equity markets to be very volatile based on the headlines. Another big macro event will the the releasing of China’s manufacturing PMI on Tuesday. Back stateside, earnings season will continue and on Friday we will get the very important job’s report.

Monday, January 31

US Economics

08:30 Personal Income
08:30 Personal Spending
08:30 PCE Prices
09:45 Chicago PMI

Global Economic Data

Canada GDP
French Producer Prices
New Zealand Money Supply

Earnings

Before: ACYV, ARMH, ARTG, CRNT, CEVA, CYOU, CHKP, DSPG, XOM, GCI, HAE, ITW, NS, ROP, SAIA, SOHU, TNB, WDR

After: ALGT, APC, BIDU, BCR, CAVM, EMN, EXTR, GGG, HOLX, ICUI, IRF, IDTI, IRFKRC, MTW, MCK, OLN, PRXL, PCL, QGEN, RCII, RTEC, SIMO

POMO Schedule

Treasury Coupon Purchase: 8/15/2013-12/31/2014: $6-8 bln

Tuesday, February 1

US Economics

10:00 Construction Spending
10:00 ISM Index
03:00 Auto Sales
03:00 Truck Sales

Global Economic Data

China PMI Manufacturing
Australia Rate Decision
German Unemployment Change

Earnings

Before: AMG, AMSC, AXE, ADM, BIIB, BP, CE, CVLT, CMI, DANG, DHX. EMR, ENR, ENTG, HNT, NFGY, KCI, KLIC, LDR, MHP, MDCP, PFE, SYSS, UPS, WWW

After: APKT, ACTU, ADVS, AFL, BBND, BBOX, BSX, BRCM, CHRW, COGO, ERTS, FORM, HA, JDAS, JLLL, MANH, MNKD, WFR, MWA, POWL, PWAV, TIE, WU

POMO Schedule

Treasury Coupon Purchase: 4/15/2013-2/15/2040: $1-2 bln

Wednesday, February 2

US Economics

07:00 MBA Mortgage Applications
07:30 Challenger Job Cuts
08:15 ADP Employment Change
10:30 Crude Inventories

Global Economic Data

Euro-Zone Producer Price Index
New Zealand Participation Rate

Earnings

Before: AGN, AOL, ARW, AVY, CAM, CGX, DWSN, EVR, GNW, HSY, HSP, IACI, KKR, LVLT, LZ, MMP, MAN, MRO, MAT, NDAQ, MUS, ODFL, PCCC, SU, TMO, TWX, WHR, WEC

After: NDN, ACE, ARE, ATW, BBBB, CACI, CNW, CNQR, CUTR, DNB, EQR, GMCR, SOLR, INSP, ICO, ISIL, JOEZ, LNC, NETL, OTEX, PMT, RNOW, SIGI, SFLY, SPR, STLY, TTEK, V, VMC, WRB, YUM, WLT, WGL.

POMO Schedule

Treasury Coupon Purchase: 2/15/2021-11/15/2027: $1.5-2.5 bln

Thursday, February 3

US Economics

08:30 Initial Claims
08:30 Continuing Claims
08:30 Productivity
08:30 Unit Labor Costs
10:00 Factory Orders
10:00 ISM Services

Global Econ Data

China Services PMI
Swiss Exports
Swiss Imports
European Central Bank Rate

Earnings

Before: ARJ, ABFS, AN, BEAV, BX, CI, CAH, CVS, DO, DOW, EL, GR, HAR IP, ITT, K, LAZ, LQDT, HZO, MA, MTRX, MD, MF, MCO, NOV, NYT, ONNN, RDWR, RAI, RSTI, RGLD, R, SLE, SNE, HOT, TEN TZOO, VIA.B

After: ABCO, AFG, CPT, CSTR, CMRE, CQ, DLB, ESE, FFG, FISV, HAIN, HLIT, IN, XXIA, LVS, LIFE, MXL, MAAA, MTX, MPWR, NCR, OPXT, POWI, PWER, QFT, SIMG, RLD, TSYS, TRMB, UTI, ZRAN

POMO Schedule

Treasury Coupon Purchase: 8/15/2016-1/31/2018: $7-9 bln

Friday, February 4

US Economics

08:30 Nonfarm Payrolls
08:30 Nonfarm Payrolls Private
08:30 Unemployment Rate
08:30 Average Workweek
08:30 Hourly Earnings

Global Econ Data

Britain Housing Prices
Italian Consumer Prices Index
Canada Unemployment Rate

Earnings

Before: AET, AON, AVID, CLX, SUR, CEG, FO, UFS, MGI, BPOP, PPL, PHM, SXT, SEP, TSN, WY, YRCW

After:

POMO Schedule

Treasury Coupon Purchase: 8/15/2013-1/31/2015: $6-8 bln

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