Dow Jones Industrial Average (Figure 1)

Friday’s Economic Reports

Personal income in September was virtually unchanged with a gain of only 0.1%. Consumer spending, however, was up 0.6%. This was also reflected in a higher consumer sentiment reading released later in the morning that howed that October’s consumer sentiment index rose more than anticipated to a reading of 60.9. Nevertheless, the market had little reaction to the news.

S&P 500 (Figure 2)

Index Wrap-up

The Dow Jones Industrial Average ($DJI) ended the day on Friday with a gain of 22.57 points, or 0.18%, and closed at 12,231.11. This mixed session left the gainers only slightly better than on par with the losers in the index. The top performers were Hewlett-Packard (HPQ) (+3.52%), Merck (MRK) (+2.33%), Alcoa (AA) (+2.03%), and Bank of America (BAC) (+1.94%). The weakest index components were Home Depot (HD) (-2.96%) and WalMart (WMT) (-1.14%). The index ended the week higher by 3.58%.

The S&P 500 ($SPX) finished the session with a gain of 0.50 points, or 0.04%, and closed at 1,285.09. One of the strongest of the index’s industry groups was technology. The strongest individual percentage performers were Monster Worldwide (MWW) (+11.66%), United States Steel Corp. (X) (+11.57%), Interpublic Group (IPG) (+11.21%), and Newell Rubbermaid (NWL) (+11.14%). The weakest were Whirlpool Corp. (WHR) (-14.34%), Cablevision Sys. Corp. (CVC) (-12.54%), and MetroPCS Communications (PCS) (-8.12%). The index ended the week higher by 3.78%.

The Nasdaq Composite ($COMPX) ended the session lower by 1.48 points, or 0.05%, on Friday and it closed at 2,737.15. The strongest performers in the Nasdaq-100 ($NDX) were Green Mountain Coffee (GMCR) (+8.48%), Amazon.com (AMZN) (+5.10%), and Baidu (BIDU) (+4.50%). The weakest performers were Expedia Inc. (EXPE) (-6.22%), Virgin Media (VMED) (-4.99%), and Stericycle Inc. (SRCL) (-4.60%). The Nasdaq Composite ($COMPX) ended the week higher by 3.78%).

Nasdaq Composite (Figure 3)

OUTLOOK

From an economic standpoint, this week is going to be a busy one for the markets. On top of the G-20 and interest rate decisions, are the latest reports on employment in the U.S. October’s nonfarm payrolls are due out on Friday, along with October’s average workweek, hourly earnings, and unemployment rate.

Additionally, this is the final “big week” for third-quarter earning reports. Top names reporting this week include Humana (HUM) on Monday; Baker Hughes (BHI) and Pfizer (PFE) on Tuesday; Kraft Foods (KFT), MasterCard (MA), Qualcomm (QCOM), and Transocean (RIG) on Wednesday; and American Intl. Group (AIG), Cigna (CI), and Starbucks (SBUX) on Thursday. So far this quarter 71% of the earnings reports that have been released have topped Wall Street estimates, primarily due to growth outside of Europe and the United States.

As we head into Monday morning, the market remains in correction mode. The index futures have pulled back steadily since their open Sunday evening. The 30-minute 200 period moving average has been serving as a support zone for the latest uptrend, but has not yet hit on this most recent correction. This leaves it some more room ahead of the open and even early in the day to continue to pullback, but the market lacks a strong technical setup for new positions on the 15-minute time frame. As on Friday, it’s going to be the 5 minute charts that lead and small shifts in momentum on this level will be key for intraday action. The 15 minute charts are most suggestive of further downside, but so far the series of slightly lower lows on the 5 minute time frame are indicating hesitation. My personal focus heading into the week will be on earnings plays and gaps since these will have more decisive intraday action that will not rely as heavily upon overall market participation to show strong follow-through.

U.S. Domestic:
Eastern Time Zone (GMT -5:00) (New York, Toronto)

Oct 31 9:45 AM Chicago PMI Oct

Nov 1 10:00 AM ISM Index Oct
Nov 1 10:00 AM Construction Spending Sep
Nov 1 3:00 PM Auto Sales Nov
Nov 1 3:00 PM Truck Sales Nov

Nov 2 7:00 AM MBA Mortgage Index 10/29
Nov 2 7:30 AM Challenger Job Cuts Oct
Nov 2 8:15 AM ADP Employment Change Oct
Nov 2 10:30 AM Crude Inventories 10/29
Nov 2 12:30 PM FOMC Rate Decision Nov

Nov 3 8:30 AM Initial Claims 10/29
Nov 3 8:30 AM Continuing Claims 10/22
Nov 3 8:30 AM Productivity-Prel Q3
Nov 3 8:30 AM Unit Labor Costs -Prel Q3
Nov 3 10:00 AM Factory Orders Sep
Nov 3 10:00 AM ISM Services Oct

Nov 4 8:30 AM Nonfarm Payrolls Oct
Nov 4 8:30 AM Nonfarm Private Payrolls Oct
Nov 4 8:30 AM Unemployment Rate Oct
Nov 4 8:30 AM Hourly Earnings Oct
Nov 4 8:30 AM Average Workweek Oct

International:
Eastern Time Zone (GMT -4:00) (New York, Toronto)

Oct 30 GBP Nationwide House Prices n.s.a. (OCT)
Oct 30 19:15 JPY Nomura/JMMA Manufacturing Purchasing Manager Index (OCT)
Oct 30 20:30 AUD Private Sector Credit (SEP)

Oct 31 01:00 JPY Annualized Housing Starts (SEP)
Oct 31 01:00 JPY Housing Starts (SEP)
Oct 31 05:30 GBP Net Consumer Credit (SEP)
Oct 31 05:30 GBP Net Lending Sec. on Dwellings (SEP)
Oct 31 05:30 GBP Mortgage Approvals (SEP)
Oct 31 06:00 EUR Euro-Zone Consumer Price Index Estimate (OCT)
Oct 31 06:00 EUR Euro-Zone Unemployment Rate (SEP)
Oct 31 08:30 CAD Gross Domestic Product (AUG)***
Oct 31 17:45 NZD Average Hourly Earnings (3Q)
Oct 31 18:30 AUD AiG Performance of Manufacturing Index (OCT)
Oct 31 20:30 AUD House Price Index (3Q)
Oct 31 21:00 CNY PMI Manufacturing (OCT)***
Oct 31 21:30 JPY Labor Cash Earnings (SEP)
Oct 31 23:30 AUD Reserve Bank of Australia Rate Decision (NOV 1)***

Nov 1 04:15 CHF Retail Sales (Real) (SEP)
Nov 1 04:30 CHF SVME-Purchasing Managers Index (OCT)
Nov 1 04:55 EUR German Purchasing Manager Index Manufacturing (OCT F)
Nov 1 05:00 EUR Euro-Zone Purchasing Manager Index Manufacturing (OCT F)
Nov 1 05:30 GBP Purchasing Manager Index Manufacturing (OCT)
Nov 1 05:30 GBP Gross Domestic Product (3Q A)***
Nov 1 10:00 USD Construction Spending (SEP)
Nov 1 10:00 USD ISM Manufacturing (OCT)
Nov 1 10:00 USD ISM Prices Paid (OCT)
Nov 1 20:00 AUD HIA New Home Sales (SEP)

Nov 2 04:55 EUR German Unemployment Change (OCT)***
Nov 2 04:55 EUR German Unemployment Rate s.a. (OCT)
Nov 2 05:30 GBP Purchasing Manager Index Construction (OCT)
Nov 2 08:15 USD ADP Employment Change (OCT)
Nov 2 12:30 USD Federal Open Market Committee Rate Decision (NOV 2)***
Nov 2 14:15 USD Bernanke Speaks at Fed Press Conference***
Nov 2 17:45 NZD Unemployment Rate (3Q)
Nov 2 17:45 NZD Employment Change (3Q)
Nov 2 18:30 AUD AiG Performance of Service Index (OCT)
Nov 2 20:30 AUD Retail Sales s.a. (SEP)
Nov 2 20:30 AUD Retail Sales Ex Inflation (3Q)
Nov 2 21:00 CNY China Non-manufacturing PMI (OCT)

Nov 3 03:55 EUR German Purchasing Manager Index Services (OCT F)
Nov 3 05:00 EUR Euro-Zone Purchasing Manager Index Composite (OCT F)
Nov 3 05:00 EUR Euro-Zone Purchasing Manager Index Services (OCT F)
Nov 3 05:30 GBP Purchasing Manager Index Services (OCT)
Nov 3 08:45 EUR European Central Bank Rate Decision (NOV 3)***
Nov 3 10:00 USD ISM Non-Manufacturing Composite (OCT)
Nov 3 10:00 USD Factory Orders (SEP)

Nov 4 USD ICSC Chain Store Sales (OCT)
Nov 4 06:00 EUR Euro-Zone Producer Price Index (SEP)
Nov 4 06:00 EUR German Factory Orders s.a. (SEP)
Nov 4 07:00 CAD Unemployment Rate (OCT)***
Nov 4 07:00 CAD Net Change in Employment (OCT)***
Nov 4 07:00 CAD Full Time Employment Change (OCT)
Nov 4 07:00 CAD Part Time Employment Change (OCT)
Nov 4 07:00 CAD Participation Rate (OCT)
Nov 4 08:30 USD Change in Non-farm Payrolls (OCT)***
Nov 4 08:30 USD Change in Private Payrolls (OCT)
Nov 4 08:30 USD Change in Manufacturing Payrolls (OCT)
Nov 4 08:30 USD Unemployment Rate (OCT)***
Nov 4 08:30 USD Average Hourly Earnings (OCT)
Nov 4 08:30 USD Average Weekly Hours All Employees (OCT)
Nov 4 10:00 CAD Ivey Purchasing Managers Index s.a. (OCT)

*** Highly influential

Notice: The Bastiat Group, Inc. has attempted to verify the information contained in this calendar, however, any aspect of such info may change without notice. Foreign economic reports included in this list are only those deemed “medium to high impact”.

Key Confirmed Earnings Announcements This Week

Monday, Oct 31, 2011
Before: ABH, AWI, AUXL, BWP, CPLP, CFFN, CYOU, CKSW, CNA, CTB, CVTI, HAE, HMY, HCP, HMC, HUM, IDSY, IBCP, IART, L, MCY, NTE, ONB, PCRX, SHAW, SOHU, TGE, TREX, UDR, UDRL, VTNC, WIT
During: CLBH, HFBC, RCKB
After: ACUR, ALL, ANAT, APC, ARRY, ASIA, ASTX, APL, AVB, CCO, CRK, EXBD, UAN, ERT, KEYW, FMC, FST, GEOY, GTY, GLRE, HGIC, HLF, HFFC, HF, IDTI, IVAC, KRA, LEAP, MPG, MDU, MIG, NAVR, PRXL, PRE, PPS, PSB, RTEC, SKH, SM, TGI, VOLC, WTI, WINN

Tuesday, Nov 1, 2011
Before: CAS, ALLT, AIMC, AMED, AMT, ABC, AFSI, ADM, ATRC, AUDC, BHI, BPI, CHTR, CKP, CBR, CIE, CVLT, COCO, DTG, DUF, EMR, ETR, EXPD, FSS, FCH, FIS, FE, RAIL, FDP, GKSR, IT, GET, GNRC, BGC, GWR, GLT, GOV, GLDD, HPOL, HCA, HW, HS, HSIC, HHGP, GMO, IPXL, IPGP, KFFG, KBALB, FSTR, MAC, MSO, MD, TYPE, NSP, NNBR, NMR, NVMI, NXPI, OHI, OSK, OSG, PGC, PFE, PNW, PEG, RDN, RIGL, RBA, RDC, RTI, SIRI, STFC, SHOO, THC, TRP, TRI, ECOL, VLO, VHS, VSH, VPG, WPI, WLK
During: HIT, MRO
After: BIRT, AEIS, ALNY, ATEC, ALTE, AHC, ACAS, AMSF, AMRS, AZPN, AACC, ATML, AXS, BALT, BDX, BGFV, BIO, BBOX, BLKB, SAM, BRE, BTUI, DVR, CT, CSCD, CHSI, CBL, CERS, CF, CRL, CHMT, CHSP, CDXS, CGNX, CCUR, CVG, CCG, PRI, CACC, CSGS, DCT, DENN, DGI, DISCA, DEI, DFT, BOOM, DRCO, DX, EOG, EXAC, XCO, FISV, FURX, GSX, GNK, GHDX, GEVO, GA, GIVN, GOOD, GUID, HAIN, HCC, HR, HTZ, HTCO, ONE, HTCH, ICFI, IOSP, ISTA, JKHY, JAZZ, JBT, JDSU, KNXA, KTCC, KFRC, KRC, LF, LMNX, MANT, MXL, MRGE, MBLX, MSPD, MWA, MYGN, NLC, NATL, NRCI, NEU, NVTL, OKE, OKS, OPEN, OPXT, PZZA, PEET, PSEM, PHH, PXD, PSE, PBI, PLT, PWAV, QLTY, RLOC, RNR, REXX, SBAC, SIMO, SLRC, SLTM, FIRE, SGY, SUNH, SUNS, SNCR, TLEO, TRGT, TMH, TE, TXRH, TCRD, THOR, TNS, TSON, TXCC, TRMB, TRLG, UNM, VRSK, WES, WEYS, WMB, WPZ, INT, WMGI, XL, ZIPR

Wednesday, Nov 2, 2011
Before: ACOR, AGL, ALE, ALVR, AOL, WTR, AVEO, AVA, FLY, BCRX, CLMT, CNP, CLH, CLX, CTSH, CMCSA, CWH, CTCH, EPB, COT, DVN, DHX, DM, DW, DST, DNKN, EDGW, EIX, EP, EE, EPD, EZCH, FOR, FELE, FCN, FNDT, GRMN, WOLF, GPOR, HNT, HGG, HSNI, HUN, SPMD, ICE, KUB, LVLT, LINC, MMP, MMC, MA, MDCI, TAP, MSCI, NEWS, NOR, DCM, NVE, OIIM, OZM, PRX, PSTB, PAG, H, RELV, RTLX, RRD, SBGI, SNE, TRK, SPW, SXC, STE, TLM, TX, TEVA, TDW, TWX, GTS, TRW, UNT, VG, WCG, WXS
During: AIRT, BCPC, END
After: ABCO, AFFX, AIN, ALTH, AOSL, AEL, ARC, ASI, AWK, ANIK, AREX, ATNI, AVNW, BLDP, BMR, BBRG, CACI, CPE, CSU, CSII, CAR, CBEY, CTL, CLWR, COHR, CIX, SCOR, CXO, CLR, CLGX, CVI, CUZ, CVD, CCRN, DK, DXCM, ELLI, EIG, EXK, ETE, ETP, EPR, DNDN, EQY, ESS, EXL, EXTR, FICO, FWLT, FBN, FIO, GPRO, GNCMA, GMR, GGC, ROCK, GAIN, GMXR, GDP, GVA, HBI, THG, HIG, HT, HBM, HURN, ISIG, TEG, INTT, IPI, IXYS, JCOM, JLL, KAMN, KS, KAR, KMPR, KIM, KND, KGC, KRG, KFT, LGCY, LHCG, LBTYA, LNC, LTC, MIC, MHLD, MMUS, MCHX, MEAS, TST, MNDO, MUR, NSPH, NRP, NQ, NWSA, NTRI, ONNN, ONXX, OSUR, OEH, OESX, ORA, PVA, PNG, PGTI, PAA, PPO, PRA, PL, PRSC, PRU, QGEN, QCOM, RLD, RSO, RRTS, SHS, BFS, SWM, SGMS, SWIR, SMSI, SSS, STAN, STRI, TTEC, TSLA, TSO, TPGI, THQI, RIG, TCAP, TTMI, UNTD, VCLK, VRTU, VMC, WLT, WTS, WBMD, WEBM, WLL, WFM, XNPT, AUY, ZIP

Thursday, Nov 3, 2011
Before: ABMD, ABVT, AGU, ALX, LNT, ATK, ANR, APO, ASCA, ANSS, APA, MT, ARIA, AAWW, BWINB, BCE, BEAM, BLC, BBG, BKCC, BAH, BR, CAMT, CNQ, LSE, FUN, CI, XEC, CBB, CIR, CNL, CCOI, CNSL, CNVO, COR, CRWN, CVS, DNR, DEXO, DIN, DBLE, DRQ, DUK, EK, EGO, RDEN, ELT, ENP, ENR, NPO, ESV, EL, EXAS, FUR, FIG, FTR, FSIN, GKNT, GTIV, GLP, GBX, HEES, HE, HCN, HOS, IACI, IDA, IND, IRC, INMD, IDN, ICGE, IVR, ITG, KSWS, K, KOP, KRO, LAMR, LNCE, LXP, TVL, LFUS, MDC, TUC, MGA, MFC, HZO, MEA, MGM, MINI, MOCO, MNTG, NICE, NKA, NRF, NPSP, NRG, NXTM, NYX, CHUX, OGE, OWW, ORN, OXF, PKD, PRFT, PETD, PQ, PCG, PNCL, PDC, PNM, POR, POZN, PPL, PDII, PGN, PSA, QCCO, ROIC, RGLD, SLE, SVNT, SNI, SRE, SMBL, SOMX, SE, SEP, SPR, STRA, SU, SFY, SXCI, SNTA, TEL, TS, TDC, TOWR, USPH, ULBI, VC, WNR, WWE, XRIT
During: AMOT, CIB, BAP, DTV, SGA
After: ACET, ADUS, ADEP, ALIM, ALKS, AWH, MDRX, ALJ, AIG, AHS, AINV, ARSD, ARI, AGII, AUTH, AVII, BEBE, WIFI, BPZ, CADX, CLMS, CPT, CSV, CBOE, CBS, LYV, CEC, CQB, CIA, CSA, CCIX, FIX, CNW, CPNO, CUBE, CPIX, CYTX, DVA, DGII, HIL, EROC, EIHI, ELON, BAGL, EBS, ESC, ERII, EVC, ENTR, ERIE, EXAM, FFG, FRT, FSR, FLR, GST, GNW, GERN, GLUU, GXP, HTGC, HME, IMMR, SAAS, IN, III, INWK, IRF, IILG, IRIS, JJSF, KEYN, KFN, KOG, KTOS, LNKD, MAIN, MTZ, MXWL, MGRC, MDAS, MTD, MCHP, MAA, MHK, MOSY, MOVE, MFLX, NCMI, NFG, NAVG, N, EGOV, OCLS, OIS, OGXI, OPWV, OTTR, OUTD, PCCC, PKI, PMC, PLNR, POWI, POWR, PRO, QSFT, RNWK, RLH, RRGB, REG, RENT, ROCM, RST, RDK, SALM, SD, SAPE, SCIL, SQI, SGEN, SEM, SQNM, SKUL, SWKS, SRSL, SBUX, SUN, SPWRA, TECUA, TSRA, THLD, TRID, TPC, UIL, UEIC, VVC, VNO, WRC, WWWW, WR, XOXO

Friday, Nov 4, 2011
Before: AES, ALU, AEE, ALC, BWEN, BIP, BPO, BPL, CEDC, XTXI, XTEX, DRAD, DXYN, G, GTN, GTXI, ZINC, IGTE, INHX, IBI, KKR, MSG, NPTN, NEE, NWN, ZEUS, POM, PXP, RSTI, STWD, TTI, THS, UPL, GROW, VNDA, VTR, WCRX, WPO, WIN, YRCW
During: NWLI
After: ATAI, COWN, NU

Sep 28 7:00 AM MBA Mortgage Index 09/24
Sep 28 8:30 AM Durable Orders Aug
Sep 28 8:30 AM Durable Ordes ex Transportation Aug
Sep 28 10:30 AM Crude Inventories 09/24

Sep 29 8:30 AM Initial Claims 09/24
Sep 29 8:30 AM Continuing Claims 09/17
Sep 29 8:30 AM GDP – Third Estimate Q2
Sep 29 8:30 AM GDP Deflator – Third Estimate Q2
Sep 29 10:00 AM Pending Home Sales Jul

Sep 30 8:30 AM Personal Income Aug
Sep 30 8:30 AM Personal Spending Aug
Sep 30 8:30 AM PCE Prices – Core Aug
Sep 30 9:45 AM Chicago PMI Sep
Sep 30 9:55 AM Michigan Sentiment – Final Sep

International:
Eastern Time Zone (GMT -4:00) (New York, Toronto)

Sep 25 17:45 NZD Trade Balance (AUG)
Sep 25 18:45 NZD Balance (YTD) (AUG)

Sep 26 04:00 EUR German IFO – Business Climate (SEP)
Sep 26 04:00 EUR German IFO – Current Assessment (SEP)
Sep 26 04:00 EUR German IFO – Expectations (SEP)
Sep 26 08:30 USD Chicago Fed Nat Activity Index (AUG)
Sep 26 10:00 USD New Home Sales (AUG)
Sep 26 22:00 CNY Industrial Profits YTD (AUG)

Sep 27 EUR German Retail Sales (AUG)
Sep 27 GBP Nationwide House Prices n.s.a. (SEP)
Sep 27 02:00 CHF UBS Consumption Indicator (AUG)
Sep 27 05:30 CHF KOF Institute September Economic Forecast
Sep 27 06:00 GBP CBI Reported Sales (SEP)
Sep 27 10:00 USD Consumer Confidence (SEP)***
Sep 27 21:00 AUD HIA New Home Sales (AUG)

Sep 28 EUR German Import Price Index (AUG)***
Sep 28 02:00 EUR German GfK Consumer Confidence Survey (OCT) (OCT)
Sep 28 08:30 USD Durable Goods Orders (AUG)***
Sep 28 08:30 USD Durables Ex Transportation (AUG)
Sep 28 19:50 JPY Retail Trade (AUG)
Sep 28 19:50 JPY Large Retailers’ Sales (AUG)

Sep 29 EUR German Consumer Price Index (SEP P)***
Sep 29 JPY Nomura/JMMA Manufacturing Purchasing Manager Index (SEP)
Sep 29 04:30 GBP Net Consumer Credit (AUG)
Sep 29 04:30 GBP Net Lending Sec. on Dwellings (AUG)
Sep 29 04:30 GBP Mortgage Approvals (AUG)
Sep 29 05:00 EUR Euro-Zone Business Climate Indicator (SEP)
Sep 29 05:00 EUR Euro-Zone Consumer Confidence (SEP F)
Sep 29 05:00 EUR Euro-Zone Economic Confidence (SEP)
Sep 29 05:00 EUR Euro-Zone Industrial Confidence (SEP)
Sep 29 05:00 EUR Euro-Zone Services Confidence (SEP)
Sep 29 08:30 USD Gross Domestic Product (Annualized) (2Q T)***
Sep 29 08:30 USD Personal Consumption (2Q T)***
Sep 29 08:30 USD Gross Domestic Product Price Index (2Q T)***
Sep 29 08:30 USD Core Personal Consumption Expenditure (2Q T)
Sep 29 10:00 USD Pending Home Sales (AUG)
Sep 29 17:45 NZD Building Permits (AUG)
Sep 29 19:01 GBP GfK Consumer Confidence Survey (SEP)
Sep 29 19:30 JPY Household Spending (AUG)
Sep 29 19:30 JPY Jobless Rate (AUG)
Sep 29 19:30 JPY National Consumer Price Index (AUG)
Sep 29 19:30 JPY National Consumer Price Index Ex-Fresh Food (AUG)
Sep 29 19:30 JPY National Consumer Price Index Ex Food, Energy (AUG)
Sep 29 19:50 JPY Industrial Production (AUG P)
Sep 29 21:00 NZD NBNZ Activity Outlook (SEP)
Sep 29 21:00 NZD NBNZ Business Confidence (SEP)
Sep 29 21:30 AUD Private Sector Credit (AUG)

Sep 30 01:00 JPY Annualized Housing Starts (AUG)
Sep 30 01:00 JPY Housing Starts (AUG)
Sep 30 05:00 EUR Euro-Zone Consumer Price Index Estimate (SEP)
Sep 30 05:00 EUR Euro-Zone Unemployment Rate (AUG)
Sep 30 05:30 CHF KOF Swiss Leading Indicator (SEP)
Sep 30 08:30 USD Personal Income (AUG)
Sep 30 08:30 CAD Gross Domestic Product (JUL) (JUL)***
Sep 30 08:30 USD Personal Spending (AUG)
Sep 30 08:30 CAD Gross Domestic Product (JUL)***
Sep 30 08:30 USD Personal Consumption Expenditure Core (AUG)
Sep 30 09:55 USD U. of Michigan Confidence (SEP F)***
Sep 30 21:00 CNY PMI Manufacturing (SEP)***

*** Highly influential

Notice: The Bastiat Group, Inc. has attempted to verify the information contained in this calendar, however, any aspect of such info may change without notice. Foreign economic reports included in this list are only those deemed “medium to high impact”.

“Key Confirmed Earnings Announcements This Week”

Monday, Sep 26, 2011
Before: -
During: TPI
After: -

Tuesday, Sep 27, 2011
Before: AM, NEOG, PKE, WAG
During: -
After: ACN, CMTL, PAYX, PRGS, SABA, SMSC, SNX

Wednesday, Sep 28, 2011
Before: ATU, DRI, MKC, NEWL
During: -
After: MOS, OMN, TXI, WOR

Thursday, Sep 29, 2011
Before: -
During: -
After: CAMP, MU

Friday, Sep 30, 2011
Before: -
During: -
After: -

Silver took one of the greatest beatings, losing about a quarter of its value over just a couple of days. Meanwhile, gold shed about 9% for the week. There is no rapid recovery likely on the horizon, although the selling pressure should begin to abate this week. The U.S. dollar has once again become somewhat of a safe haven as investors make the move to cash. It hit a seven-month high this past week.

Dow Jones Industrial Average (Figure 1)

A Hot Mess

On Friday the market took a breather from Wednesday and Thursday’s plunge, but the Dow Jones Ind. Average ($DJI) still ended the week lower by 6.4%, which was the largest one week loss since October, 2008 (although that week was substantially worse with a loss of over 18%). The pace of the week’s selloff was the strongest following the Fed and slowed on Thursday, but the magnitude did not diminish. The selling pressure had resumed late Wednesday evening in the index futures and remained steady throughout most of Thursday after pausing following Wednesday’s close. It only let up in the final thirty minutes of trade on Thursday, but the pace of the reprieve slowed afterhours and set the stage for another sharp decline into early Friday morning. This created a type of double bottom known as a “2B” whereby the second low on the 15 minute time frame slightly breeched Thursday’s low to create bear trap. This helped the market recover into Friday afternoon and trim the week’s losses, but it wasn’t enough to elicit any strong sighs of relief and Friday’s session was mixed.

S&P 500 (Figure 2)

Index Results

The Dow Jones Industrial Average ($DJI) ended the day on Friday with a gain of 37.65 points, or 0.35%, and closed at 10,771.48. After the extreme losses experienced earlier in the week, nearly two-thirds of the Dow managed to post a gain on Friday as market participants repositioned themselves ahead of the weekend. The top performers were Bank of America (BAC) (+4.13%), Intel (INTC) (+2.55%), Home Depot  (HD) (+2.03%), and Cisco Systems (CSCO) (+1.83%). The weakest were DuPont (DD) (-2.86%) and Hewlett Packard (HPQ) (-2.11%). The Dow’s outcome for the week as a whole was a loss of 6.41%.

The S&P 500 ($SPX) gain of 6.87 points, or 0.61%, and closed at 1,136.43. The top percentage performers in the index were Hospira Inc. (HSP) (+8.62%), Gannett Inc. (GCI) (+6.32%), Sprint Nextel Corp. (S) (+5.65%), and Stanley Black & Decker (SWK) (+5.65%). The weakest performers were Range Res. Corp. (RRC) (-11.45%), Cabot Oil & Gas (COG) (-5.58%), EQT Corp. (EQT) (-4.09%), and EOG Res. Inc. (ROG) (-3.95%). The S&P 500 ended the week lower by 6.54%.

The Nasdaq Composite ($COMPX) ended the session lower by 27.56 points, or 1.12%, on Friday and it closed at 2,483.23. The top gainers in the Nasdaq-100 ($NDX) were CTrip.com Intl. (CTRP) (+6.42%), Yahoo (YHOO) (+5.15%), First Solar (FSLR) (+5.07%), and Marvell Tech. (MRVL) (+5.01%). The weakest were Express Scripts (ESRX) (-1.98%), Illumina Inc. (ILMN) (-1.81%), and Mattel Inc. (MAT) (-1.80%). The Nasdaq Composite ($COMPX) fell 5.3% for the week.

Nasdaq Composite (Figure 3)

MONDAY’S OUTLOOK

Although Friday’s action was not the most favorable, it does offer some hope for short-term bulls. The 2B that trapped bears early Friday morning is also a pattern that tends to help stabilize market selloffs. In some cases it can lead to a rapid recovery, whereas in others the typical recourse is a gradual trading channel with a slight upside path that is usually followed by another round of selling once the channel breaks. The second low on the 15 minute charts at the end of the week took place with a momentum move that was stronger than Thursday’s selloff. This favors the more gradual corrective scenario as opposed to a rapid recovery, but it can still mean rapid intraday sprints on the upside that can be very favorable to daytraders. It is not, however, typically a strong price development for swingtraders who look to capitalize on multi-day trend moves since a slower and wider trading channel generally means wider stops with less reward potential.

The week began with a gap up in the index futures Sunday evening following Obama’s announcement that an agreement had been reached regarding the long-debated debt ceiling. These gains were quickly eroded from that point forward despite the plan passing in the House late Monday and the Senate on Tuesday. On Tuesday afternoon it was signed by the president. By this point, however, continuing disappointment on the data front was rocking the indices and investors continued to display their worry about the larger economic outlook.

On Monday, the ISM’s manufacturing index fell from 55.3 to 50.9 in July, creating sharp intraday selling. Then on Tuesday, according to the Commerce Department, consumer spending decreased in June by 0.2%, although an uptick had been anticipated. Meanwhile, personal income rose 0.1%, which was in line with expectations. The index futures had been inching higher ahead of this data despite a weak open, but the timing of the release corresponded perfectly with Tuesday’s intraday highs and the market sold off throughout the remainder of the session.

Dow Jones Industrial Average (Figure 1)

Tuesday’s session was so bad that it wiped out the S&P 500′s ($SPX) gains year-to-date and marked the eight straight day of losses for the Dow ($DJI). The last time this occurred was nearly 4 years ago. Gold was a key beneficiary of the market’s losses. It once again hit new record highs and ended the session up 1.3%. Gold for December delivery was up as much as $1,646.80 an ounce. Meanwhile, the U.S. dollar fell to record lows against the yen and Swiss franc, but were higher against the British pound and euro following concerns on global growth and the euro-zone debt crisis that led European shares to eleven-month lows.

S&P 500 (Figure 2)

Index Results

The Dow Jones Industrial Average ($DJI) ended the day on Tuesday with a loss of 265.87 points, or 2.19%, and closed at 11,866.62. All of the Dow’s thirty index components finished the session in the red. The weakest performers were Pfizer (PFE) (-4.58%), General Electric (GE) (-4.23%), Home Depot (HD) (-4.18%), United Technologies (UTX) (-4.14%), and Alcoa (AA) (-4.00%).

The S&P 500 ($SPX) loss of 32.89 points, or 2.56%, and closed at 1,254.05. Only twelve stocks in the S&P 500 ended the session in the black. The top percentage gainers on Tuesday were McGraw Hill (MHP) (+7.29%), Newmont Mining (NEM) (+1.45%), Nisource (NI) (+1.39%), and Humana (HUM) (+0.98%). MetroPCS (PCS) plunged 36.59% after it missed earnings expectations and warned that things were looking even worse this quarter. Other top losers included Parker Hannifin (PH) (-8.49%), Tiffany & Co. (TIF) (-8.24%), and Starwood Hotels & Resorts (HOT) (+7.51%).

The Nasdaq Composite ($COMPX) ended the session lower by 75.37 points, or 2.75%, on Tuesday and it closed at 2,669.24. Like the Dow, every component of the Nasdaq-100 ($NDX) also posted a loss. The weakest were CTrip.com (CTRP) (-10.94%), Liberty Media Corp. (LINTA) (-7.25%), Mylan Inc. (MYL) (-5.87%), News Corp. (NWSA) (-5.03%), and Micron Technology (MU) (-4.99%).

Nasdaq Composite (Figure 3)

WEDNESDAY’S OUTLOOK

Getting Technical

Despite a day of steady losses, the market did manage to find support once again by the closing bell. All three of the major indices established equal moves on the downside on Tuesday as compared to the premarket and early morning drop that took place Monday morning. The pace of the selling was also similar, which makes it a rather significant type of support on the 15 minute time frame. Additionally, the Nasdaq-100 e-mini (NQ) struck its 200 day sma at this point, while the S&P 500 and Dow returned to price support at prior daily lows.

The pace of the selloff on Tuesday will tend to make it difficult for the market to bounce sharply and sustain a stronger rally throughout the week, but all three of the major indices should be approached as oversold in the short term heading into Wednesday and relief rallies intraday are likely over the next several days. The longer-term outlook, however, is even more sketchy for the bulls. All three indices have larger reversal patterns under way that can easily form confirmation patterns in the months ahead. Both the Dow and S&P 500 have been forming weekly Head-and-Shoulders patterns, while the Nasdaq has been creating a weekly Momentum Reversal as a result of three separate, yet slightly higher highs. Even without continuation patterns developing on these strategies, they will help keep the brakes on the market throughout the remainder of the year.

What to Watch on Wednesday

This week’s jobs data kicks off on Wednesday with the 8:15 a.m. ET release of the ADP private sector employment report. Analysts are anticipating a 95,000 increase in hirings for July. This is less than the 157,000 from June and remains on the light side overall.

Also due out on Wednesday are the ISM’s service sector indexat 10:00 a.m. ET, which is expected to fall to 53.1, and the Commerce Department’s release of June’s factory orders, which are expected to have declined 1%.

On the earnings front, keep an eye on Time Warner (TWX), Clorox (CLX), MasterCard (MA), Garmin (GRMN), and Prudential (PRU). Earnings season remains in full swing. Although more of the focus lately has been upon the overall economic situation, top companies are still making waves intraday, creating strong trend days even when the overall market falters.

Employment Data Takes Center Stage

After Wednesday’s ADP report, the jobs situation will remain a key area of focus for the week. The Labor Department will report on last week’s initial jobless claims on Thursday, with a 405,000 increase in claims expected, which will be closely followed by the most influential data on Friday with the release of July’s nonfarm payrolls. Economists are looking for an increase of about 85,000 jobs with the unemployment rate remaining steady at 9.2%, but it will not be enough to keep up with population growth and the number of new workers entering the job market.

Dow Jones Industrial Average (Figure 1)

ISM Manufacturing Data Disappoints

According to the Institute for Supply Management, manufacturing activity in July fell despite the expectation of little change. The ISM’s index went from 55.3 in June to 50.9 in July. Readings over 50 indicate expansion, which means that very little growth was seen in July. The market had already began to sell off out of the opening bell on Monday and the indices were striking five minute 20 simple moving average support at the time of the data release. The news shoved the market through this support level for its strongest intraday move of the session with the indices taking back the remaining premarket gains in a matter of seconds and quickly returning the market to Friday’s lows.

Friday’s lows did serve as price support in the indices, but the escalating pace of the selloff meant that recovery efforts would be extremely limited to begin with. Instead, a common two-wave continuation pattern developed on the 2-5 minute charts that brought the indices to the lower end of the 60 minute trend channel by noon. Continuation moves such as this one following unexpected news are quite common. It allowed the momentum to slow into mid-day and the market held the 60 minute and daily support throughout the remainder of the session. On the daily charts all three of the major indices had landed a more solid test of moving average support with the 200 day sma hitting in the Dow ($DJI) and S&P 500 ($SPX) and the 50 day moving average holding in the Nasdaq ($COMPX).

S&P 500 (Figure 2)

Index Results

The Dow Jones Industrial Average ($DJI) ended the day on Monday down slightly at 12,132.49. Despite a strong lead heading into the opening bell, only nine of the Dow’s thirty index components managed to end the session in the black. The top performers were Caterpillar (CAT) (+1.95%), Verizon (VZ) (+1.64%), Chevron (CVX) (+1.31%), and Bank of America (BAC) (+1.03%). The weakest were Merck (MRK) (-2.02%), Home Depot (HD) (-1.95%), Pfizer (PFE) (-1.25%), and Travelers (TRV) (-0.94%).

The S&P 500 ($SPX) fell to 1286.94. The top percentage gainers in the S&P 500 on Monday were NVIDIA (NVDA) (+5.35%), Abercrombie & Fitch (ANF) (+2.95%), Marathon Pete (MPC) (+2.69%), and American Electric Power Co. (AEP) (+2.69%). The weakest performers were Health Care Reit (HCN) (-8.47%), HCP Inc. (-5.69%), Staples (SPLS) (-4.86%), and DaVita Inc. (DVA) (-4.63%).

The Nasdaq Composite ($COMPX) ended the session lower at 2,744.61. The strongest performers in the Nasdaq-100 ($NDX) were NVIDIA (NVDA) (+5.35%), Green Mountain Coffee (GMCR) (+3.82%), Infosys Ltd. (INFY) (+1.66%), and Apple (AAPL) (+1.61%). The weakest were Teva Pharmaceuticals (TEVA) (-6.17%), Warner Chilcott (WRCX) (-5.33%), Staples (SPLS) (-4.86%), and Mylan (MYL) (-2.81%).

Nasdaq Composite (Figure 3)

TUESDAY’S OUTLOOK

Premarket Support Provides Relief From Selling Pressures

Although the market managed to recovery slightly throughout Monday afternoon, a two-wave continuation pattern on the short side took place on the 5 minute time frame that triggered around 21:00 ET. This selloff returned the index futures to Monday’s intraday lows, but the pace of the selling was substantially slower than Monday morning’s sharp descent. This shift in momentum also corresponds to another test of the daily moving average support levels and offers a chance for further recovery intraday on Tuesday. Overall, however, we should expect more of a daytrading environment than one with a strong upswing on the daily time frame over the next several days.

Focus Shifts to Employment

A key area to watch for this week will be the latest employment data. Friday’s nonfarm payrolls will soon be on everyone’s minds. This data has been disappointing lately, particularly in June when nonfarm job growth amounted to a mere 18,000 jobs. This is substantially less than is needed to even keep up with population growth and the number of new workers entering the job market every day. Few are expecting the numbers to be strong in July either, but economists are looking for an increase of about 85,000 with the unemployment rate remaining steady at 9.2%.

After some internet delays we’re also now up and online and I have to admit that while it was nice to have a few days to settle in, I missed keeping caught up in the market, especially with all the excitement of the past several weeks! Today’s column is going to be a bit on the short side compared to normal, but I’ll be back tomorrow with a full-length review and market outlook, which I’ll be posting daily once again until our son arrives. I’ve had a lot of email questions on upcoming plans, so I’ll be taking three weeks off when that happens and will be resuming my swing and position trading newsletter in October. I greatly appreciate all the wonderful emails of support over the past couple of months and want to thank all of you for putting a smile on my face during this hectic time!

Dow Jones Industrial Average (Figure 1)

Debt Deal Brings Relief After Months of Debate and Deal-Brokering

Now, speaking of excitements, the market itself has had a lot going on in recent weeks as well! Earnings season is now fully under way. This alone can create a lot of great opportunities. Additionally, the debate on the U.S. debt ceiling had been steadily escalating throughout July as the August 2nd “deadline” approached. On Sunday, President Obama announced that a bipartisan deal had been brokered, which sent index futures sharply higher on Sunday evening.

The market had fallen sharply last week, however, and very few investors are likely to view this as a substantial saving grace. Instead, it’s obvious that the road to economic recovery in this nation will be a long one and that raising the debt ceiling only emphasizes the problems we face on that road as opposed to solves them. In fact, despite Obama’s announcement, the deal must still win the approval of the House and Senate. Gold, which had hit new record high on Friday, fell on the news.

S&P 500 (Figure 2)

Index Results

The Dow Jones Industrial Average ($DJI) ended the day on Friday with a loss of 96.87 points, or 0.79%, and closed at 12,143.24. IBM (IBM) was the only component of the Dow that managed to post a gain on Friday, albeit barely (+0.03%)! The top decliners were Hewlett-Packard (HPQ) (-2.93%), Merck (MRK) (-2.29%), Exxon Mobil (XOM) (-2.05%), and Disney (DIS) (-1.98%). The Dow ended the week lower by 4.24%.

The S&P 500 ($SPX) loss of 8.39 points, or 0.64%, and closed at 1,292.28. The top percentage gainers in the S&P 500 on Friday were Expedia Inc. (EXPE) (+9.31%), Newell Rubbermaid (NWL) (+8.00%), Cerner Corp. (CERN) (+7.21%), and Genworth Financial (GNW) (+6.39%). The weakest were Coventry Health Care (CVH) (-7.70%), Southwestern Energy (SWN) (-6.13%), and KLA-Tencor (KLAC) (-4.53%). The index ended the week lower by 3.92%.

The Nasdaq Composite ($COMPX) ended the session lower by 9.87 points, or 0.36%, on Friday and it closed at 2,756.38. The strongest performers in the Nasdaq-100 ($NDX) were Expedia Inc. (EXPE) (+9.31%), Vertex Pharmaceuticals (VRTX) (+8.09%), Cerner Corp. (CERN) (+7.21%), and Vodaphone (VOD) (+4.66%). The weakest were KLA-Tencor (KLAC) (-4.53%), LAM Research (LRCX) (-4.11%), and BMC Software (BMC) (-3.12%). The Nasdaq Composite ($COMPX) ended the week lower by 3.58%.

Nasdaq Composite (Figure 3)

MONDAY’S OUTLOOK

Another Pain in the Side of Economic Recovery Efforts

While the debt-ceiling debate has been center stage lately, another key area to watch for this week will be the latest employment data. Friday’s nonfarm payrolls will soon be on everyone’s minds. This data has been disappointing lately, particularly in June when nonfarm job growth amounted to a mere 18,000 jobs. This is substantially less than is needed to even keep up with population growth and the number of new workers entering the job market every day. Few are expecting the numbers to be strong in July either, but economists are looking for an increase of about 85,000 with the unemployment rate remaining steady at 9.2%.

A Busy Week Ahead

In addition to the upcoming jobs report, a number of economic reports will be released this week that will keep the market lively. Earnings season also brings with it reports from over 100 of the S&P 500′s index components. Keep an eye on the latest calendars, because unexpectedly holding overnight into an oncoming earnings report can lead to some rather unpleasant surprises by morning!

U.S. Domestic:
Eastern Time Zone (GMT -5:00) (New York, Toronto)

Jul 26 9:00 AM Case-Shiller 20-city Index May
Jul 26 10:00 AM Consumer Confidence Jul
Jul 26 10:00 AM New Home Sales Jun

Jul 27 7:00 AM MBA Mortgage Purchase Index 07/23
Jul 27 8:30 AM Durable Orders Jun
Jul 27 8:30 AM Durable Orders -ex Transportation Jun
Jul 27 10:30 AM Crude Inventories 07/23
Jul 27 2:00 PM Fed’s Beige Book Jul

Jul 28 8:30 AM Continuing Claims 07/16
Jul 28 8:30 AM Initial Claims 07/23
Jul 28 10:00 AM Pending Home Sales May

International:
Eastern Time Zone (GMT -4:00) (New York, Toronto)

Jul 24 21:30 AUD Producer Price Index (2Q)

Jul 25 04:30 GBP BBA Loans for House Purchase (JUN)
Jul 25 08:30 USD Chicago Fed Nat Activity Index (JUN)
Jul 25 10:30 USD Dallas Fed Manufacturing Activity (JUL)
Jul 25 18:45 NZD Balance (YTD) (JUN)
Jul 25 18:45 NZD Trade Balance (JUN)
Jul 25 20:00 AUD Conference Board Leading Index (MAY)

Jul 26 EUR German Retail Sales (JUN)
Jul 26 GBP Nationwide House Prices n.s.a. (JUL)
Jul 26 02:00 CHF UBS Consumption Indicator (JUN)
Jul 26 04:30 GBP Gross Domestic Product (2Q A)***
Jul 26 10:00 USD Consumer Confidence (JUL)***
Jul 26 10:00 USD New Home Sales (JUN)
Jul 26 21:00 NZD NBNZ Activity Outlook (JUL)
Jul 26 21:00 NZD NBNZ Business Confidence (JUL)
Jul 26 21:30 AUD Consumer Prices Index (2Q)***
Jul 26 21:30 AUD Consumer Prices Index RBA Trimmed Mean (2Q)
Jul 26 21:30 AUD Consumer Prices Index RBA Weighted Median (2Q)
Jul 26 22:00 CNY Industrial Profits YTD (JUN)

Jul 27 USD Fed’s Beige Book
Jul 27 02:00 EUR German GfK Consumer Confidence Survey (AUG)
Jul 27 05:30 CHF KOF Swiss Leading Indicator (JUL)
Jul 27 06:00 GBP CBI Business Optimism (JUL)
Jul 27 08:30 USD Durable Goods Orders (JUN)***
Jul 27 08:30 USD Durables Ex Transportation (JUN)***
Jul 27 08:30 USD Cap Goods Orders Nondef Ex Air (JUN)
Jul 27 08:30 USD Cap Goods Ship Nondef Ex Air (JUN)
Jul 27 17:00 NZD Reserve Bank of New Zealand Rate Decision (JUL 28)***
Jul 27 19:50 JPY Large Retailers’ Sales (JUN)
Jul 27 19:50 JPY Retail Trade (JUN)

Jul 28 EUR German Consumer Price Index – EU Harmonised (JUL P)***
Jul 28 EUR German Consumer Price Index (JUL P)***
Jul 28 03:55 EUR German Unemployment Change (JUL)***
Jul 28 03:55 EUR German Unemployment Rate s.a. (JUL)
Jul 28 05:00 EUR Euro-Zone Business Climate Indicator (JUL)
Jul 28 05:00 EUR Euro-Zone Consumer Confidence (JUL F)
Jul 28 06:00 GBP CBI Reported Sales (JUL)
Jul 28 10:00 USD Pending Home Sales (JUN)
Jul 28 19:01 GBP GfK Consumer Confidence Survey (JUL)
Jul 28 19:15 JPY Nomura/JMMA Manufacturing Purchasing Manager Index (JUL)
Jul 28 19:30 JPY Household Spending (JUN)
Jul 28 19:30 JPY Jobless Rate (JUN)
Jul 28 19:30 JPY National Consumer Price Index Ex-Fresh Food (JUN)
Jul 28 19:30 JPY National Consumer Price Index Ex Food, Energy (JUN)
Jul 28 19:30 JPY National Consumer Price Index (JUN)
Jul 28 19:50 JPY Industrial Production (JUN P)
Jul 28 21:30 AUD Private Sector Credit (JUN)

Jul 29 01:00 JPY Annualized Housing Starts (JUN)
Jul 29 01:00 JPY Housing Starts (JUN)
Jul 29 04:30 GBP Mortgage Approvals (JUN)
Jul 29 04:30 GBP Net Consumer Credit (JUN)
Jul 29 04:30 GBP Net Lending Sec. on Dwellings (JUN)
Jul 29 05:00 EUR Euro-Zone Consumer Price Index Estimate (JUL)
Jul 29 08:30 CAD Gross Domestic Product (MAY)***
Jul 29 08:30 USD Gross Domestic Product (Annualized) (2Q A)***
Jul 29 08:30 USD Gross Domestic Product Price Index (2Q A)***
Jul 29 08:30 USD Core Personal Consumption Expenditure (2Q A)
Jul 29 08:30 USD Personal Consumption (2Q A)
Jul 29 09:45 USD Chicago Purchasing Manager (JUL)
Jul 29 09:55 USD U. of Michigan Confidence (JUL F)

*** Highly influential

Notice: The Bastiat Group, Inc. has attempted to verify the information contained in this calendar, however, any aspect of such info may change without notice. Foreign economic reports included in this list are only those deemed “medium to high impact”.

“Key Confirmed Earnings Announcements This Week”

Monday, July 25, 2011
Before: ASTE, AVX, BHI, BOH, BMRC, BEAV, CALM, CAJ, CHFC, CSR, CNH, ETN, HCA, KMB, LKFN, LO, PCH, RSH, ROP, RPM, STBA, SREV, BSRR, SILC, SLAB, SIX, UBSI
During: -
After: AAN, AEIS, ADVS, ADPI, APC, ACGL, AEC, BIDU, BXS, BCDS, BBND, BRCM, CNI, CSBC, CTGX, CR, CTS, DRH, FNB, FNF, FDEF, FIBK, FLML, FTI, HSTM, HTLF, HLX, HXL, ININ, JJSF, JEC, KRC, LPS, MAS, MBTF, MBVT, MSPD, NFLX, NUVA, OMI, PCL, PLXT, PBNY, QGEN, RRC, RGA, RCII, SANM, SOA, SONO, STM, TXN, UCTT, UIS, USTR, VECO, VLTR, WASH, WPP, WIBC, WWD, WRB

Tuesday, July 26, 2011
Before: MMM, ACIW, ACPW, AKS, ALVR, AME, AMLN, ANAD, AXE, ARMH, AVY, BGS, BIIB, BP, CPLA, CCBG, CSL, CNC, CRDN, CEVA, GIB, CIT, COV, CMI, CYNO, DHX, DORM, DSPG, EK, FBMI, FMER, F, GSBC, GPI, HSII, HSY, HBCP, ITW, IMN, IVZ, JBLU, JRN, KCI, LCAV, LII, LXK, LRY, LMT, LL, MSO, MUSA, NOV, NEOG, OXY, ODP, OCR, PCAR, PCX, PNR, PEBO, PVTB, RDWR, RF, SRLS, SIAL, SPG, SAH, SPAR, SVU, TROW, XRS, TLAB, UBS, UA, UFCS, UPS, X, VLO, VDSI, GRA, WAB, WDR, WAT, WSO, WPI, WFT, WU
During: GSK, NARA
After: AKR, AMAG, AMZN, ACC, AJG, BALT, BHLB, BPFH, BWLD, CHRW, CBT, CAP, ELY, CHTP, CHE, CVGI, CBU, BVN, DFG, DWA, DST, EHTH, ESIO, ERTS, ENH, EXAR, FISV, FBC, FFIC, FORM, GNK, GILD, OMAB, HTS, HA, HTCH, IBKC, ILMN, IPHI, IRBT, ITI, JDAS, JLL, JNPR, KEYN, KIM, KONA, LNDC, LVS, LLTC, MSFG, MTW, NBR, NSC, PNRA, PMTC, PVSW, PPDI, QEP, QCOR, RPT, RNR, RFMD, RCKY, RUSHA, RUSHB, SLG, SCKT, SUPX, TPX, TSS, TRN, TRMK, ULTI, USNA, VICR, VOCS, WBSN, WSBC, ZIXI

Wednesday, July 27, 2011
Before: ABD, ACE, AET, ATI, AHGP, ARLP, MT, ARW, ABG, AUDC, AN, BMS, BA, BYD, CCMP, CP, CBZ, CETV, CPF, GTLS, CIE, COP, GLW, CFR, DAL, DBD, DRAD, DOW, DPS, ECL, ELN, ENR, EEFT, EXC, FBCM, FCF, FMBI, GD, GLBC, HSKA, HES, HSP, HHGP, HUVL, IACI, INOD, JNY, KEM, LM, LVLT, TVL, LAD, LPLA, LZ, MPX, MKTX, MWV, MDCO, MCO, MYL, NDAQ, NCI, NSTC, NEE, NOC, NOR, NWE, PFCB, PX, ROC, ROL, RES, R, SFE, SAIA, SAP, SLGN, SO, SCL, SSYS, TCLP, TFX, TEVA, TMO, TUP, UMBF, VMED, WLP, WTFC, WRLD, WYN, ZARLF, ZMH
During: BOKF, BTI, UVSP, WFD
After: AFFX, AFL, AEM, AKAM, ARE, EPAX, DOX, AHC, ARII, APU, AMP, ARRS, AIZ, AVB, AXTI, BMC, BDN, BVSN, COG, CMO, CLFC, CHDN, CINF, CTXS, CLF, CNQR, CNO, CMRE, CSGP, CVD, CCI, DEL, DRC, DUF, DRE, DYAX, DRCO, EGN, EFX, EQIX, EQR, RE, ESRX, DAVE, FCBC, FR, FLS, FXCB, GMR, GG, GGG, GB, GMCR, PAC, HGR, HMA, HLS, HIW, HRC, HUBG, HURN, ISSI, IDCC, IFSIA, ISH, ISIL, ITC, ITRI, JAH, KALU, KEX, KNX, LRCX, LNET, LOGI, LOGM, LOOP, LSI, MHLD, MANT, MERU, MBLX, MX, MSL, MRH, MORN, MUR, NATI, NWK, NSR, ORLY, OII, OSBC, TIS, OI, PDLI, PVR, PZN, QTM, STR, RA, RNOW, RBNF, RYL, SEE, SIGI, SCI, SFLY, SJW, CODE, SPTN, SFN, SPF, STNR, SRCL, STSA, RGR, SPN, SPRT, SUSQ, SYMC, SYA, TAL, TER, TMK, TRH, TQNT, TBI, TYL, UGI, UHS, UTI, VR, VAR, V, WLL, WFM

Thursday, July 28, 2011
Before: AGCO, ARG, AIXG, ALU, ASPS, ABC, ART, ASH, AZN, ADP, AVP, BLL, ABX, BELFA, BDC, BHE, BGCP, BWA, BSX, BMY, BC, BBW, BG, CAB, CRR, CRS, CDI, CELG, CWEI, CLW, CKSW, CME, CMS, CCE, CL, CLP, CNMD, CNX, CAM, CPO, OFC, CRAI, CRY, DHI, DAN, DLX, XRAY, DEXO, DLR, D, UFS, DTE, DD, EXP, ELNX, EME, EFSC, EQT, EVR, XOM, FDML, FAF, FORR, GMT, GOLF, GTI, GHM, GPK, HSC, HHS, HERO, HFWA, HYGS, IMAX, INCY, IART, IP, ICGE, IPG, IVC, SNAK, IRM, KBR, K, KMT, KYO, LLL, LAZ, LBY, LIFE, LINE, LKQX, LNBB, MHO, MAC, CLI, MF, HZO, MNI, MHP, MJN, MDP, MEA, MSA, MOD, MGI, MSI, LABL, BABY, NEI, NIHD, NBL, NXPI, ODFL, ORI, ONFC, OSK, PACR, PMTI, PSTB, PTEN, PEI, POT, POZN, PCP, PLD, PSSI, PHM, QSII, RYN, RTN, O, RS, REV, RIMG, ROK, DDD, SQNS, SHPGY, SPNC, S, SRT, SFI, HOT, STEL, STC, STRA, SUI, SURW, SNV, TLM, TDY, TNC, TNCC, BCO, GT, TWC, TKR, TWI, TAC, TRI, TRS, TNP, TYC, UFI, VCI, VLY, WBC, WM, WMAR, WST, WEST, WEC, XEL
During: ICA, E, FRME
After: ACOM, AMCC, ARBA, AACC, BMRN, CELL, BMTC, CDNS, CPT, CERN, CERS, CRBCD, CDXS, CSTR, COLM, CYH, CMP, CPSI, CTCT, CRAY, CW, CYBE, CYTK, DWCH, DDIC, PROJ, DDR, DRIV, DCOM, DOLE, DNB, EMN, EDAC, ECHO, ERJ, EEQ, EEP, EPIQ, EVBN, EXPE, EXR, FALC, FII, FFCH, GPRO, GNW, GIGA, GBCI, GCAP, GDOT, GSIT, GIFI, HTBK, HEOP, IKAN, IM, INSU, INAP, INPH, ISBC, IPCM, ISTA, JAZZ, KEG, KTEC, KLAC, KOPN, LEG, LMAT, MXIM, MXL, MXWL, MCK, MET, MTD, MSCC, MTX, MMI, NANO, NTGR, NETL, N, NR, NST, NTRI, OCLR, OFIX, PRAA, PWER, QLIK, QLGC, RSYS, RNWK, RSG, SCIL, SBCF, SIMO, SSD, SWN, SPAN, SPSC, STMP, SBUX, SYNA, TNE, TSYS, TNAV, WRLS, TSRA, EDE, THRX, TORM, TRID, TGI, TRLG, UACL, VSEA, WOOF, VRSN, VRTX, VPRT, VSI, WBCO, WRE, WMGI

Friday, July 29, 2011
Before: ALE, AB, AXL, AEP, AGP, AFSI, AON, AIV, ACI, B, CPN, CSE, CVX, COBR, CFX, CGV, CVH, DGICA, EGO, ELT, EBTX, HP, HMSY, ITT, KDN, KBW, KVHI, LPNT, LPX, MGLN, MTRN, MRK, MTH, TYPE, NWL, NEM, NS, NSH, OB, OPY, PPC, PROV, PFS, RAS, SCBT, TEN, VVI, WTBA, WCBO, WY
During: CHG
After: AMGN, CLBH, WPCS

U.S. Domestic:
Eastern Time Zone (GMT -5:00) (New York, Toronto)

Jul 18 9:00 AM Net Long-Term TIC Flows May
Jul 18 10:00 AM NAHB Housing Market Index Jul

Jul 19 8:30 AM Housing Starts Jun
Jul 19 8:30 AM Building Permits Jun

Jul 20 7:00 AM MBA Mortgage Purchase Index 07/16
Jul 20 10:00 AM Existing Home Sales Jun
Jul 20 10:30 AM Crude Inventories 07/16

Jul 21 8:30 AM Initial Claims 07/16
Jul 21 8:30 AM Continuing Claims 07/9
Jul 21 10:00 AM Philadelphia Fed Jul
Jul 21 10:00 AM Leading Indicators Jun
Jul 21 10:00 AM FHFA Housing Price Index May

International:
Eastern Time Zone (GMT -4:00) (New York, Toronto)

Jun 17 18:45 NZD Consumer Prices Index (2Q)
Jun 17 19:01 GBP Rightmove House Prices (JUL)

Jun 18 09:00 USD Net Long-term TIC Flows (MAY)
Jun 18 21:30 AUD Reserve Bank’s Board July Minutes***

Jun 19 05:00 EUR German ZEW Survey (Economic Sentiment) (JUL)***
Jun 19 05:00 EUR Euro-Zone Construction Output s.a. (MAY)
Jun 19 05:00 EUR Euro-Zone ZEW Survey (Economic Sentiment) (JUL)
Jun 19 05:00 EUR German ZEW Survey (Current Situation) (JUL)
Jun 19 08:30 CAD Leading Indicators (JUN)
Jun 19 08:30 USD Building Permits (JUN)
Jun 19 08:30 USD Housing Starts (JUN)
Jun 19 09:00 CAD Bank of Canada Rate Decision (JUL 19)***
Jun 19 21:00 AUD Consumer Inflation Expectation (JUL)

Jun 20 01:00 JPY Leading Index (MAY F)
Jun 20 02:00 EUR German Producer Prices (JUN)
Jun 20 04:30 GBP Bank of England Minutes ***
Jun 20 10:00 EUR Euro-Zone Consumer Confidence (JUL A)
Jun 20 10:00 USD Existing Home Sales (JUN)
Jun 20 10:30 CAD Monetary Policy Report***
Jun 20 19:01 GBP UK Nationwide Consumer Confidence
Jun 20 19:50 JPY Merchandise Trade Balance Total (JUN)
Jun 20 23:00 NZD Credit Card Spending (JUN)

Jun 21 00:30 JPY All Industry Activity Index (MAY)
Jun 21 02:00 CHF Trade Balance (JUN)
Jun 21 03:30 EUR German Purchasing Managers’ Index Manufacturing (JUL A) ***
Jun 21 04:00 EUR Eurozone Purchasing Managers’ Index Manufacturing (JUL A)
Jun 21 04:30 GBP PSNB ex Interventions (JUN)
Jun 21 04:30 GBP Public Finances (PSNCR) (JUN)
Jun 21 04:30 GBP Public Sector Net Borrowing (JUN)
Jun 21 04:30 GBP Retail Sales (JUN)
Jun 21 04:30 GBP Retail Sales w/Auto Fuel (JUN)
Jun 21 05:00 CHF ZEW Survey (Expectations) (JUL)
Jun 21 10:00 USD House Price Index (JUL)
Jun 21 10:00 USD Leading Indicators (JUL)
Jun 21 10:00 USD Philadelphia Fed. (JUL)

Jun 22 04:00 EUR German IFO – Business Climate (JUL)
Jun 22 04:00 EUR German IFO – Current Assessment (JUL)
Jun 22 04:00 EUR German IFO – Expectations (JUL)
Jun 22 05:00 EUR Euro-Zone Industrial New Orders (MAY)
Jun 22 07:00 CAD Bank Canada Consumer Price Index Core (JUN)***
Jun 22 07:00 CAD Consumer Price Index (JUN)***
Jun 22 07:00 CAD Bank Canada Consumer Price Index Core (JUN)
Jun 22 07:00 CAD Consumer Price Index (JUN)
Jun 22 08:30 CAD Retail Sales Less Autos (MAY)

*** Highly influential

Notice: The Bastiat Group, Inc. has attempted to verify the information contained in this calendar, however, any aspect of such info may change without notice. Foreign economic reports included in this list are only those deemed “medium to high impact”.

“Key Confirmed Earnings Announcements This Week”

Monday, July 18, 2011
Before: SCHW, CHKP, GCI, HAL, HAS, MTG, EDU
During: STBC
After: BRO, ELS, ICUI, LNCR, MOS, PKG, PRK, STLD, WYNN, ZION

Tuesday, July 19, 2011
Before: AOS, ASRV, BAC, BK, KO, CMA, FRX, GS, HOG, JNJ, KEY, KNL, MBWM, NVS, BTU, PII, SWK, STT, SBIB, AMTD, UNH, GWW, WFC
During: WABC
After: AEHR, ALTR, AAPL, ATR, BANF, CMG, CCK, CSX, FIS, FTNT, FULT, INFN, ISRG, MANH, MRTN, PNFP, PTP, RNST, RVBD, SYK, TCO, TESS, URI, VMW, WCN, WIT, YHOO

Wednesday, July 20, 2011
Before: ABT, MO, APH, ATMI, BLK, KOF, RDY, EMC, FCFS, FRC, HBI, HST, IPT, JAKK, JCI, KCG, LUFK, NGNM, NTRS, PJC, PNC, BPOP, DGX, SYBT, STJ, TXT, TEL, USB, UTX, VCBI
During: -
After: EGHT, ATX, ADS, AXP, AF, BMI, BANR, CA, CATY, CVCY, CAKE, COHU, CLB, CVA, CVBF, DTLK, ETFC, EGBN, EWBC, EBAY, EXPO, FFIV, FWRD, FSL, HNI, IEX, KMR, LHO, MATW, MLNX, MFI, MKSI, NFX, NE, PCBK, PLXS, PFBCD, QCOM, RMTR, RJF, RLI, SABA, STX, SCSS, SLM, STLY, TCBI, TSCO, WERN, WSTL, WHG, XLNX, ZHNE

Thursday, July 21, 2011
Before: ABB, ALK, ALXN, ARB, T, ALV, BLX, TBBK, BARI, BAX, BBT, BX, CSH, CE, CRUS, CBE, CRRC, CY, CYS, DHR, DO, LLY, ECA, ENTG, FITB, FNFG, FCX, GNTX, GR, ASR, HAFC, HOMB, HBAN, IR, IIIN, ESI, JNS, LH, LSTR, LTM, LECO, MAN, MHS, METR, MNRO, MYE, NTCT, NYB, NYT, NOK, NUE, PENN, PAG, PEP, PM, POOL, PPG, SWY, SHW, SFNC, SNA, SON, TCB, ERIC, YIN, TNB, TRV, TZOO, TRIB, UTEK, UMPQ, UNP, LCC, USAK, VFC, WCC, WHR
During: BKBK, GLDC, SASR
After: ACTG, APKT, AMD, ALB, AFOP, AMSG, ASBC, ATHN, AVID, BAS, BJRI, BLDR, BCR, CALX, CPHD, CBI, CB, CYN, CPWR, CYMI, CYT, DGII, EGP, EDR, EW, EZPW, FFIN, FLEX, GDI, GRT, GPN, GLF, HBHC, HWAY, HITT, HGSI, INFA, IBKR, IGT, XXIA, KSU, BOOT, LSCC, MBFI, MMSI, MCRL, MSFT, MOH, NCR, OCFC, OLN, PBCT, PXLW, PMCS, PLCM, PGI, RLRN, RT, SNDK, SWKS, SFG, VTNC, WDC

Friday, July 22, 2011
Before: APD, CAT, CX, CMCO, CPX, DOV, FLIR, FMX, GE, HON, IDXX, MOSY, OFG, PDS, PRSP, RAI, COL, SLB, SXT, STI, UBNK, USG, VZ, XRX
During: EVBS
After: MCBI