DJIA 13,668.11 +160.83 NASDAQ 2,613.92 +56.73 S&P500 1,536.34 +20.61
Looking Ahead
The Week Ahead
With first quarter earnings season behind us, there are a limited number of companies scheduled to report their results in the coming week. Some of the more notable names that will include Krispy Kreme (KKD), Guess (GES), National Semiconductor (NSM), ADC Telecommunications (ADCT), and Vail Resorts (MTN).
On the economic front, the commonly overlooked Factory Orders report will be released on Monday, while the ISM Services report will hit the wires on Tuesday. Weekly Initial Claims and Wholesale Inventories will be out on Thursday while the April Trade Balance report rounds out the calendar on Friday.
Added background on the reports can be found on our Economic Calendar page.
Below is a list of some of the more noteworthy items that the market will be processing in the coming week:
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Monday, June 4:
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Earnings: Krispy Kreme (KKD), Bob Evans (BOBE), Credence Systems (CMOS)
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Economic Data: Factory Orders
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Events: Pfizer (PFE) Analyst Meeting
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Conferences: Deutsche Bank Securities Media & Telecommunications Conference; Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference
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Fed Speakers: None
Tuesday, June 5:
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Earnings: Jos. A. Bank Clothiers (JOSB), Cooper Companies (COO), FuelCell Energy (FCEL), Guess? (GES)
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Economic Data: ISM Services
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Events: CNC Annual Investor Day Meeting; GSIG Analyst Meeting; JCI Building Efficiency Analyst Day; VRSN Analyst Day 2007
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Conferences: American Society of Clinical Oncology Conference Call; Deutsche Bank Securities Media & Telecommunications Conference; Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference; NAREIT's Investor Forum; RBC Capital Markets 2007 Energy Conference
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Fed Speakers: Fed Chairman Ben Bernake, along with Bank of Japan Governor Toshihiko Fukui and President of the European Central Bank Jean-Claude Trichet, speak at International Monetary Conference in South Africa; Fed's Warsh speaks in London on financial markets; Treasury Secretary Paulson speaks on U.S.-China economic relations
Wednesday, June 6:
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Earnings: ADC Telecommunications (ADCT), Shuffle Master (SHFL)
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Economic Data: Q1 Productivity Revision
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Events: G8 Meeting, BOE Policy Meeting, NYX Euronext Analyst Day, NCS to Host Investor Day,
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Conferences: Lehman Brothers 2007 Global Services Conference; NAREIT's Investor Forum; Piper Jaffray 27th Annual Consumer Conference
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Fed Speakers: Fed's Lacker talks on the economy in Maryland; Fed's Hoenig speaks about policy and economy in Wyoming; Fed's Pianalto speaks at Bundesbank conference on policy
Thursday, June 7:
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Earnings: Smithfield Foods (SFD), National Semiconductor (NSM), Quicksilver (ZQK), UTI Worldwide (UTIW), DSW (DSW)
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Economic Data: Initial Claims, Wholesale Inventories, Consumer Credit
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Events: G8 Meeting, BOE Policy Decision, PLXS F07 Analyst Meeting; IM Investor and Analyst Day
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Conferences: CIBC World Markets Alternative Energy 1-on-1 Conference; Citigroup Power, Gas and Utilities Conference; Lehman Brothers 2007 Global Services Conference; Piper Jaffray 27th Annual Consumer Conference
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Fed Speakers: None
Friday, June 8:
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Earnings: Vail Resorts (MTN)
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Economic Data: Trade Balance
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Events: G8 Meeting, WTM Analyst Meeting
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Conferences: Citigroup Power, Gas and Utilities Conference; Sandler O'Neil & Partners eBrokerage and Global Exchange Conference
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Fed Speakers: None
--Richard Jahnke, Briefing.com
_____________________________________________________________ok. This week's prettty light compared to last. The only unpredictable even is on tuesday when uncle Ben opens his mouth again. That's when we have to be on the cautious side abit. Other than that, the rest of the week looks good for a momentum entry.
Dow Jones Industrial Index 13,668.11 +160.83
As predicted, the Dow went up this past week and hits a 161.8% XOP and an all-time closing high. As the number of coloured lines on my charts increases, the Dow is going into a new uptrend. We will have to wait for a correction to know where it's heading. I guess there might be some consolidations early this week to digest some gains last week. It could come back to the 161.8% level. Nevertheless, I would be conservative and say it would be a flat week.Direction for week 5/28 - 6/01: FLAT
NASDAQ Composite Index 2,613.92 +56.73
On the week candles, it would not seem obvious but on the day candles, the Nasdaq has broke out of a consolidation for the month of May. BTW, May was an up month! This coming week would be an uptrending week.Direction for week 5/28 - 6/01: Flat
S&P500 Index 1,536.34 +20.61
Also the same type of pattern. S&P seems to be returning to its uptrend post-27 Feb. Closed exactly on a 161.8% target. Looks good for some upside.
Direction for week 5/28 - 6/01: UP
The Fear Gauges
the $VIX...
A bearish engulfing at the end of a consolidation. Although this pattern signifies nothing, it may be a preview of a rickshawman at the end of a consolidation. Technically, rickshawmen are neither bearish or bullish, so the only place it could appear is at the bottom, and that would mean a break out into higher grounds.
...and the $VXN
A DARK CLOUD! PREPARE TO GO UP!!!
This week will see modest upsides for all 3 indexes. Down jones and Nasdaq are too high while S&P is comfortably sitting within an uptrend S&R. High as in support and resistance levels. Of course, all 3 of them are in record highs. And May was an up month. This is either a very good year or a preview to the worse things that could come. Whatever it is, it doesn't matter, as long as we do not lose money!
Market Direction for week 5/28 - 6/01: Flat
Directional Correctness:
3/4 (75%)
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