Jan13: 8:30am -- Export Prices ex-ag. for Dec -- Import Prices ex-oil for Dec
Jan14: 8:30am -- Core PPI for Dec -- PPI for Dec -- Trade Balance for Nov
Jan14: 2:00pm -- Beige Book
Jan15: 8:30am -- Core CPI for Dec -- CPI for Dec -- Initial Claims 01/09 -- NY Empire State Index for Jan -- Retail Sales for Dec -- Retail Sales ex-auto for Dec
Jan15: 12:00pm -- Philadelphia Fed. for Jan
Jan15: 3:00pm -- Treasury Budget for Dec
Jan16: 8:30am -- Business Inventories for Nov
Jan16: 9:15am -- Capacity Utilization for Dec -- Industrial Production for
1. It is hard to at present to determine what is driving the market up. It is reacting to news in a bullish way irrespective of BEARISH or BULLISH news content.
2. There are some problems in interpretation for the momentum of this move up is high. However it is coming up on low volume and that is a negative aspect. However the momentum may be a bit too high for an ending fifth wave.
3. The structure at present is excellent again for a completion. However, it would require the DOW and the S&P to start to move down from open.
4. The position should clear itself by the end of today’s trading. A strong up move here today would destroy the TERMINAL in the making.
Investors will turn their focus to the flood of earnings data next week in a week that's light on economic data.
Among the companies scheduled to report in the week ahead are Dow components 3M (NYSE: MMM) and IBM (NYSE: IBM) on Monday; Ford (NYSE: F) and McDonald's (NYSE: MCD) on Tuesday; troubled carrier Delta Airlines (NYSE: DAL) and internet giant EBay (NASDAQ: EBAY) on Wednesday. On Thursday, Eli Lilly (NYSE: LLY), Merck (NYSE: MRK) and Schering Plough (NYSE: SGP) will be reporting.
The consumer price index is out on Tuesday, and many economists expect that the data will show surging oil prices have not yet contributed to a climb in inflation.
After the bell, Amgen (NASDAQ: AMGN) said a U.S. District Court ruled in its favor in a patent wrangle with Transkaryotic Therapies (NASDAQ: TKTX) and Aventis (NYSE: AVE) over Amgen's erythropoietin products.
Canadian investors will be watching for another Bank of Canada interest rate hike on Tuesday. A 25-basis point increase would bring the Bank's key overnight rate to 2.5%, and support further strength in the Canadian dollar because of the rate gap.
Canadian companies slated to report earnings include Cogeco Cable (TSX: T.CCA.SV) and its parent Cogeco Inc (TSX: T.CGO.SV) on Monday. On Wednesday, Zarlink Semiconductor (TSX: T.ZL), Husky Energy (TSX: T.HSE), and Goldcorp (TSX: T.G) will report. TransAlta (TSX: T.TA) and Celestica (TSX: T.CLS) report on Thursday; and Falconbridge (TSX: T.FL) will announce its third quarter results on Friday.
U.S. stock markets recovered from Thursday's steep slide, as investors cheered a report showing retail strength. Indices reacted positively to a speech by Alan Greenspan in which the Federal Reserve Chairman said that high oil prices had would not impair growth as significantly as the oil shocks of the 1970s. However, the Fed Chairman did say that energy price increases had likely knocked three-quarters of a percent from GDP this year.
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