2 key reports to watch this week
Friday’s low volume kept us in range for a narrow range, but green day. Also giving us a green week on the broader indexes. Crude closed down on the day $1.57 at $59.59 after Thursday’s rally to close over $61.00. The week still closed up 45 cents after the IEA lowered 2006 and 2007 growth outlook. Gold closed down $6.70 on the day to close at $630.10. Leaving a 90 cent gain on the week.
The week ahead will give retail sales to see how consumers are feeling into the holidays. Then PPI and CPI which will give a feel for inflation. Both of pieces of information will give the market reason to move and something to watch. Energy prices remaining low and not rallying will give the market some confidence as the holidays near.
Monday we need to look for early strength and very little news, unless M&A news does the Monday announcement dance to move us around. The late day Friday run was on light volume, so I’m looking for some continuation into Monday’s open then a pullback. Taking out Friday’s low would give us a deeper pullback and volume needs to be watched closely. A heavier volume pullback might signal some concerns after Thursdays high volume drop.
Some earnings for the Week of November 13 — 17: Monday pre market — CHINA, SMTC, TSN and after the close – CAKE, CMED, DKS, TOA. Tuesday pre market — A, AEOS, BJ, HD, ROST, SKS, SCHS, SPLS, TGT, TJX, WMT and after the close — ANF, ADI, GG, JBL, LZB. Wednesday pre market — COCO, MESA, TLB, TYC, and after the bell — AMAT, BEAS, HOTT, LTD, NTAP, PETM. Thursday pre market — BKS, PLCE, HP, MDTH, SHLD, TOPT, WSM, ZLC, ZOLL and after the bell — CPWM, DELL, DITC, FL, GPS, HPQ, INTU, ISLE, MRVL, MSCC, SBUX. Friday pre market — ANN, KIRK,
Economic due for the Week of November 13 — 17: Monday 14:00 Treasury Budget, Tuesday 08:30 Retail Sales, 08:30 Retail Sales ex-auto, 08:30 PPI, 08:30 Core PPI, 10:00 Business Inventories, Wednesday 08:30 NY Empire State Index, 10:30 Crude Inventories, 14:00 FOMC Minutes, Thursday 08:30 CPI, 08:30 Core CPI, 08:30 Initial Claims, 09:00 Net Foreign Purchases, 09:15 Industrial Production, 09:15 Capacity Utilization, 12:00 Philadelphia Fed, Friday 08:30 Housing Starts, 08:30 Building Permits.
ES (S&P 500 e-mini) Monday’s pivot is 1383.25, weekly pivot is 1382. Look for early strength on Monday and then a pullback. Friday’s volume and late day rally was light so this should pullback to let some folks on board. Intra day Support: 1383.25, 1380.50, 1379.25, 1376 and 1371.50. Resistance: 1386.50, 1390.50, 1393 and 1395.25.
Compx (Nasdaq composite) closed +13.71 at 2389.72. Support: 2375.45, 2350.80, 2337.83, 2328.59. Resistance: 2401.33, 2413.52, 2437.74, 2468.59.
Good luck to everyone this week.
Teresa Appleton has traded equities and options for
nine years and futures for seven. She is founder and CEO of TradeLogic, LLC. For
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