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Next Week's Market-Moving Events: The Housing Market Index Will Likely Set the Tone

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Nordstrom will reports earnings, providing some additional insight into the higher end retail market.

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As of Friday, 304 stocks within the S&P 500 (INDEXSP:.INX) had positive momentum, while only 24 had negative momentum. So far, just over 70% of the S&P 500 constituents have reported earnings; out of these companies, 70% have exceeded EPS forecasts and 65% have beaten revenue expectations. The S&P essentially ended flat for the week, while the Rydex S&P Equal Weight ETF (NYSEARCA:RSP) managed to outperform by a few basis points.

The Trade:

Although the VIX (^VIX) is trading near record lows, longer dated protection (put prices) has become expensive. Moreover, call premiums continue to shrink. As such, increasing your cash position is the least expensive way to hedge at this time.

The Week Ahead:
  • Monday: Seven companies didn't get the memo that markets are closed and are reporting earnings today, including Express Scripts (NASDAQ:ESRX) and Health South.
  • Tuesday: Housing Market Index data will be released at 10:00 a.m. ET, likely setting the tone for the market. Marriott International (NYSE:MAR), and Northeast Utilities (NYSE:NU) will report earnings.
  • Wednesday: Housing starts and producer price data are released at 8:30 a.m. ET. The maker of Sam Adams beer, Boston Beer Co (NYSE:SAM), and luxury home builder Toll Brothers (NYSE:TOL) will report earnings.
  • Thursday: Consumer prices and jobless claims are reported at 8:30 a.m. ET, and existing home sales data will be reported at 10:00 a.m. ET. Nordstrom (NYSE:JWN) reports earnings, providing some additional insight into the higher end retail market.
  • Friday: No major reports or earnings are set to be released.
Follow Oliver Pursche on Twitter: @opursche.
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