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A Look Ahead: Next Week's Market-Moving Events

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Although headline risks from Europe and the US fiscal cliff remain high, stronger US GDP data, home sales, and consumer confidence are providing significant support.

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MINYANVILLE ORIGINAL In spite of starting on the downside, markets managed to eke out gains this week, with the S&P 500 (INDEXSP:.INX) gaining a fraction of a percent, behind last week's strong gains. Although headline risks from Europe and the US fiscal cliff remain high, stronger US GDP data, home sales, and consumer confidence are providing significant support.

As of Friday, 206 stocks within the S&P 500 have positive momentum (up from 48 three weeks ago), while 28 have negative momentum.

Next week at a glance:
  • Monday: ISM manufacturing data and construction spending should provide further evidence of a strengthening US economy.
  • Tuesday: Motor vehicle sales are set to be released.
  • Wednesday: The ADP employment report, factory orders, and ISM non-manufacturing reports are all on tap. Today will also be an active international data day, as economic news from Europe and China are on tap. There is a significant possibility of added volatility today.
  • Thursday: Jobless claims figures will be released, and so will some earnings reports. Smith & Wesson (NASDAQ:SWHC) could have a good day; early reports show that guns and ammunition are flying off the shelves.
  • Friday: The retail sales report should overshadow the employment report. It's not been an easy road for retailers so far. Of the 28 stocks that have negative momentum within the S&P 500, eight are retail stocks, which is the largest percentage share.
The Trade: Take the opportunity to sell weaker names in your portfolio on strong rally names, and rotate into stronger names on weakness. Economic and earnings fundamentals should provide some support and ultimately allow stocks to move higher.

Follow Oliver Pursche on Twitter: @opursche.
No positions in stocks mentioned.
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