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Trading Radar: 'Twas the Week Before Christmas and All Through the Market...

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Economics, earnings reports, and market events for the week ahead.

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The S&P 500 (INDEXSP:.INX) and Dow Jones Industrial (INDEXDJX:.DJI) continued to find new highs again in this past week. Given the holiday schedule between today and year end, it is unlikely we will see any significant movement in the major indices.

US markets will close early next Tuesday, Christmas Eve, and will be closed on Wednesday for Christmas Day. Most global markets are closed throughout the week for their respective national holidays. As such, there will be few economic releases during the coming week.

November personal income and spending will be released on Monday morning. Economists are expecting strong 0.5% gains in both sets of data. Personal spending is currently growing at a year-over-year rate of 2.8%, nearly the slowest rate of growth in the past four years.

On next Tuesday, the US will release durable goods orders from November. Economists are expecting a 2.0% monthly gain in the headline figure -- 0.7% not including large airplane orders. We may see an end to the streak of gains in capital goods orders over the last 18 months, which would put industrials and transportation stocks in danger.

Overnight on Thursday, Japan will release industrial production, retail sales, CPI, and its employment data for November. Those reports will be the only of note for the week.

There will be no earnings reports in the US next week.

Monday, December 23

US Economics (Time Zone: EST)

08:30 Chicago Fed National Activity Index (Nov) - prior -0.18
08:30 Personal Income (Nov) - expected 0.5%, prior -0.1%
08:30 Personal Spending - exp 0.5%, prior 0.3%
08:30 PCE Deflator YoY - exp 0.9%, prior 0.7%
08:30 PCE Core YoY - exp 1.2%, prior 1.1%
09:55 University of Michigan Consumer Confidence (final estimate Dec) - exp 83.0, prior 82.5
11:00 Fed buying $1.25b-$1.75b bonds in 23 to 30-year range
11:30 Treasury selling $32b 3-month, $27b 6-month bills
13:00 Treasury selling $20b 4-week bills

Global Economics (Time Zone: GMT)

13:30 CAD GDP
14:00 Draghi speaks in Brussels

Earnings

No reports scheduled

Tuesday, December 24

US Economics (Time Zone: EST)

07:00 MBA Mortgage Applications
08:30 Durable Goods Orders (Nov) - expected 2.0%, prior -2.0%
08:30 Durable Goods ex Transports - exp 0.7%, prior -0.1%
08:30 Cap Goods Orders - exp 1.0%, prior -1.2%
08:30 Cap Good Shipments - prior -0.2%
09:00 Home Price Index Mom (Oct) - exp 0.5%, prior 0.3%
10:00 New Home Sales (Nov) - exp 440K, prior 444K
10:00 Richmond Fed - exp 10, prior 13

US markets close at 1pm for Christmas holiday

Global Economics (Time Zone: GMT)

05:00 JPY Monthly Economic Report (December)
09:30 GBP BBA Home Loans

Earnings

No reports scheduled

Wednesday, December 25

US Economics (Time Zone: EST)

US markets closed for Christmas Day holiday

Global Economics (Time Zone: GMT)

No reports scheduled

Earnings

No reports scheduled

Thursday, December 26

US Economics (Time Zone: EST)

08:30 Initial Jobless Claims – expected 349K, prior 379K
08:30 Continuing Claims – exp 2763K, prior 2884K

Global Economics (Time Zone: GMT)

JPY Nomura/JMMA Manufacturing PMI
05:00 JPY Small Business Confidence
05:00 JPY Housing Starts

Earnings

No reports scheduled

Friday, December 27

US Economics (Time Zone: EST)

No major reports scheduled

Global Economics (Time Zone: GMT)

JPY CPI
JPY Jobless Rate
JPY Industrial Production
JPY Retail Sales
JPY Japanese Investors Purchases of Foreign Bonds/Stocks
01:30 CNY Industrial Profits YTD

Earnings

No reports scheduled

Twitter: @MichaelSedacca

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No positions in stocks mentioned.

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