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Trading Radar: Is the Housing Bottom In?

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

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Next week there is a slew of economic data supporting the prices of and demand for the housing market. Improved demand in the housing market will be essential for the economy to continue into a self-sustained recovery. Economists expect housing market sales to have reached the highest level since May of 2010, spurred by record low mortgage rates.

To finally close the book on the bond swap issues that have been brewing in Greece, credit default swaps will be auctioned off in order for bondholders to recover losses they were forced to take in the private debt swap. Analysts expect the swaps to enable private investors to recover 77%-78% of the losses they were forced into taking. The week ahead looks to be on the quiet side in terms of economic events.

Key earnings reports include Jefferies (JEF), Lululemon (LULU), Nike (NKE), FedEx (FDX), and General Mills (GIS).


Monday, March 19

US Economics
10:00 NAHB Housing Market Index – consensus 30
11:00 Fed to buy $4.5b-$5.25b notes in 8 to 10-year range
11:30 U.S. to sell $33b 3-month, $31b in 6-month bills

Global Economics
23:00 AUD Conference Board Leading Index
10:00 France to sell up to €1.6b 350-day, €1.8b 168-day, €4b 91-day bills

Earnings
Before: KH, IOC
After: ADBE, FMCN, GMAN


Tuesday, March 20

US Economics
08:30 Housing Starts – consensus 700K
08:30 Building Permits – consensus 686K
11:00 Fed to purchase $1.75b-$2.25b notes in 25 to 30-year range
11:30 U.S. to sell 4-week bills

Global Economics
00:30 AUD Reserve Bank Board March Minutes
07:00 EUR German Producer Prices
08:15 CHF Industrial Production
09:30 GBP Consumer Price Index
21:45 NZD Current Account Balance
5:30 Spain to sell 357-day, 518-day bills
6:00 Greece to sell €1b 91-day bills

Earnings
Before: XNY, DSW, ENER, JASO, JEF, PNCL, HEAT, TIF
After: AIR, CTAS, FSII, HWD, JBL, KKD, OMN, ORCL, SAI, TAOM


Wednesday, March 21

US Economics
07:00 MBA Mortgage Purchase Index
10:00 Existing Home Sales – consensus 4.60M
11:00 Fed to purchase $3.5b-$4.25b notes in 6 to 8-year range

Global Economics
02:00 NZD Credit Card Spending
09:30 GBP BoE Minutes
12:30 CAD Leading Indicators
21:45 NZD GDP
6:30 Portugal to sell 119-day, 364-day bills
6:30 Germany to sell add'l €5b 2-yr notes
7:00 Germany to sell €2b I/L 2023 bonds

Earnings
Before: ATU, DQ, FRED, GIS
After: CLC, CCM, DFS, FUL, MLHR, MFRM, RENN, SCVL, SONC


Thursday, March 22

US Economics
08:30 Initial Jobless Claims – consensus 351K
08:30 Continuing Claims – consensus 3395K
10:00 Housing Price Index – consensus 0.2%
10:00 Leading Indicators – consensus 0.6%
11:00 Fed to purchase $1.75b-$2.25b in 10 to 19-year notes

Global Economics
07:00 CHF Trade Balance
08:30 EUR German PMI
09:00 EUR Euro-Zone PMI
09:30 GBP Retail Sales
10:00 EUR Euro-Zone Industrial New Orders
12:30 CAD Retail Sales
15:00 EUR Euro-Zone Consumer Confidence
5:30 Spain to sell 357-day, 518-day bills

Earnings
Before: CHOP, CAG, DG, ENG, FDX, GIII, GME, HIS, LULU, MPR, PERY, WNI, SIG, TLB, UTIW
After: ACN, CACH, CPWM, MU, NKE, SLW, SCS, WTSLA


Friday, March 23

US Economics
10:00 New Home Sales – consensus 325K
11:00 Fed to purchase $1.75b-$2.25b notes in 25 to 30-year range

Global Economics
09:00 CHF KOF Institute March Economic Forecast
11:00 CAD CPI
11:00 CAD BoC CPI

Earnings
Before: CIS, DRI, KBH


Twitter: @MichaelSedacca

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No positions in stocks mentioned.

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