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


Bad earnings drove stocks sharply lower today; more earnings reports will drive market direction early next week.

MINYANVILLE ORIGINAL On the 25th anniversary of Black Monday, markets took their cue from history as bad earnings drove stocks sharply lower, erasing the week's gains of approximately 2%.

Next week's market-moving events:
  • Given the absence of major economic news, earnings will drive market direction early in the week. Monday's reports by Caterpillar (NYSE:CAT) and Yahoo (NASDAQ:YHOO) will kick things off, followed by a heavy reporting day on Tuesday (Facebook (NASDAQ:FB), 3M (NYSE:MMM), DuPont (NYSE:DFT), Boeing (NYSE:BA), UPS (NYSE:UPS), and Xerox (NYSE:XRX) are among widely owned stocks reporting). Moreover, 216 companies will report earnings on Thursday, including Apple (NASDAQ:AAPL).
  • Monetary policy and economic news will hit the tape on Wednesday as the FMOC concludes its monthly two-day meeting and is set to release notes at 2:15 p.m. EDT.
  • After Moody's reaffirmed Spain's debt as investment grade, and with the European Summit concluded, look for Spanish Prime Minister Rajoy to officially ask for a bailout for the country, which is a step most analysts agree would be positive for the market.
  • Friday's GDP report will be the most significant economic report of the week.
The Trade:

Since earnings season has begun, energy and telecom stocks have outperformed, while health care and discretionary names have underperformed. Earnings per share estimates for 2013 remain high, continue to take profits on any rally, and rotate into defensive names like Walgreens (NYSE:WAG), Procter & Gamble (NYSE:PG), Johnson & Johnson (NYSE:JNJ) and Murphy Oil (NYSE:MUR) – all stocks with positive technical momentum.

Follow Oliver Pursche on Twitter: @opursche.
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