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Will This Week's Earnings Take the Spotlight from Europe?

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Guidance from a number of large companies could have a considerable impact on the market

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Continued weakness in Europe remains the primary concern for U.S. markets, as equities are currently off more than 1% on the day. However, many individual names and indexes are significantly off their lows of the day. At its worst, the S&P 500 (^GSPC) Index (SPX) was off over 25 points from Friday's close. Since this morning, that index has rebounded by about 10 points as markets in Europe close. Over the past week, the SPX bounced off the lower trendline of the upward channel pattern it has been trading in, but the index failed to retake the swing highs of 1,374.81 seen on July 3. Going forward, this will be a critical level for the bulls to retake control of the market. Until then, I'll be treating the current market action as neutral and wait for a breach of either of these important levels before forming a market bias on a shorter time frame.

While the attention has once again focused on Europe -- and strength in American names has been ignored -- this is perhaps the biggest earnings week of the year for domestic stocks. Below is a list of the big names reporting quarterly earnings this week. One would have to think that the results from some of these companies, especially Apple (AAPL), will dictate the market action for the rest of the week. Pay close attention to guidance from multinational companies, as their forecasts will likely signal the prospects of economic strength abroad.

MONDAY (after market close)
  • Baidu.com, Inc. (NASDAQ:BIDU)
  • Texas Instruments Incorporated (NASDAQ:TXN)
  • Zions Bancorporation (NASDAQ:ZION)
TUESDAY
  • Apple Inc. (NASDAQ:AAPL)
  • AT&T Inc. (NYSE:T)
  • AK Steel Holding Corporation (NYSE:AKS)
  • Altria Group, Inc. (NYSE:MO)
  • Juniper Networks, Inc. (NYSE:JNPR)
  • Netflix, Inc. (NASDAQ:NFLX)
  • Peabody Energy Corporation (NYSE:BTU)
WEDNESDAY
  • The Boeing Company (NYSE:BA)
  • Caterpillar Inc. (NYSE:CAT)
  • Akamai Technologies, Inc. (NASDAQ:AKAM)
  • Corning Incorporated (NYSE:GLW)
  • Ford Motor Company (NYSE:F)
  • PepsiCo, Inc. (NYSE:PEP)
  • The Ryland Group (NYSE:RYL)
  • US Airways Group, Inc. (NYSE:LCC)
  • Western Digital Corp. (NASDAQ:WDC)
THURSDAY
  • Amazon.com, Inc. (NASDAQ:AMZN)
  • CONSOL Energy Inc. (NYSE:CNX)
  • Dunkin Brands Group Inc (NASDAQ:DNKN)
  • Exxon Mobil Corporation (NYSE:XOM)
  • Facebook Inc (NASDAQ:FB)
  • Potash Corp. of Saskatchewan Inc. (NYSE:POT)
  • PulteGroup, Inc. (NYSE:PHM)
  • Sprint Nextel Corporation (NYSE:S)
  • Starbucks Corporation (NASDAQ:SBUX)
FRIDAY
  • Arch Coal Inc (NYSE:ACI)
  • Chevron Corporation (NYSE: CVX)
  • D.R. Horton, Inc. (NYSE:DHI)
  • Newmont Mining Corp (NYSE:NEM)
This article by Bryan Sapp was originally published on Schaeffer's Investment Research.

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