Current Events: U.S.
indexes reached new highs for the year last week, but recent news out of Europe
has caused investors to worry. Highly debated decisions regarding the handling
of the financial crisis in Cyprus could now jeopardize the long-term political
future for key players in the euro zone. All of which has slowed down, at least
for the moment, the steadily rising U.S. market.
What to Look for This Week
Just a few big names report earnings this week as the
quarter approaches its end. Famous brands such as Nike, General Mills, and
FedEx are set to lead the way. Computer software giants Oracle and Jabil
Circuit are also likely to catch attention from investors this relatively quiet
earnings week.
News Affecting the Markets
The latest shoe to drop in the euro-zone saga is Cyprus. The
little known land has become the epicenter of the euro-zone financial crisis
mostly in large part to recent proposals to rectify the issue at hand. Under a
rescue deal announced Saturday, international creditors agreed to provide 10
billion euros to the Cyprus. In return, the country has plans to sell
government assets, raise corporate-tax rates and impose a tax on interest
earned in its banks. But most controversially, the aid package also requires a
one-off levy on deposits in all banks in Cyprus.
Smart Investing
Tape Reading: Following price action can be very confusing.
One of the main ways to follow price action is to examine the price compared to
an indicated point. Many traders use pivot points because it has shown consistent
results for those experienced. This is the simplest way to tell if your
position is approaching or moving further away from a specific point. This
lends itself to the trader getting a feel for what’s happening in the market
once their position is initiated. The indicated point more than likely is your
entry price. Some points have more importance such as opening price, new highs,
or new lows. So when examining price action, you want to acknowledge how fast
it’s moving and how much it’s gone up or down. To evaluate this you need two
points: your indicated point and the price it’s trading at the time.
Earnings for the Week
Monday: No major announcements.
Tuesday:
Williams-Sonoma Inc (WSM) {After the Close}
Wednesday: FedEx Corp (FDX), General Mills Inc (GIS), GUESS?
Inc (GES), Jabil Circuit Inc (JBL), Oracle Corp (ORCL) {After the Close}
Thursday: KB Home
(KBH), Micron Technology Inc (MU) {After the Close}, Nike Inc (NKE) {After the
Close}
Friday: Darden
Restaurants Inc (DRI), Tiffany & Co (TIF)
* Earnings dates and times are subject to change
Monday
NAHB Housing Market Index @ 10:00 AM for March (Act. = 44,
Prior = 46)
Tuesday
Housing Starts @ 8:30 AM for February (Est. = 905K to 911K,
Prior = 890K)Building Permits @ 8:30 AM for February (Est. = 915K to 925K, Prior = 904K)
Crude Inventories @ 10:30 AM for 03/16 (Est. = n/a, Prior = 2.624M)
FOMC Rate Decision @ 2:00 PM for March (Est. = 0.25%, Prior = 0.25%)
Thursday
Initial Claims @ 8:30 AM for 03/16 (Est. = 345K, Prior =
322K)Continuing Claims @ 8:30 AM for 03/09 (Est. = 3065K to 3100K, Prior = 3024K)
FHFA Housing Price Index @ 9:00 AM for January (Est. = n/a, Prior = 0.6%)
Existing Home Sales @ 10:00 AM for February (Est. = 5.00M, Prior = 4.92M)
Philadelphia Fed @ 10:00 AM for March (Est. = -3.0 to 2.0, Prior = -12.5)
Leading Indicators @ 10:00 AM for February (Est. = 0.5%, Prior = 0.2%)
Natural Gas Inventories @ 10:30 AM for 03/16 (Est. = n/a, Prior = -145)
Friday
No scheduled announcements.
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