I don't have a very strong bias going into this week. My opinion on the market hasn't changed much in terms of the larger time frames than expressed in my first column this year. We still run the higher risk of this breakout on the daily charts pulling back into the 20 week sma simply because it was an earlier breakout than you will usually find ahead of a strong upside move. As a result, this breakout hasn't been that significant yet on the daily and weekly charts and the correction from the highs last week could easily continue into this. It doesn't look like it's going to be a sharp one though, and the action on Friday leaves room for a retest of highs for a possible double top or 2T type of double top on the daily charts.
Economic Reports and Events
Jan 16:-
Jan 17: NY Empire State Index for Jan (8:30 am), capacity Utilization for Dec (9:15 am), Industrial Production for Dec (9:15 am)
Jan 18: Core CPI and CPI for Dec. (8:30 am), NY Empire State Index for Jan (8:30 am), Net Foreign Purchases for Nov. (9:00 am), Crude Inventories 1/13 (10:30 am), Fed's Beige Book (2:00 pm)
Jan 19: Building Permits for Dec (8:30 am), Housing Starts for Dec (8:30 am), Initial Claims 01/14 (8:30 am), Philadelphia Fed for Jan (12:00 pm)
Jan 20: Mich. Sentiment-Prel. for Jan (9:50 am)
Earnings Announcements of Interest
Only stocks with an average daily volume of 500K+ are listed. List may not be complete so be sure to always check your stock's earnings date before holding a position overnight. (A) = Earnings after the close, (B) = Earnings before the open, (?) = Earnings time not specified at the time of this writing
Jan 16: -
Jan 17: ASO (B), CAL (B), CBH (B), DCN (?), FITB (B), FRX (B), IBM (A), INTC (?), LLTC (A), MDC (B), MOS (?), SIFY (B), SOV (A), TER (A), USB (B), WFC (B), YHOO (?)
Jan 18: DOX (A), AMR (?), AAPL (A), ASNL (2:00 PM), CIT (B), CNB (?), EBAY (?), FHN (A), HCBK (A), HBAN (B), HTCH (A), JPM (B), MEL (?), NTRS (?), PH (10:00 AM), QLGC (A), RDN (A), STX (A), LUV (B), SPSN (A), STT (B), STI (B), SNV (?), TCB (?), BK (B), VCP (B), WM (A)
Jan 19: BBT (B), BZH (B), COF (A), CMA (B), CREE (?), DHI (B), FFIV (?), FCS (B), FSL (A), GNSS (A), HDI (B), HYSL (A), IGT (?), NITE (B), MER (?), MCHP (A), MOT (A), NFB (?), NVS (B), PFE (B), RMBS (?), SFA (A), SLM (B), UNP (?), UNH (B), WB (B), XLNX (?)
Jan 20: AT (?), C (B), GE (?), JCI (B), KEY (B), RF (B), SLB (B)
Jan 23: AXP (?), ACF (A), ARBA (A), AV (A), BAC (B), CBST (A), ET (A), ETN (B), F (B), MSPD (?), PPC (B), SKM (3:00 pm ET), TXN (A)
Jan 24: MMM (B), ADTN (?), AGR (?), AAI (B), AKS (?), BJS (?), EAT (B), BNI (B), CA (?), CTX (A), CKFR (A), COH (B), GLW (A), CSX (?), DD (B), EMC (B), EXTR (A), GDW (?), HMA (B), JNJ (B), KMB (B), LAB (B), LXK (B), LU (B), NFLX (?), NOC (B), PPP (?), RFMD (A), RYL (A), STLD (?), STM (A), SUNW (4:30 pm ET), NYT (B), TMA (A), TDW (B), UTX (B), ZION (A)
Toni Hansen is President and Co-founder of the Bastiat Group, Inc., and runs the popular Trading From Main Street. She can be reached at Toni@tradingfrommainstreet.com.