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Sunday, September 17, 2006

Key Highlight Next Week

With tame reading of the CPI data last Fri coming in line with consensus, the market closed on a positive note as it lends further support that Fed may keep rates on hold @ 5.25%

Key Highlight of next week is FOMC policy meeting on Wed. Expect sideway movement ahead of this meeting. As of 15/9 market close, Fed funds futures showed only a 10% chance that rate will move to 5.5%. But with major market indices over extended, & the market expectation built in that Fed likely to forgo rate hike, FOMC on Wed may turn out to be non-event if there are no NEW news. If this happens, market pullback is highly likely.

Key earnings next week includes:
ORCL-19/9 AMC
CC-20/9 BMO
FDX-21/9
NKE-21/9 AMC

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