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Monday, June 11, 2007

Week Ahead: 11/6 - 15/6

The Bulls climb the stairs while the Bears take the escalator - this is again aptly demonstrated in the sell-off last week. The up trend lines in DOW, S&P 500 and Nasdaq were clearly broken and while the bulls successfully defended their territory on Fri, looking at the economic calendar below, there are many land mines in the week ahead for the Bulls:

1) We've got heavy weights like Mr Greenspan and Mr Bernanke speaking this week. As we know, Mr Greenspan has a record for rocking the market with his words and I don't want to count his speech at the Commercial Mortgage Securities Association as an exception.

2) With rate hikes causing increasing tension in the market place, be aware of BOJ interest rate announcement this Thurs (tentative). With the Yen carry trades impact we've had earlier, any rate hike from BOJ will surely send the market sinking.

3) Options Expiration Week

4) Earnings announcement from leading investment banks like GS, LEH and BSC will also set the tone for investment activities and the growth ahead.

Notable earnings: JOSB

Tue: Treasury Budget, Alan Greenspan speaks at the Commercial Mortgage Securities Association
Notable earnings: LEH

Wed: Retail Sales, Business Inventories, Fed's Beige Book

Thurs: PPI, Fed Hearing on Mortgage Regulations, Bank of Japan (BOJ) interest rate announcement (tentative)
Notable earnings: ADBE, BSC, GS

Fri: Options Expiration, CPI, Fed Chairman Bernanke Speaks at the Atlanta Fed's "Credit Channel of Monetary Policy in the 21st Century" conference


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