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Monday, October 13, 2008

Overseas Stock Market Up, Can US Sustain?

As I'm writing now, overseas stock markets are up. The Hang Seng is up by more than 10% (Nikkei is closed today) and the major European markets are up by at least 4%. The S&P 500 low on Friday was about 40 points away from the 800 support level I mentioned in Where is the Market Bottom?. Its still early to rejoice on this positive market move, but if the US stock market can sustain it and close in the position territory for the first time in many days, then we are one step closer to a possible bounce.

This is an important week with many bellwether stocks announcing earnings and we've also got some key economic data being released.

Mon: Assistant Treasury Sec Kashkari speaks about implementation of economic stabilization Act

Tue:
Notable earnings: CSX, INTC, DNA, JNJ, USNA, PEP, GWW

Wed:
PPI, NY Empire State Index, Retail Sales, Fed's Beige Book, Fed Chairman Bernanke to speak about economic outlook & financial market
Notable earnings: ABT, EBAY, JPM, PJC, NVLS, STJ, LUFK, KO, STLD, VMI, WFC

Thurs:
CPI, Initial Claims, Capacity Utilization, Industrial Production, Phil Fed
Notable earnings: AMD, APH, BBT, C, COF, CY, CAL, GOOG, GILD, HWAY, ITW, RS, PH, IBM, ISRG, MER, NOK, NUE, SPWRA, TXT, SHW, UTX, ZION

Fri:
Options Expiration, Building Permits, Housing Starts, Michigan Sentiment
Notable earnings: HON, CMA, SLB

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