The Week Ahead in the Stock Market
October 08, 2012
Market Information for this Week.....
The Week Ahead in the Stock Market – October 08, 2012
Trading volume in the week ahead is expected to be thin with Columbus Day on Monday (banks and the bond market will be closed, while the stock market will be open) and light economic data throughout the week.
Third-quarter earnings season kicks off the week with Dow component Alcoa on Tuesday, for further market direction. Financial giants J.P. Morgan Chase & Co and Wells Fargo & Co. are also expected to report earnings next week.
Also the information required in regard to earnings, economic data, ETFs is also included.
The Economy and Earnings in the Week Ahead – October 08, 2012
News for the economy in the week ahead, reports on small business and inflation, as well as the biggest group of initial public offerings in months, is expected.
Also, with Alcoa Inc. scheduled to report quarterly results on Tuesday; the third-quarter earnings session should kick off in earnest in the week ahead. Wells Fargo & Co. and J.P. Morgan Chase & Co. are scheduled to report Friday.
The Past Week Stock Market Results – October 08, 2012
Stocks rallied for the past week but retreated Friday after the government said the unemployment rate fell to 7.8%, lowest since 2009. Apple, Zynga and Facebook also led a pullback. Crude oil fell below $90.
The Eurozone markets were also higher for the week despite more negative data regarding their economies. The concern over the crisis seemed to cool in the past week, but new protests are likely in the week ahead and they could trouble the markets.
The rest of the economic data last week was positive. Early in the week, manufacturing data beat expectations. Orders in the non-manufacturing sector also showed an unexpected surge. Factory orders were weak overall, but if you exclude transportation equipment, they were actually up.
The Major ETFs in the Week Ahead – October 08, 2012
Though the mixed close Friday was a bit disappointing, the technical outlook for the ETFs in the intermediate term still looks positive. There are quite a few stocks that appear to have completed their corrections last week, but other stocks still look weak, so one needs to be selective.