Another week in the books. Let’s look ahead to next week. It’s another week of light earnings, but the Fed meeting on Tuesday and Wednesday combined with a relatively heavy slate of economic news will more than make up for that. The economic news is dominated by housing news so don’t be shocked to see more signs of seasonal improvement and “green shoots” cheerleading. The Fed is unlikely to change rates at their meeting, but will likely release a statement that is a bit more optimistic than past statements. The Fed recently said they were not ramping up their bond purchase program and the Treasury is auctioning over $100B in bonds next week. Expect this to keep pressure on bonds.
* Tuesday: May existing home sales
* Wednesday: May durable goods orders, May new home sales, Fed statement
* Thursday: Final Q1 GDP, weekly initial jobless claims
* Friday: May personal income and spending
On the earnings front we’ll be getting numbers from Nike & Oracle. Expect both to be market movers. The news overall appear to be favoring a bullish tilt and end of the month window dressing could drive prices higher as we near quarters end.