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WHAT’S ON TAP?

The third quarter is quickly coming to a close.  It’s been a roller coaster year and things don’t appear to be slowing down any time soon.  Treasury is auctioning off another huge amount of debt this week – $112 billion in total.  The markets are unfazed by the ever growing U.S. debt, however so these auctions have become more or less a non-event.  On the earnings front we have a number of large names, but no major market movers.  Companies reporting this week include Bed Bath & Beyond, Lennar, KB Homes, General Mills and Research In Motion.  The Fed meeting on Wednesday is sure to be the major market mover of the week.  On the economic front this week:

Monday – Leading indicators are likely to come in strong again as the stock market surges to annual highs.

  • Leading Indicators 10:00 AM ET

Tuesday – Not much in terms of news flow on Tuesday.  Investors will likely position for the Fed meeting on Wednesday.

  • ICSC-Goldman Store Sales 7:45 AM ET
  • Redbook 8:55 AM ET

Wednesday – The market has been infatuated with all things Bernanke lately.  He can do no wrong in many people’s eyes.  Don’t expect this to change suddenly on Wednesday when Ben & Co. are certain to release an optimistic outlook on the economy.

  • EIA Petroleum Status Report 10:30 AM ET
  • 5-Yr Note Auction 1:00 PM ET
  • FOMC Meeting Announcement 2:15 PM ET

Thursday – Jobless claims have remained stubbornly high in recent weeks.  Nonetheless, we are showing mild signs of improvement.  Existing home sales should continue to come in strong as buyers rush to purchase before the November 30th deadline for the first time home buyers credit.

  • Jobless Claims 8:30 AM ET
  • Existing Home Sales 10:00 AM ET
  • EIA Natural Gas Report 10:30 AM ET
Friday – Recent manufacturing reports have shown substantial strength which could flow thru to a strong durable good figure.
  • Durable Goods Orders 8:30 AM ET
  • Consumer Sentiment 9:55 AM ET
  • New Home Sales 10:00 AM ET
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