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This will be the busiest week of the earnings season as more than 800 companies report.  149 will be S&P 500 firms.  The market is beginning to show some signs of weakness as the “better than expected” earnings results have been largely priced in.  The real test could come from the economic data.   We will get important housing data early in the week followed by a late week look at Q3 GDP and important consumer data on Friday.  Let’s take a look at what’s on tap:

Monday –A slow day all around.  There are no real market moving earnings reports.  The market will likely respond to any merger Monday news as well as another round of expected analyst upgrades.

Tuesday  –Earnings from Norfolk Southern and U.S. Steel should provide some insight into the strength of the real economy.

  • ICSC-Goldman Store Sales 7:45 AM ET
  • Redbook 8:55 AM ET
  • S&P Case-Shiller HPI 9:00 AM ET
  • Consumer Confidence 10:00 AM ET
Wednesday –New home sales and durable goods order should drive market action as there are no major market moving earnings releases.
  • Durable Goods Orders 8:30 AM ET
  • New Home Sales 10:00 AM ET
  • EIA Petroleum Status Report 10:30 AM ET
Thursday –Proctor & Gamble will give us an insight into the state of the consumer.  The earnings calendar is loaded, but P&G is likely to be the only market moving report.
  • GDP 8:30 AM ET
  • Jobless Claims 8:30 AM ET
  • EIA Natural Gas Report 10:30 AM ET

Friday –Another heavy earnings slate, but the focus will likely remain on economic news:

  • Personal Income and Outlays 8:30 AM ET
  • Employment Cost Index 8:30 AM ET
  • Chicago PMI 9:45 AM ET
  • Consumer Sentiment 9:55 AM ET

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