The Economic Calendar starts off light but gets busy towards the end of the week.
• On Wednesday the Federal Reserve will announce that it has not raised rates and issue a statement indicating that it may or may not either raise or lower them in the future. However, their statement will be less scrutable than the preceding.
• On Thursday we’ll find out exactly how much more we have been spending on foreign goods than foreigners have been spending on ours. The general consensus is that it will be $60.1 billion more, give or take a few billion.
• On Friday we’ll get PPI. While the headline figures are estimated to be 0.7% higher for all goods and 0.2% higher excluding food and energy, as usual we’ll focus more on the implications for individual companies and industries.
• Also on Friday is the retail sales report, with the consensus expecting a 0.4% rise for the month.
Earnings season also winds down this week. Nearly all the reports we track are on Tuesday.
• Clearwire (CLWR) - expected to lose money for the foreseeable future, earnings are less important than indications it is not the next Vonage.
• Cisco (NASDAQ:CSCO) - A major supplier, Altera, (NASDAQ:ALTR) looked weak. That makes us nervous.
• Nvidia (NASDAQ:NVDA) - reports on Thursday, with the consensus expecting $0.39 in EPS both this quarter and next.
We look forward to the opportunity to start catching up on some things we had to put aside during earnings season.