Value, Long/Short Equity
Contributor Since 2012
The big market news maker this week for the commodities space and beyond will be Fed Chairman Ben Bernanke's semiannual monetary-policy testimony to Congress this Tuesday and Wednesday. We will be awaiting more cues into the potential unraveling of the latest stimulus as well as suggestions into how effective the Central Bank's moves have been at improving economic and jobs growth. Commodities prices, particularly safe-haven gold and economically sensitive oil and copper will likely show some reaction. The other precious metals will likely also see some enhanced buying or selling action.
Earnings continue to stream in. This morning Thompson Creek Metals (NYSE:TC) disappointed investors with their latest results, shares are crashing in the aftermath. FirstEnergy Corp. (NYSE:FE) also released lower-than-forecast results.
Other earnings highlights for this week in terms of commodities related companies include: Gulfport Energy (NYSE:GPOR) scheduled to report on Tuesday, the company recently proposed the acquisition of additional Utica Shale acreage; MarkWest Energy Partners (NYSE:MWE), Stillwater Mining Company (NYSE:SWC), Western Gas Partners (NYSE:WES), and Whiting Petroleum Corp. (NYSE:WLL) on Wednesday.
On Thursday earnings highlights include: Kodiak Oil& Gas (NYSE:KOG), Molycorp (NYSE:MCP), SandRidge Energy (NYSE:SD), Seadrill Ltd. (NYSE: SDRL), Westar Energy Inc. (NYSE:WR); and on Friday Crosstex Energy (NASDAQ:XTEX).
Economic data on tap for this week of particular interest to commodities investors include: on Tuesday - Case-Shiller 20-City Index; FHFA Housing Price Index; New Home Sales; Consumer Confidence. Wednesday - the MBA Mortgage Index; Durable Orders; Pending Home Sales; and Crude Inventories scheduled for release on Tuesday. For Thursday, Initial Jobless Claims, US GDP, Natural Gas Inventories. And finally, for Friday, Personal Income and Spending, PCE Prices, ISM Index; Construction Spending, auto and truck sales.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.