On the agenda for next week are two dovish members of the Fed and one hawk who has openly called for raising interest rates. July retail sales and the producer price index might draw some attention given that investors remain nervous after this past week's focus on the Ukraine and other disturbing international new.
From what we can gather bearish sentiment seems to be spreading even though investors still blew off much of the disturbing news last week that one would ordinarily think might cause some concern. So much bearish sentiment might be a good contrarian indicator since someone is on the other side of the recent sell off.
And there are still lots of investors who believe the market will agitate its way lots higher before the fat lady appears on stage. Talk about 7%, 10% or 20% corrections are almost the norm lately. When everyone seems to be be looking for something to happen, how often does it in reality happen?
Europe remains in a funk and the Ukraine situation most likely won't help. Italy as we wrote in "Three Times No Charm," in back in recession. So Thursday with some global economic reports could prove interesting, too.
Monday, August 11
US Economics (Time Zone: EST)
No major reports scheduled
11:30 Treasury to sell $28b 3-month bills and $25b 6-month bills
Fedspeak
3:15am Fisher (hawk, voter) speaks in Stockholm
Global Economics (Time Zone: GMT)
CNY New Yuan Loans
05:00 JPY Consumer Confidence Index
06:00 JPY Machine Tool Orders (July prelim)
12:15 CAD Housing Starts
Earnings
Before:
Sysco (SYY)
Dean Foods (DF)
Priceline (PCLN)
After:
Nuance (NUAN)
Caesars Entertainment (CZR)
Tuesday, August 12
US Economics (Time Zone: EST)
10:00 JOLTS Job Openings - prior 4635
2:00 Treasury Budget Statement - expected -$96B, prior $70.5B
11:00 Treasury to sell 4-week bills
11:00 Fed to purchase $950m-$1.15b bonds in 22-30 year range
1:00 Treasury selling $27b 3-year notes
Global Economics (Time Zone: GMT)
04:30 JPY Industrial Production (June final)
09:00 EUR Eurozone ZEW Survey Current Situation, Economic Expectations
Earnings
Before:
Kate Spade (KATE)
Insys Therapeutics (INSY)
After:
Fossil Group (FOSL)
Cree (CREE)
Wednesday, August 13
US Economics (Time Zone: EST)
07:00 MBA Mortgage Apps
08:30 Advance Retail Sales (July) - expected 0.2%, prior 0.2%
08:30 Retail Sales Ex Auto - exp 0.3%, prior 0.4%
08:30 Retail Sales Ex Auto & Gas - exp 0.3%, prior 0.4%
10:00 Business Inventories (June) - exp
11:00 Fed to purchase $350m-$450m notes in 5 to 30-year range
1:00 Treasury selling $24b 10-year notes
Fedspeak
9:05am Dudley (dove, voter) speaks in New York
9:20am Rosengren (dovish, nonvoter) speaks in New York
Global Economics (Time Zone: GMT)
JPY GDP (2Q prelim)
05:30 CNY Retail Sales, Industrial Production, Fixed Investment
06:00 EUR German CPI (July final)
08:30 GBP Jobless Claims Change, Unemployment Rate
09:00 EUR Eurozone Industrial Production
Earnings
Before:
Deere (DE)
Macy's (M)
Seaworld Entertainment (SEAS)
After:
NetApp (NTAP)
Cisco (CSCO)
Thursday, August 14
US Economics (Time Zone: EST)
08:30 Initial Jobless Claims, June 28, exp. 295k, prior 298k
08:30 Continuing Claims - exp 2500K, prior 2518k
08:30 Import Price Index YoY (July) - expected 0.8%, prior 1.2%
11:00 Fed to purchase $1.6b-$1.9b notes in 5 to 6-year range
1:00 Treasury selling $16b 30-year bonds
Global Economics (Time Zone: GMT)
Japan Investors Purchases of Foreign Stocks/Bonds
05:30 EUR French GDP (2Q prelim)
06:00 EUR German GDP (2Q prelim)
08:00 EUR Eurozone CPI (July final)
08:00 EUR ECB Publishes Monthly Report
09:00 EUR Eurozone GDP (2Q advance)
12:30 CAD New Home Prices
Earnings
Before:
Advance Auto Parts (AAP)
Wal-Mart (WMT)
After:
JCPenney (JCP)
Agilent (A)
Autodesk (ADSK)
Applied Materials (AMAT)
Kohl's (KSS)
Plug Power (PLUG)
Friday, August 15
US Economics (Time Zone: EST)
08:30 Empire Manufacturing (Aug) - expected 20, prior 25.60
08:30 Producer Price Index Final Demand YoY (July) - exp 1.7%, prior 1.9%
08:30 PPI Ex Food & Energy YoY - exp 1.7%, prior 1.9%
09:00 Net Long-term TIC Flows (June) - prior $19.4B
09:00 Total Net TIC Flows - prior $35.5B
09:15 Industrial Production (July) - exp 0.3%, prior 0.2%
09:15 Capacity Utilization - exp 79.2%, prior 79.1%
09:55 University of Michigan Consumer Confidence (August prelim) - exp 82.5, prior 81.9
Global Economics (Time Zone: GMT)
08:30 GBP GDP (2Q prelim)
13:00 CAD Existing Home Sales
Earnings
Estee Lauder (EL)
Twitter: @MichaelSedacc
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