Archive for June, 2007|Monthly archive page

Bulls Asleep

Traders,

As the day slips away and the light comes on
–Guided By Voices “Total Exposure”

Market Bias:

SELLERS’ EDGE INTACT

In this week’s edition you will find:

  • Where We Are
  • What Was Important About Last Week
  • What We Are Watching For This Week
  • A Word On Discipline

CANSLIM SETUPS

Where We Are:

Taking a look at the broader market:

The indexes change little ahead of the typically slow Fourth of July holiday week.

Tough distribution weighed in with sellers outpacing buyers, we want to be careful not to look too much into the week’s action.

We may very well see some new trends develop over the next few weeks.

While Energy continues to be our leadership, we are suspicious over its inability to keep step with crude oil as it moves higher.

Technology attracts some decent bidding after being an under performer.

Should the Bull pull itself together and give us another up leg, we might expect Technology to lead. The key is Semiconductors.

If Semiconductors break out it will be a strong sign for the Bull.

Banks slip over fears of deep subprime problems.

Questions over the valuations of bond portfolios with subprime exposure.

The fact that Bear Stearns lost a couple of hedge funds is one thing. The fact that these bond portfolios may soon be judged under new valuation criteria could cause a panic.

Financial stocks are already falling from highs. So far the charts are telling us matters will not get out of hand.

While we may see Financials put in a correction, we are not seeing any panic selling.

Next week could be a sleeper. Best bet is to have some fun over the holiday.

Technically speaking:

The Dow Industrial Average

($INDU), 0.4%, hugs its 50-day average ahead of the holiday week.

The S&P 500

($SPX), 0.1%, also hugs its 50-day average ahead of the holiday week.

Nasdaq

($COMPQ), 0.6%, leads the market for the week in relative strength, though failed to make a new high.

Russell 2000

($RUT), -0.1%, was little changed for the week as it joins the other indexes with a trading range.

Volume indications the Dow and S&P 500 had two days of distribution a piece while the Nasdaq had one day of distribution.

Key chart action for the week:

Charts courtesy of Stockcharts.com

The U.S. Dolar Index ($DXC) slides to back below its 50-day moving average.

The Gold & Silver Miners Index ($XAU) drifts below its major moving averages.

The Consumer Index ($CMR) consolidates below its 50-day average.

The Cyclical Index ($CYC) holds above its 50-day average.

The Technology Index ($DJUSTC) pokes out to a new high.

The Semiconductor ($SOX) pulls back in a handle on a two-month base.

The Software Index ($GSO) pulls back to below its 50-day average.

Telecom Index ($XTC) closes above its 50-day average.

The Banking Index ($BKX) drift below the major moving averages.

The Broker Dealer Index ($XBD) consolidates below the 50-day and above the 200-day average.

The Retail Index ($RLX) also consolidates below the 50-day and above the 200-day average.

The Healthcare Index ($HCX) drifts below its 50-day average, though remains above its 200-day average.

Biotechnology Index ($BKX) bounces off its 200-day average.

Pharmaceutical Index ($DRG) drifts below its major moving averages.

The REIT Index ($DJR) falls further below its major moving averages.

The Transportation Index ($TRAN) consolidates below its 50-day moving average.

The Airline Index ($XAL) consolidates below its 50-day moving average, which is trending below the 200-day average.

The Defense Index ($DFX) holds an uptrend above its major averages.

The Energy Index ($IXE) also holds an uptrend above its major averages.

What Was Important About Last Week

STOCKS:

  • Research in Motion (RIMM) reported Q1 (May) earnings of $1.17 per share, $0.11 better than the Reuters Estimates consensus of $1.06; revenues rose 76.5% year/year to $1.08 bln (consensus $1.05 bln). RIMM reported 1.2 mln new subs vs. 1.12-1.17 mln guidance. Co issued upside guidance for Q2, sees EPS of $1.37-1.49 (consensus $1.12) on revenues of $1.3-1.365 bln (consensus $1.12 bln).
  • Palm Inc. (PALM) reported Q4 (May) earnings of $0.17 per share, excluding non-recurring items, $0.02 better than the Reuters Estimates consensus of $0.15. Revenues flat YoY at $401.3 mln vs $406.58 mln Reuters consensus.
  • Bed Bath & Beyond (BBBY) reported Q1 (May) earnings of $0.38 per share, $0.01 better than the Reuters Estimates consensus of $0.37; Revenues rose 11.2% year/year to $1.55 bln vs. the $1.54 bln consensus.

ECONOMY:

  • Personal income increased 0.4% in May versus a consensus expected increase of 0.6%.
  • Personal consumption increased 0.5% compared to a consensus expected 0.7%.
  • Disposable income (income after taxes) increased 0.4% in May and was up 5.8% versus a year ago.
  • Consumption (PCE) prices rose 0.5% in May and are up 2.3% versus last year. Core consumption prices, which exclude food and energy, were up 0.1% in May and up 1.9% versus a year ago.
  • After adjusting for inflation, real consumption was up 0.1% in May but was revised down for March and April. Real consumption is up 3.1% versus May 2006.
  • Federal Reserve left the target federal funds rate unchanged at 5.25% today, it made some important adjustments to the wording of its statement on the stance of monetary policy. The changes in language suggest an improved forecast for real GDP growth and a tougher standard for assessing inflation risk.
  • The government revised first quarter real GDP growth to 0.7% at an annual rate, versus the 0.6% growth rate reported last month. The consensus expected 0.8%. Almost all of the upward revision to real GDP growth was due to higher net exports than previously estimated. Most other major components of GDP were revised downward, although very slightly, including consumption, business investment, and residential construction.
  • The GDP price index rose at a 4.2% rate, the fastest increase since 1991. Nominal GDP growth (real GDP plus inflation) grew at a 4.9% rate.
  • New orders for durable goods declined 2.8% in May, a larger drop than the consensus expected. New orders excluding transportation declined 1.0% versus a consensus expected gain of 0.2%.
  • New single-family home sales declined 1.6% in May to an annual rate of 915,000. The consensus expected an annual rate of 924,000. New home sales were revised down for February, March, and April.
  • Existing home sales declined 0.3% in May to an annual rate of 5.99 million, the lowest since June 2003. The consensus expected level of sales was 5.97 million.

What We’re Looking For This Week

Key earnings releases:

  • MONDAY: none
  • TUESDAY: none
  • WEDNESDAY: HOLIDAY
  • THURSDAY: none
  • FRIDAY: none

On the economic front we have potential market movers with:

  • MONDAY: ISM Index
  • TUESDAY: Factory Orders, Pending Home Sales, Auto Sales, Truck Sales,
  • WEDNESDAY: HOLIDAY
  • THURSDAY: Initial Claims, ISM Services, Crude Inventories
  • FRIDAY: Nonfarm Payrolls, Unemployment Rate, Hourly Earnings, Average Workweek

The Following Sections Are On Our Home Site:

This Week’s Word On Discipline:

“With self-discipline most anything is possible.”– Theodore Roosevelt

CANSLIM SETUPS

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Bear Turns Up Volume

Traders,

hey energy sucker i’m a goddess, not your mother
– Luscious Jackson, Energy Sucker”

Market Bias:

SELLERS’ EDGE INTACT

In this week’s edition you will find:

  • Where We Are
  • What Was Important About Last Week
  • What We Are Watching For This Week
  • A Word On Discipline

CANSLIM SETUPS

Where We Are:

Bears roar back with vigor.

Heavy selling coupled with positive economic news usually makes for a difficult environement for the Bulls.

We have no choice but to hoist the Red Flag – again. This is trading, it pays to be flexible. We listen to nothing other than price and volume to command us.

Energy stocks bolster whatever bullishness exists in the market.

While every Bull needs its leadership, Energy bull markets have historically put a damper on broad market earnings.

Should selling persist, we look forward to the technical breakdown of sectors.

Should the buyers come back in force, we look forward to more breakouts.

Taking a look at the broader market:

Technically speaking:

The Dow Industrial Average

($INDU), -2.05%, retreats to just above its 50-day SMA.

The S&P 500

($SPX), -1.98%, closes on its 50-day SMA.

Nasdaq

($COMPQ), -1.44%, retreats to just above its 50-day SMA.

Russell 2000

($RUT), -1.58%, closes just above its 50-day SMA.

Volume indications go the Bears with the Dow, S&P 500 and Nasdaq each collecting two days of distribution.

Key chart action for the week:

Charts courtesy of Stockcharts.com

The U.S. Dolar Index ($DXC) remains in a downtrend as it trades under its 200-day SMA and above its 50-day SMA.

The Gold & Silver Miners Index ($XAU) consolidates while trading with its sideways trending MA’s.

The Consumer Index ($CMR) drops furhter below tis 50-day SMA.

The Cyclical Index ($CYC) consolidates just under its highs.

The Technology Index ($DJUSTC) hits a new high for the week.

The Semiconductor ($SOX) hits a new high for the year.

The Software Index ($GSO) consolidates on its 50-day SMA.

Telecom Index ($XTC) consolidates as it shows relative strength above its 50-day SMA.

The Banking Index ($BKX) falls below its 200-day SMA.

The Broker Dealer Index ($XBD) drops to its 50-day SMA.

The Retail Index ($RLX) consolidates on its 50-day SMA.

The Healthcare Index ($HCX) falls further below its 50-day SMA.

Biotechnology Index ($BKX) falls to its 200-day SMA.

Pharmaceutical Index ($DRG) falls below its 200-day SMA.

The REIT Index ($DJR) falls further below its major SMA’s.

The Transportation Index ($TRAN) consolidates just under its 50-day SMA.

The Airline Index ($XAL) consolidates under its 50-day SMA, which is trending below its 200-day SMA.

The Defense Index ($DFX) hits a new high as it holds a steady uptrend above its major SMA’s.

The Energy Index ($IXE) also hits a new high as it holds a steady uptrend above its major SMA’s.

What Was Important About Last Week

STOCKS:

  • Cognos (COGN) reported Q1 (May) earnings of $0.32 per share, excluding non-recurring items, in line with the Reuters Estimates consensus of $0.32. Revenues rose 9.1% year/year to $236.7 mln vs the $237.1 mln consensus.
  • Jabil Circuit (JBL) reported Q3 (May) core earnings of $0.23 per share, excluding non-recurring items and excluding stock based compensation that analysts are also excluding, $0.03 better than the Reuters Estimates consensus of $0.20.
  • Darden Restaurants (DRI) reported Q4 (May) earnings of $0.67 per share, $0.04 worse than the Reuters Estimates consensus of $0.71. Revenues rose 3.2% year/year to $1.46 bln vs the $1.54 bln consensus.

ECONOMY:

  • Housing starts declined 2.1% in May to 1.474 million units at an annual rate, matching consensus expectations. Starts are down 24.2% versus a year ago.The drop in starts was all due to single-family units, which declined 3.4% in May. Multiple-unit starts increased 3.1%. By region, starts declined in the South and West but rose in the Northeast and Midwest.
  • New building permits increased 3.0% in May to 1.501 million units at an annual rate, faster than the consensus expected 1.473 million rate. The rise was all due to multiple-unit permits. Permits to build single-family units declined 1.8% and are down 27.7% versus a year ago.

What We’re Looking For This Week

Key earnings releases:

  • MONDAY: Walgreen (WAG)
  • TUESDAY: Lennar Corporation (LEN), Nike (NKE)
  • WEDNESDAY: Bed Bath & Beyond Inc. (BBBY), ConAgra Foods (CAG), Paychex (PAYX), Red Hat, Inc. (RHT)
  • THURSDAY: 3Com Corp (COMS), Christopher & Banks (CBK), Family Dollar (FDO), General Mills, Inc. (GIS), KB Home (KBH), Micron Technology (MU), Monsanto Company (MON), Palm, Inc. (PALM)
  • FRIDAY: 99 CENTS Only (NDN)

On the economic front we have potential market movers with:

  • MONDAY: Existing Home Sales,
  • TUESDAY: Consumer Confidence, New Home Sales,
  • WEDNESDAY: Durable Orders, Crude Inventories
  • THURSDAY: GDP-Final, Chain Deflator-Final, Initial Claims, Help-Wanted Index, FOMC policy statement
  • FRIDAY: Personal Income, Personal Spending, Core PCE Inflation, Chicago PMI, Construction Spending, Mich Sentiment-Rev.

The Following Sections Are On Our Home Site:

This Week’s Word On Discipline:

“There is a certain combination of anarchy and discipline in the way I work.”– Robert de Niro

CANSLIM SETUPS

Bull Marches Firmly

Traders,

The road is too narrow, And your footing could fail
— Willie Nelson, “Somebody pick up my pieces”

Market Bias:

NO BIAS

In this week’s edition you will find:

  • Where We Are
  • What Was Important About Last Week
  • What We Are Watching For This Week
  • A Word On Discipline

CANSLIM SETUPS

Where We Are:

Taking a look at the broader market:

The markets roar back with heavy buying volume.

As mentioned last week, a rally seemed plausible due to mass belief a sell-off was iminent. Markets always find a way to screw over the most amount of people.

But it’s the magnitude of buying interest that has us changing our bias from bearish to unsure.
Strong bulls see up days backed by higher volume than their down days.

New highs for sectors appears more likely than tests of 50-day moving averages.

Tops are usually a process that can take weeks to play out as leadership begins to lose footing and volatility increases.

We maintain No Bias primarily because of mixed signals.

Technically speaking:

The Dow Industrial Average

($INDU), 1.6%, rallies to just below a new high.

The S&P 500

($SPX), 1.7%, also rallies to just below a new high.

Nasdaq

($COMPQ), 2.1%, gaps up t a new high.

Russell 2000

($RUT), 1.5%, remains relatively weaker than the other major indexes, though rallied to just shy of a new high.

Volume indications swings back to the Bulls as the Dow, S&P 500 and Nasdaq posted two days of heavy accumulation with one less significant day of distribution.

Key chart action for the week:

Charts courtesy of Stockcharts.com

The U.S. Dolar Index ($DXC) maintains its rally from lows as it trades under its 200-day SMA.

The Gold & Silver Miners Index ($XAU) holds a trading range with its major MA’s trending sideways.

The Consumer Index ($CMR) inches up, though under last week’s high.

The Cyclical Index ($CYC) moves to just shy of a new high.

The Technology Index ($DJUSTC) hits a new high.

The Semiconductor ($SOX) pushes above its major moving averages, though shows relative weakness against the broader market as it trades under last year’s high.

The Software Index ($GSO) holds above its major moving averages, though under last week’s high.

Telecom Index ($XTC) holds just under its highs.

The Banking Index ($BKX) holds a trading range with its major moving averages trending sideways.

The Broker Dealer Index ($XBD) holds just under its highs.

The Retail Index ($RLX) holds a trading range with its major moving averages trending sideways.

The Healthcare Index ($HCX) inches higher to close on its 50-day MA.

Biotechnology Index ($BKX) inches higher to close on its 50-day MA.

Pharmaceutical Index ($DRG) struggles as it consolidates on its 200-day MA.

The REIT Index ($DJR) consolidates on its 200-day MA, threatening to break a multi-year trend line.

The Transportation Index ($TRAN) inches higher to close on its 50-day MA.

The Airline Index ($XAL) consolidates under its major moving averages.

The Defense Index ($DFX) hits a new high.

The Energy Index ($IXE) hits a new high.

What Was Important About Last Week

STOCKS:

  • Adobe Systems (ADBE) reported Q2 (May) earnings of $0.37 per share, excluding non-recurring items, $0.01 better than the Reuters Estimates consensus of $0.36. Revenues rose 17.3% year/year to $745.6 mln vs the $730.1 mln consensus.
  • Computer Sciences (CSC) excluding restructuring charges of $0.14, a $0.04 adverse impact of expenses for a stock option investigation and a $0.05 impact of interest expense accruals, CSC reported Q4 (Mar) EPS of $1.65 (consensus $1.54). Revenues checked in at $4.05 bln, just shy of the Reuters Estimates consensus of $4.1 bln.
  • Texas Instruments (TXN) narrowed its Q2 guidance, now sees EPS of $0.40-0.44, vs. prior guidance of $0.39-0.45 (consensus $0.42), on revenues of $3.36-3.51 bln, vs. prior guidance of $3.32-3.60 (consensus $3.46 bln).

ECONOMY:

  • The Consumer Price Index (CPI) increased 0.7% in May, slightly more than the consensus expected. The CPI is up 2.7% versus a year ago.
  • Energy prices increased 5.4% in May. Excluding food and energy, the core CPI was up 0.1% (0.149% un-rounded), slightly less than the consensus expected. The core CPI is up 2.2% versus a year ago.
  • The Producer Price Index (PPI) increased 0.9% in May versus a consensus expected gain of 0.6%. The PPI is up 3.9% in the past twelve months (seasonally adjusted) and has climbed at an annual rate of 11.0% in the past three months.
  • Industrial production was unchanged in May versus a consensus expected gain of 0.2%. In the past twelve months, industrial production is up 1.6%.
  • Manufacturing production increased 0.1% in May, although it was revised down for April. The largest contributions to the increase in May were from primary metals as well as petroleum and coal products. Manufacturing production is up 1.9% versus last year and up at a 3.9% annual rate in the past three months.The production of high-tech equipment grew 0.3% in May and is up 17.1% versus a year ago.
  • Capacity utilization declined to 81.3% versus a consensus forecast of 81.6%. In the manufacturing sector, capacity utilization declined to 79.9%.

What We’re Looking For This Week

Key earnings releases:

  • MONDAY: none
  • TUESDAY: Best Buy Co., Inc. (BBY)
  • WEDNESDAY: CarMax, Inc (KMX), Circuit City Stores Inc. (CC), FedEx (FDX), Morgan Stanley (MS), Sonic Corp. (SONC)
  • THURSDAY: H&R Block, Inc. (HRB), Jabil Circuit, Inc. (JBL), Pier 1 Imports, Inc. (PIR)
  • FRIDAY: none

On the economic front we have potential market movers with:

The Following Sections Are On Our Home Site:

This Week’s Word On Discipline:

“He that cannot obey, cannot command.” – Benjamin Franklin

CANSLIM SETUPS

Bear Shows Summer Teeth

Traders,

on a typicald-d-d-day d-d-d-day

on a typical day
— John Mayer “Typical Day”

Market Bias:

SELLER’ EDGE INTACT

In this week’s edition you will find:

  • Where We Are
  • What Was Important About Last Week
  • What We Are Watching For This Week
  • A Word On Discipline

CANSLIM SETUPS

Where We Are:

Taking a look at the broader market:

Broad market declines are no surprise to us.

We saw the writing on the wall with recent distribution combined with the technical vulnerability of key sectors as mentioned in last week’s commentary.

Some say it was the Treasury yield hitting 5%, others blame China – but it’s all connected.

Our analysis focuses entirely on U.S. equities. Simple price and volume analysis lets us know when things are happy or sad.

Given the summer season being a traditionally slow time for stocks, we’re not expecting much in the way of institutional buying to buoy the market.

The majority of sectors remain above their major moving averages. At this juncture we anticipate tests of these critical support levels.

Key sectors such as Energy and Telecoms show relative strength, and will be watched closely for their ability to maintain leadership.

We also expect an increase in volatility as is typical on the heels of heavy selling.

What happens next week is any one’s guess.

The market has a tendency of doing exactly what most don’t expect it to.

The last thing’ you’d expect right now is a rally.

As long as up days are sponsored by decreased volume, and down days by increased volume, we will hold our bearish bias.

Technically speaking:

The Dow Industrial Average

($INDU), -1.8%, nose-dives for the week as it looks to its 50-day SMA at 13,100 for support.

The S&P 500

($SPX), -1.9%, falls to the support of its 50-day SMA at 1,490.

Nasdaq

($COMPQ), -1.5%, also finds support at its 50-day SMA at 2,550

Russell 2000

($RUT), -2.1%, is a relative-strength loser as it holds its 50-day SMA at 825.

Volume indications three distribution days in a row for the Dow spells trouble. Lump in two distribution days a piece for the other major indexes and it’s a clear bearish bias.

Key chart action for the week:

Charts courtesy of Stockcharts.com

The U.S. Dollar Index ($DXC) picks up a head of steam as it closes convincingly above its 50-day SMA.

The Gold & Silver Miners Index ($XAU) plunges below its major MA’s as it holds a year-long trading range.

The Consumer Index ($CMR) retreats to its 50-day SMA while the Cyclical Index ($CYC) shows relative strength with a close clear above its 50-day SMA.

The Technology Index ($DJUSTC) shows relative strength as it holds above its 50-day SMA.

The Semiconductor ($SOX) crashes below its 50-day SMA, though pulls a reversal as it closes above it, erasing tow days of losses.

The Software Index ($GSO) finds support at its 50-day SMA.

Telecom Index ($XTC) holds its uptrend with a relatively modest decline for the week.

The Banking Index ($BKX) tries to find support at 50-day and 200-day SMA’s.

The Broker Dealer Index ($XBD) holds ground above its major SMA’s.

The Retail Index ($RLX) finds support at its 50-day SMA.

The Healthcare Index ($HCX) nose-dives to below its 50-day SMA.

Biotechnology Index ($BKX) also crashes below its 50-day SMA.

Pharmaceutical Index ($DRG) gets slaughtered as it finds support at its 200-day SMA.

The REIT Index ($DJR) struggles below its major MA’s.

The Transportation Index ($TRAN) finds support at its 50-day SMA.

The Airline Index ($XAL) consolidate below the major MA’s.

The Defense Index ($DFX) shows relative strength as it trades above its major MA’s.

The Energy Index ($IXE) also shows relative strength as it trades above its major MA’s.

What Was Important About Last Week

STOCKS:

  • National Semiconductor (NSM) reported Q4 (May) earnings of $0.28 per share, $0.05 better than the Reuters Estimates consensus of $0.23. Co issued upside guidance for Q1, sees Q1 revs up 1-4% sequentially, or roughly $460.5-474.1 mln vs. $460.98 mln consensus.
  • ADC Telecommunications (ADCT) reported Q2 (Apr) earnings of $0.35 per share, excluding non-recurring items, $0.12 better than the Reuters Estimates consensus of $0.23. Revenues fell 2.4% year/year to $349.4 mln vs the $333 mln consensus. Co issued in-line guidance for FY07, sees EPS of $0.86-0.91, ex items vs. $0.86 consensus.
  • Shuffle Master (SHFL) reported Q2 (Apr) GAAP earnings of $0.10 per share, may not be comparable to the Reuters Estimates consensus of $0.13. Revenues rose 3.0% year/year to $44.6 mln vs the $43.3 mln consensus.
  • Guess? (GES) reported Q1 (Apr) earnings of $0.38 per share, $0.09 better than the Reuters Estimates consensus of $0.29. Revenues rose 42.3% year/year to $377.9 mln vs the $331.6 mln consensus. Co issued upside guidance for Q2, sees EPS of $0.31-0.33 vs. $0.27 consensus.
  • Sigma Designs (SIGM) reported Q1 (Apr) earnings of $0.20 per share, includes multiple non-recurring items and stock based compensation expense, may not be comparable to the Reuters Estimates consensus of $0.27. Revenues rose 15.3% year/year to $36 mln vs the $34.2 mln consensus.
  • Bob Evans Farms (BOBE) reported Q4 (Apr) earnings of $0.42 per share, excluding non-recurring items, $0.05 better than the Reuters Estimates consensus of $0.37. Revenues rose 5.3% year/year to $418.4 mln vs the $409.7 mln single estimate.

ECONOMY:

  • Non-farm productivity (output per hour) increased at a 1.0% annual rate in the first quarter, a downward revision from the original estimate of 1.7% but equal to the consensus expectation.
  • Non-farm productivity is up 1.0% versus a year ago.Real (inflation-adjusted) compensation per hour in the non-farm sector declined at a 1.0% annual rate in the first quarter, an upward revision from the previously estimated -1.5% rate.
  • Unit labor costs were upwardly revised to show a 1.8% rate of increase in Q1.In the manufacturing sector, first quarter growth rates for productivity (2.4%), compensation (6.9%), and unit labor costs (4.5%) were all higher than for the non-farm sector as a whole.
  • The ISM non-manufacturing business barometer (a measure of production growth in the services sector) increased to 59.7 in May, the highest level in thirteen months.
  • The consensus expected a slight decline to 55.8 from 56.0 in April. (Levels above 50 signal expansion; levels below 50 signal contraction.)The new orders index increased to 57.4 in May, the highest level in eight months, from 55.5 in April.
  • The employment component rose to 54.9, the highest in a year.The prices paid component rose to 66.4, the highest level in nine months.
  • The trade deficit in goods and services shrunk to $58.5 billion in April from a revised $62.4 billion in March. The consensus had expected $63.5 billion.Exports increased $0.3 billion in April and were revised up by $3 billion for March.
  • Exports are up 10.9% versus last year.Imports declined $3.6 billion in April after an $8.1 increase in March. Imports are up 5.0% versus last year.
  • Pharmaceutical imports declined $1.2 billion in April, auto imports fell $1.0 billion and capital goods imports went down $0.6 billion (primarily due to lower imports of telecommunications equipment and computer accessories).
  • The merchandise trade deficit with Mexico contracted by $1.5 billion while the deficit with China increased by $2.1 billion. However, as opposed to the overall trade figures, the country-by-country numbers are not seasonally adjusted.

What We’re Looking For This Week

Key earnings releases:

  • MONDAY: Jos. A. Bank Clothiers (JOSB), Take-Two Interactive Software (TTWO),
  • TUESDAY: Lehman Brothers Holdings Inc. (LEH)
  • WEDNESDAY: none
  • THURSDAY: Adobe Systems (ADBE), Bear Stearns (BSC), Del Monte Foods (DLM), Goldman Sachs (GS)
  • FRIDAY: Winnebago (WGO)

On the economic front we have potential market movers with:

The Following Sections Are On Our Home Site:

This Week’s Word On Discipline:

“If I want to be great I have to win the victory over myself… self-discipline.”– Harry S. Truman

CANSLIM SETUPS