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Other news last week saw gold reach historic all time highs above $1,060 per ounce, and oil broke out of a 10 week trading range ending the week above $75 per barrel. Some analysts are now forecasting that oil could hit $100 per barrel by year end. Some analysts are still watching for gold to break out more as well.
The Bulls and the Bears are still “duking it out” on Wall Street. The bulls saying things like the “recession is over,” and the “market always leads the economy.” The bears say that there are still more shoes to drop on this economic recovery. We have not seen the last of bad earnings reports, rising unemployment, or rising foreclosures. The most bearish of the bears are forecasting a “W” shaped recovery indicating that we could re-test the lows of March 2009, before we pull out of the recent recession.
Next week brings us another barrage of news and earnings reports that could continue the volatility we’ve unfortunately grown accustomed to expect.
The following news and earnings reports will be moving the markets next week:
Monday – 10/19/2009 Apple (AAPL) and Texas Instruments
Monday reports - Housing Market Index
Tuesday – 10/20/2009 Blackrock Inc (BLK), Caterpillar (CAT), Dupont (DD), Gilead Sciences (GILD), Nabors Industries (NBR), Pfizer (PFE), Precision Castparts (PCP), Sandisk (SNDK), Coca Cola (KO), UAL Corporation (UAUA), United Technologies (UTX), Yahoo, (YHOO)
Tuesday reports - Housing starts and Producer Price Index – both reports to be release 8:30am ET
Wednesday – 10/21/2009 AMGEN (AMGN), Ebay (EBAY), Flir (FLIR), Freeport-McMoRan Copper & Gold (FCX), Genzyme (GENZ), Boeing (BA), U.S. Bank (USB), Wells Fargo (WFC)
Wednesday reports - MBA (Mortgage Bankers Assoc ) Purchase applications and EIA Petroleum status
Thursday – 10/22/2009 Amazon (AMZN), American Express (AXP), AT & T (T), Black & Decker (BDK), Bristol Meyers (BMY), Broadcom (BRCM), Capitol One (COF), Kimberley Clark (KMB), McDonalds (MCD), Merck (MRK), Potash (POT), Schering-Plough (SGP), DOW Chemical (DOW), UPS (UPS)
Thursday reports – Jobless Claims 8:30am ET, FHFA House Price Index, Leading Indicators
Friday – 10/23/2009 Schlumberger (SLB)
Friday reports – Ben Bernanke speaks 8:30am ET, Existing Home Sales 10:00am ET
In addition to all the above, we will be hearing earnings on many of the regional banks. Analysts are watching these banks to see the effect of commercial loans write downs on their balance sheets.
While not all the above companies have the same power to move markets, they are all giants in their industries, and are important.
With all the above news and earnings reports set to be released next week, we may see the markets skyrocket back through that DOW 10,000 mark, or continue the slide we saw begin on Friday.
Everyone will be watching to see if gold hits new historic highs, and to see if oil will break through $80 on its drive towards $100 per barrel this week.
Mortgage rates moved up last week, closing the week just below 5% for 30 year fixed rate loan. The market rally and investors movement of money into commodities such as oil and precious metals, and into equities were responsible for the rise. There are no long term bond auctions scheduled for next week, so mortgage rates are likely to be more dependent on earnings reports and other economic news, rather than results from bond auctions.
Other business related news you might want to read:
SEC Taps Adam Storch first ever Chief Operating Officer
GE and B of A earnings drag DOW down 120 points
B of A CEO Ken Lewis gets no salary for 2009
Oil prices surge to new 2009 highs
DOW rally drives mortgage rates up
Story resources
Bloomberg Economic Calendar
Business Inquirer.net - Wall Street wonders if rally can run more
Written by Shelby Bateson
Posted October 17th, 2009 by Shelby Bateson
