Thursday, July 18, 2013

The Week Ahead: Home sales, durable goods

Two flavors of housing dominate the week's economic reporting, with a dose of big-ticket items to furnish those dwellings tossed in to add some spice.

Existing home sales data, encompassing the greater part of the market, will be published Monday at 10 a.m. New York time, followed by new home sales on Wednesday, also at 10 a.m.

Durable goods orders, which includes refrigerators and the like but also large industrial items, will be released Thursday at 8:30 a.m.

Leading indicators (in descending order of importance):

The interest rate spread between 10-year Treasuries and the federal funds rate, reported continually during market hours.

The M2 money supply, at 4:30 p.m. Thursday.

The S&P 500 index, reported continually during market hours.

Average weekly initial jobless claims, at 8:30 a.m. Thursday.

The index of consumer expectations from the Reuters, University of Michigan consumer sentiment report, at 9:55 a.m. Friday.

Other reports of interest:

Wednesday: Purchasing Managers' manufacturing index just before 9 a.m. and petroleum inventories at 10:30 a.m.

Analytical universe

This week I'll be analyzing new bull and bear signals among 2,327 stocks and exchange-traded funds that have some analyst interest. They are traded both on the major U.S. exchanges and over-the-counter. My universe is selected from mid-cap stocks and larger, defined as market capitalization of $1 billion and greater.

Trading calendar

By my rules, I'm trading August options for the short legs of vertical, diagonal and butterfly  spreads, iron condors and covered calls as well as October options for single calls and puts. Of course, shares are good at any time.

Posting schedule

I am traveling in East Asia for several weeks, and during that period I'll adjust my posting schedule to conform to local time. Analyses of individual stocks and my daily prospects list will be posted after the markets close in New York and sometimes deep in the night U.S. time. I won't post on travel days.

Good trading!

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