A strong tech sector managed to rebound the market off of weak Consumer Confidence and Housing data. While telecom faltered with financials, the semi’s rallied to May 2006 levels. Hardware and Software sectors did not participate in the semi’s rally. After the bell Amazon surprises with stunning earnings to break $50.00, levels the stock has not traded at since July 2004. The semi’s were the star performers today with interspersed pockets of strength by stocks like Apple, IBM, all having enough strength to keep the market up today.

Going into Wednesday economic data will continue to be center stage staggered throughout the day and Fed Chairman Bernanke will be under the spotlight as well. We closed the Nasdaq with some small signs of divergence. This along with a falling VIX will leave us with more of a neutral bias into Wednesday. The last two hours it was very evident the Nasdaq was running out of fuel and could not find its rally momentum. Along with that the Dow managed to elude the 13,000 mark again today, with 15 of the 30 stocks red the performance was still strong. Just not enough to get that psychological level. The banks breaking the 50dma should be watched closely into Wednesday. The break was not significant and Wednesday’s action will either confirm the break or pull the sector back above that key level. Earnings pick up into Wednesday and Thursday along with the economic data. Don’t forget GDP on Friday is still on the horizon Friday.

Economic Data for April 23 – 27 Wednesday 08:30 Durable Orders, 08:30 Core Durable Goods Orders, 10:00 New Home Sales, 10:00 Fed Chairman Bernanke Speaks, 10:30 Crude Inventories, 12:30 Fed Governor Mishkin Speaks, 02:00 Fed’s Beige Book, Thursday 07:30 Fed Reserve Bank Pres Yellen speaks, 08:30 Initial Claims, 10:00 Help Wanted Index, 10:30 Nat Gas Inventories, Friday 08:30 GDP-Adv, 08:30 Chain Deflator Adv, 08:30 Employment Cost Index, 10:00 Mich Sentiment Rev.

Some earnings for the week: Wednesday pre market EYE, AMG, APU, ATMI, BHI, BA, COP, GLW, EXC, FCX, GD, GENZ, ISE, LPX, NSC, OSTK, PFCB, R, TASR, TIN, UAUA, UPS, WLP, XTO and after the bell AFFX, AKAM, ACL, AAPL, BOBJ, CTXS, FFIV, FISV, HLIT, LSI, MXIM, MTH, MIPS, PMCS, PHM, QCOM, RMBS, RYL, VARI, VAR, WEN, XLNX, ZMH. Thursday pre market MMM, AET, BZH, BMY, CAH, CRA, CFC, CY, DO, DOW, DSPG, XOM, F, HAL, HET, IMCL, LVLT, ERIC, MHO, MESA, MEH, MNST, MPS, NCR, NEM, NYX, HOT, SU, SPWR, TSM, TRA, LCC, VLO, XMSR, ZOLL, and after the bell ACTU, BIDU, BRCM, DECK, DRIV, BOOM, ELX, KLAC, LSCC, LPNT, LAVA, MFE, MCHP, MSCC, MSFT, ONNN, OSIP, RACK, RADS, SNDK, SWIR, SOHU, SYNA, ULTI, UHS, VSEA, VLCM, YRCW. Friday pre market AT, CVX, CVH, CMI, FLIR, IR, GAS, ZEUS, OCR, SPG, SSCC, TOMO, VMSI, WMI and after the bell CCJ, GHCI, MSTR.

BKX (Banks) closed -.43 at 115.74. Support: 115.28, 114.58, 113.81 200dma. Resistance: 115.88 50dma, 116.08, 116.64, 117.03. Daily chart below

Tuesday presented its own challenged with stocks, but Futures reminded me how fun but at the same time keep you on your toes trading can be. So lets look for Wednesday to bring in even more twists and turns and movement.

This week is really the last biggie on earnings, after we complete this week we get into more second tier stocks with far fewer big caps. The big caps influence the sector and give us the sympathy market moves, the second tier are less likely to influence the sector. Which can remove some of the catalyst from the market, but also some sector volatility. Of course economic data, mergers and FOMC meetings never leave us and keeps the volatility around for us. The next FOMC meeting is May 9th and a two day meeting will take place June 27-28 regarding fed fund rates. So as we close out the last full week of trading in April we still have plenty of things to look forward too. But my point is will the catalyst to propel us higher still be around with no correction?

Before we go further tonight, I want to remind you about inter market relationships. The S&P 500 is made up of 20.7% of financials, 14.9% of healthcare and 14.3% of technology. There are no financials in the Nas 100 which is heavy in Tech (48.4%) and Telecom 20.1%. This is why I outline each sector below nightly (for those that get the fulls thoughts) so we know where things are. I don’t focus heavily on healthcare or telecom, but we keep an eye in the chatroom and I assure you I watch it and would mention anything of significance at night. So let’s move on now.

Going into Tuesday the market can still take some correction without turning the trend around. The daily charts we left a lot of potential to see bearish engulfing patterns, to confirm this we need a lower close tomorrow to complete the engulfing and move us. But because this pullback was quite narrow and on lighter volume that is also a little concern on watch any engulfing patterns. To the letter of the law in technical analysis it needs to be heavier volume, but because we are coming off option expiration I am giving it some wiggle room on the letter of the law, but Tuesday can’t fudge it, we have to see selling on volume to convince us of much.

Another narrow day of pullback would work off the short term oversold condition and let us breath up here and buy a little easier if the bulls are planning to hold up the market for a run into higher territory. I can’t see that coming without a pullback though, but most importantly if we do run with no pullback, where is the FUEL going to come from? Banks were weak today closing just over the 50dma, which will be key support (115.94) to hold above for any strength in banks. Broker the other key component in financials significantly stronger than banks and closed just under 78.6% resistance (250.98). This is key to break to see further upside and a perfect place for a pullback. SOX (semiconductors) the key in tech, had some struggle with toppy candles last week and today put in some selling. TXN, KLAC, MXIM, LLTC, XLNX, SNDK all are SOX components giving us 6 of the 19 reporting this week. However, more important trivia to know is these 6 stocks make up about 48% of the sector….YES that is big, KLAC is the heaviest weighted at about 11%.

TXN traded higher after the bell on better than expected earnings, they didn’t give a lot of outlook into the future. This will help tech off the bell, but we are still in need of a pullback. So let’s keep our buy buttons on ice until we see the open and to see if any early strength fades as we test Monday’s highs possibly.

Economic Data for April 23 – 27 Tuesday 10:00 Consumer Confidence, 10:00 Existing Home Sales, 10:00 Richmond Fed Index, Wednesday 08:30 Durable Orders, 08:30 Core Durable Goods Orders, 10:00 New Home Sales, 10:00 Fed Chairman Bernanke Speaks, 10:30 Crude Inventories, 12:30 Fed Governor Mishkin Speaks, 02:00 Fed’s Beige Book, Thursday 07:30 Fed Reserve Bank Pres Yellen speaks, 08:30 Initial Claims, 10:00 Help Wanted Index, 10:30 Nat Gas Inventories, Friday 08:30 GDP-Adv, 08:30 Chain Deflator Adv, 08:30 Employment Cost Index, 10:00 Mich Sentiment Rev.

Some earnings for the week: Tuesday pre market AKS, AL, T, BJS, EAT, CP, COH, DD, ELN, ESV, FRX, JBLU, LXK, LMT, NOC, OXY, PCAR, SEPR, STTX, X, USAP, and after the bell ADVS, AMZN, CAKE, OSG, PNRA, PXLW, RFMD, SMTL, SSTI, STM, SUNW, VFC, VECO, WEBX, WBSN, XL. Wednesday pre market EYE, AMG, APU, ATMI, BHI, BA, COP, GLW, EXC, FCX, GD, GENZ, ISE, LPX, NSC, OSTK, PFCB, R, TASR, TIN, UAUA, UPS, WLP, XTO and after the bell AFFX, AKAM, ACL, AAPL, BOBJ, CTXS, FFIV, FISV, HLIT, LSI, MXIM, MTH, MIPS, PMCS, PHM, QCOM, RMBS, RYL, VARI, VAR, WEN, XLNX, ZMH. Thursday pre market MMM, AET, BZH, BMY, CAH, CRA, CFC, CY, DO, DOW, DSPG, XOM, F, HAL, HET, IMCL, LVLT, ERIC, MHO, MESA, MEH, MNST, MPS, NCR, NEM, NYX, HOT, SU, SPWR, TSM, TRA, LCC, VLO, XMSR, ZOLL, and after the bell ACTU, BIDU, BRCM, DECK, DRIV, BOOM, ELX, KLAC, LSCC, LPNT, LAVA, MFE, MCHP, MSCC, MSFT, ONNN, OSIP, RACK, RADS, SNDK, SWIR, SOHU, SYNA, ULTI, UHS, VSEA, VLCM, YRCW. Friday pre market AT, CVX, CVH, CMI, FLIR, IR, GAS, ZEUS, OCR, SPG, SSCC, TOMO, VMSI, WMI and after the bell CCJ, GHCI, MSTR.

Compx (Nasdaq composite) closed -2.72 at 2523.67. Support: 2517.16, 2515.24, 2511.08, 2504.63, 2494.23. Resistance: 2528.60, 2532.24 (years high), 2536.86, 2542.75, 2585.78, 2600.37. Daily chart below

Monday was pathetic action, but we expected that to be the case. So congrats to those that didn’t overtrade and took things slowly today. Tuesday we should see more movement and a bigger range.

Another big week for earnings ahead for the markets and after last weeks advance, we may see things quiet down. Economic data for the week ahead will be steady with the biggest piece on Friday (GDP). Bernanke speaks mid week, which is doubtful to hold any surprises, but we’ll see what comes our way. Monday’s action will need to digest Friday’s late day exuberance, this can happen with sideways action or a pullback. Volume is also likely to be lighter and start the talk of “sell in May and go away” as April is starting to come to a close. There is no question we are extended up here and some profit takers may step in. But don’t just start shorting, there is still plenty of fuel to push the market and small pauses could remain in play until the upside finally pulls in. A gap up Monday could give us an exhausted move, but I am assuming the normal Monday’s merger mania gives the markets some action.

Economic Data for April 23 – 27 Monday nothing due out, Tuesday 10:00 Consumer Confidence, 10:00 Existing Home Sales, 10:00 Richmond Fed Index, Wednesday 08:30 Durable Orders, 08:30 Core Durable Goods Orders, 10:00 New Home Sales, 10:00 Fed Chairman Bernanke Speaks, 10:30 Crude Inventories, 12:30 Fed Governor Mishkin Speaks, 02:00 Fed’s Beige Book, Thursday 07:30 Fed Reserve Bank Pres Yellen speaks, 08:30 Initial Claims, 10:00 Help Wanted Index, 10:30 Nat Gas Inventories, Friday 08:30 GDP-Adv, 08:30 Chain Deflator Adv, 08:30 Employment Cost Index, 10:00 Mich Sentiment Rev.

Some earnings for the week: Monday pre market ACI, LLL, NVS, and after the bell ALTR, AMGN, BSX, ESRX, LNCR, TXN, VLTR, WCN. Tuesday pre market AKS, AL, T, BJS, EAT, CP, COH, DD, ELN, ESV, FRX, JBLU, LXK, LMT, NOC, OXY, PCAR, SEPR, STTX, X, USAP, and after the bell ADVS, AMZN, CAKE, OSG, PNRA, PXLW, RFMD, SMTL, SSTI, STM, SUNW, VFC, VECO, WEBX, WBSN, XL. Wednesday pre market EYE, AMG, APU, ATMI, BHI, BA, COP, GLW, EXC, FCX, GD, GENZ, ISE, LPX, NSC, OSTK, PFCB, R, TASR, TIN, UAUA, UPS, WLP, XTO and after the bell AFFX, AKAM, ACL, AAPL, BOBJ, CTXS, FFIV, FISV, HLIT, LSI, MXIM, MTH, MIPS, PMCS, PHM, QCOM, RMBS, RYL, VARI, VAR, WEN, XLNX, ZMH. Thursday pre market MMM, AET, BZH, BMY, CAH, CRA, CFC, CY, DO, DOW, DSPG, XOM, F, HAL, HET, IMCL, LVLT, ERIC, MHO, MESA, MEH, MNST, MPS, NCR, NEM, NYX, HOT, SU, SPWR, TSM, TRA, LCC, VLO, XMSR, ZOLL, and after the bell ACTU, BIDU, BRCM, DECK, DRIV, BOOM, ELX, KLAC, LSCC, LPNT, LAVA, MFE, MCHP, MSCC, MSFT, ONNN, OSIP, RACK, RADS, SNDK, SWIR, SOHU, SYNA, ULTI, UHS, VSEA, VLCM, YRCW. Friday pre market AT, CVX, CVH, CMI, FLIR, IR, GAS, ZEUS, OCR, SPG, SSCC, TOMO, VMSI, WMI and after the bell CCJ, GHCI, MSTR.

Compx (Nasdaq composite) closed +21.04 at 2526.39. Support: 2517.16, 2515.24, 2511.08, 2504.63, 2494.23. Resistance: 2528.60, 2532.24 (years high), 2536.86, 2542.75, 2585.78, 2600.37. Daily chart below

Monday we have to be slow to react and don’t get in a rush to push buttons. Let the market setup and don’t get caught using the rush in mentality.

Friday is our equities expiration, the last 8 of 10 on the Dow have been up days. Given the Dow’s climb over the week and the fact that we have four Dow components reporting pre market. This could be a fireworks day and more active than a normal expiration day. We have stayed in a fairly tight range with a lot of variation on who was leading this bull race. Upside from here is going to need a boost in volume and a reason to move. Earnings have been overall positive and the growth very inline. We are seeing some guidance that shows some possible slowing in the quarter to come.

Out of the gate we may see some strength, then things should quiet down. With no economic data and only a Fed Governor mid day the volatility is likely to drop off mid day. Late day we should see some final position settling and heavier volume. That does not mean the range will be wide, but volume may play tug of war to keep the range minimized.

Economic Data for Week of April 16 – 20 Friday 12:00 Treasury Secretary Paulson Speaks, 12:15 Fed Governor Mishkin Speaks.

Some earnings for the week: Friday pre market CAT, HON, MAN, MCD, PFE, SAP, SLB, WL, WIT, XRX and nothing of interest after the bell. Keep in mind companies can change days and times of reporting last minute so you should check always if you are holding something reporting.

INDU (Dow) closed +4.79 at 12808.63. Support: 12783.50, 12694.69, 12615.50, 12579.70, 12493.20, 12462.64 50dma. Resistance: 12814, 13028.80. Daily chart below

Lets finish the week and put a bow on the Dow for a great performance.

IBM being a very noted lag on the market’s advance today shows some slowing in tech. The S&P 500 closed green by a point, that is not stellar performance. A lot of the talk surrounding IBM was a slowing in tech spending, well that would do some economic damage across the board. Remember if companies slow, they lay- off and downsize. My other concern is how a few weeks ago banks and other lenders were on the trip to the dump with all the subprime concerns and now all the sudden financials are leading this rally. Today’s data on loan foreclosures show 1 in every 775 homes in this country are being hit by foreclosures. Alright I get that part of that is normal and that it is California and Nevada being hit the hardest…so far. But let’s not forget they were leading this huge housing boom, first up and first down. I am still very concerned we are getting ahead of ourselves with this lack of interest on the potential hit to banks of all sizes, much less the mortgage companies on these loans. At this point the economic data being released we are unlikely to see a rate cut from the Fed, and if anyone is sitting and waiting on that they may be seated for awhile. If anything we may see another increase, hold on to your hats if that comes to fruition.

Crude up just 3 cents to close at $63.13 a barrel after being down as low as $62.75. Gold saw a small increase on the day to close up 80 cents at $693.30. Platinum was getting all the action to see 7 ½ year highs today. Currency also active today with the dollar seeing a big drop.

Economic Data for Week of April 16 – 20 Thursday 08:30 Jobless Claims, 10:00 Leading Indicators, 10:30 Natural Gas Report, 12:00 Philadelphia Fed, 03:50 SF Fed Bank Pres Yellen speaks, Friday 12:00 Treasury Secretary Paulson Speaks, 12:15 Fed Governor Mishkin Speaks.

Some earnings for the week: Thursday pre market MO, ASD, BAC, BAX, BBT, BLK, BOT, CAL, DHR, DHI, FITB, FCS, HOG, HSY, IGT, MRK, MER, NDAQ, NYT, NE, NOK, NUE, OXPS, BTU, DGX, SGP, POOL, SHW, LUV, STJ, TASR, UTEK, UNP, UNH, WCC, WYE, Intraday AXP, After the bell AMD, COF, CERN, CREE, FNB, FDC, GOL,GOOG, ISRG, ZION. Friday pre market CAT, HON, MAN, MCD, PFE, SAP, SLB, WL, WIT, XRX and nothing of interest after the bell. Keep in mind companies can change days and times of reporting last minute so you should check always if you are holding something reporting.

Compx (Nasdaq composite) closed -6.45 at 2510.50. Support: 2491.94 (fills gap), 2482.17, 2472.35, 2463.76, 2444.44 50dma, 2422.98. Resistance: 2522.63, 2531.42 (years high), 2585.78, 2600.37. Daily chart below

Gold fell on the day down $1.40 at $692.50. Crude was also down on the day 51 cents at $63.10. Ahead of the crude inventories on Wednesday. After hours stayed pretty upbeat with INTC, and LLTC, both trading higher. IBM and YHOO both started up and fell in the later after hours session. Leaving a mixed tone and futures are trading lower as I type this. With no early data due and only oil we will be earnings dependent for volatility. Several big names are pre market so that will add additional volatility.

Economic Data for Week of April 16 – 20 Wednesday 10:30 Crude Inventories, Thursday 08:30 Jobless Claims, 10:00 Leading Indicators, 10:30 Natural Gas Report, 12:00 Philadelphia Fed, 03:50 SF Fed Bank Pres Yellen speaks, Friday 12:00 Treasury Secretary Paulson Speaks, 12:15 Fed Governor Mishkin Speaks.

Some earnings for the week: Wednesday pre market AOS, ABT, AMR, ASML, BK, DSL, JPM, MOT, PNC, UTX, and after the bell CTXS, CBST, EBAY, GILD, ISIL, MOGN, NVLS, SYK. Thursday pre market MO, ASD, BAC, BAX, BBT, BLK, BOT, CAL, DHR, DHI, FITB, FCS, HOG, HSY, IGT, MRK, MER, NDAQ, NYT, NE, NOK, NUE, OXPS, BTU, DGX, SGP, POOL, SHW, LUV, STJ, TASR, UTEK, UNP, UNH, WCC, WYE, Intraday AXP, After the bell AMD, COF, CERN, CREE, FNB, FDC, GOL,GOOG, ISRG, ZION. Friday pre market CAT, HON, MAN, MCD, PFE, SAP, SLB, WL, WIT, XRX and nothing of interest after the bell. Keep in mind companies can change days and times of reporting last minute so you should check always if you are holding something reporting.

Compx (Nasdaq composite) closed -1.38 at 2516.95. Support: 2491.94 (fills gap), 2482.17, 2472.35, 2463.76, 2444.44 50dma, 2422.98. Resistance: 2522.63, 2531.42 (years high), 2585.78, 2600.37. Daily chart below

http://www.falkininvesting.com/blog/wp-content/uploads/2007/04/41807compx.jpg

Going into Wednesday the gap maybe our first play, then we have to see if INTC gives up those after hour gains to drop the tech stocks and pull us in.

With almost half the Dow reporting this week, many big caps and financials we have a lot on our plate this week. That with options expiration is a lot of volatility. Monday’s gap and go day did very little for me, but did put brokers into short term overbought levels. Pulled the banks back over the 200dma and left the semi’s just under the 50dma. Tech lagged this move, hardware is still behind and with IBM and INTC reporting Tuesday tech will be closely watched after the bell.

We closed with the bulls running the show, the bears are lurking still. So we have to watch CPI and early earnings to set our tone. Also keep in mind we are nearing the years highs on the Nasdaq and Dow, the S&P 500 surpassed the years highs and closed at levels we have not seen since September 2000. Danger of rising to overbought levels and into the resistance with no pullback is a concern now, we need volume to fuel a break out and we have the best chance of seeing that with a pullback.

Economic Data for Week of April 16 – 20 Tuesday 08:30 Phil Fed Reserve Bank Pres Plosser speaks, 08:30 CPI, 08:30 Core CPI, 08:30 Housing Starts, 08:30 Building Permits, 09:15 Industrial Production, 09:15 Capacity Utilization, 10:00 State Street Investor Confidence Index, 12:30 NY Fed Reserve Bank Pres Geithner, Wednesday 10:30 Crude Inventories, Thursday 08:30 Jobless Claims, 10:00 Leading Indicators, 10:30 Natural Gas Report, 12:00 Philadelphia Fed, 03:50 SF Fed Bank Pres Yellen speaks, Friday 12:00 Treasury Secretary Paulson Speaks, 12:15 Fed Governor Mishkin Speaks.

Some earnings for the week: Tuesday pre market AM, AMTD, KO, DJ, JNJ, KEY, PACT, STT, STI, USB, WFC and after the bell CSX, ESLR, IBM, INTC, LLTC, PPDI, STX, USNA, WM, YHOO. Wednesday pre market AOS, ABT, AMR, ASML, BK, DSL, JPM, MOT, PNC, UTX, and after the bell CTXS, CBST, EBAY, GILD, ISIL, MOGN, NVLS, SYK. Thursday pre market MO, ASD, BAC, BAX, BBT, BLK, BOT, CAL, DHR, DHI, FITB, FCS, HOG, HSY, IGT, MRK, MER, NDAQ, NYT, NE, NOK, NUE, OXPS, BTU, DGX, SGP, POOL, SHW, LUV, STJ, TASR, UTEK, UNP, UNH, WCC, WYE, Intraday AXP, After the bell AMD, COF, CERN, CREE, FNB, FDC, GOL,GOOG, ISRG, ZION. Friday pre market CAT, HON, MAN, MCD, PFE, SAP, SLB, WL, WIT, XRX and nothing of interest after the bell. Keep in mind companies can change days and times of reporting last minute so you should check always if you are holding something reporting.

Compx (Nasdaq composite) closed +26.39 at 25.18.33. Support: 2491.94 (fills gap), 2482.17, 2472.35, 2463.76, 2443.62 50dma, 2422.98. Resistance: 2522.63, 2531.42 (years high), 2585.78, 2600.37. Daily chart below

Seat belt in for Tuesdays action early!

Technical overview: The Nasdaq Composite and S&P 500 have both cleared 78.6% and now have the swing high over head. The Dow and Nas 100 both just sitting under 78.6%, which will be key to clear. You can see the levels on the charts below to focus on for the week ahead. Semiconductors have spent 6 days in range and sitting on the 50dma and starting to look weaker and show some downside possibilities. After 5 days in range banks fell through the 200dma, still held the swing low but weakened as we closed the week. Friday Banks bounced back, but still under the key 200dma. Brokers sit in range for 7 days now. Software (GSO) sits at the years highs just opposite is the hardware sector (GHA I added this chart to our watch below with stocks in the sector) which is lagging. The Nasdaq 100 is made up of 48.4% tech. Sox sits mid range, software at the highs and hardware at the lows. Very mixed picture. The S&P 500 has 20.7% financials, which would be the brokers and banks. 14.3% of Tech and 14.9% of Healthcare in the S&P 500. So by watching the key sectors you can see what is holding the market up.

Right now we would only need the SOX or Software to turn down and the Nas would be in trouble. The Nas 100 is just under the 78.6%, clearing that level would be pointing us higher. But the tech sector is now facing more earnings and the Dow also sits at the key spot, so it will also be under pressure if earnings falter this week. Many financials are on this weeks list and banks are already under pressure, so this will still be in focus and either lift them from the dumps into bullish territory over the 200dma or push them much lower to turn the S&P 500 around quickly.

This is a big week for economic data, earnings and options expiration. Usually expiration week brings nice volatility and with our VIX dropping last week. I would say we are due to move. Several Fed speakers on tab this week, but no Bernanke. They’ve been pretty busy but all saying the same old “watch inflation” speak. So CPI on Tuesday will be biggie this week. Usually Tuesday, Wednesday and Thursday are the big days for movement for expiration week. So for now we’ll stay with that, but I will look for Monday to be active, but unlikely to be our big mover. Tuesday and Thursday stand out for data, so they’ll be bigger range days is my thinking.

Going into Monday I am slightly bullish, but not overly so. But given our close Friday and the way the Nasdaq finally woke up late day. I think the day can start off strong and then lead us into a pullback to position ahead of the CPI on Tuesday.

Economic Data for Week of April 16 – 20 Monday 06:30 am St Louis Fed Reserve Bank Pres Poole speaks, 08:30 am Empire State Mfg Survey, 08:30 am Retail Sales, 08:30 am Retail Sales ex-auto, 08:45 am Philadelphia Federal Reserve Bank Pres. Plosser speaks, 09:00 amNet Foreign Purchases, 10:00 am Business Inventories, 01:00 pm Housing Market Index, Tuesday 08:30 Phil Fed Reserve Bank Pres Plosser speaks, 08:30 CPI, 08:30 Core CPI, 08:30 Housing Starts, 08:30 Building Permits, 09:15 Industrial Production, 09:15 Capacity Utilization, 10:00 State Street Investor Confidence Index, 12:30 NY Fed Reserve Bank Pres Geithner, Wednesday 10:30 Crude Inventories, Thursday 08:30 Jobless Claims, 10:00 Leading Indicators, 10:30 Natural Gas Report, 12:00 Philadelphia Fed, 03:50 SF Fed Bank Pres Yellen speaks, Friday 12:00 Treasury Secretary Paulson Speaks, 12:15 Fed Governor Mishkin Speaks.

Some earnings for the week: Monday pre market AMLN, SCHW, C, LLY, WB, intraday JBHT and after the bell STLD, WERN. Tuesday pre market AM, AMTD, KO, DJ, JNJ, KEY, PACT, STT, STI, USB, WFC and after the bell CSX, ESLR, IBM, INTC, LLTC, PPDI, STX, USNA, WM, YHOO. Wednesday pre market AOS, ABT, AMR, ASML, BK, DSL, JPM, MOT, PNC, UTX, and after the bell CTXS, CBST, EBAY, GILD, ISIL, MOGN, NVLS, SYK. Thursday pre market MO, ASD, BAC, BAX, BBT, BLK, BOT, CAL, DHR, DHI, FITB, FCS, HOG, HSY, IGT, MRK, MER, NDAQ, NYT, NE, NOK, NUE, OXPS, BTU, DGX, SGP, POOL, SHW, LUV, STJ, TASR, UTEK, UNP, UNH, WCC, WYE, Intraday AXP, After the bell AMD, COF, CERN, CREE, FNB, FDC, GOL,GOOG, ISRG, ZION. Friday pre market CAT, HON, MAN, MCD, PFE, SAP, SLB, WL, WIT, XRX and nothing of interest after the bell. Keep in mind companies can change days and times of reporting last minute so you should check always if you are holding something reporting.

GHA Hardware sector…components by market weight within the sector:
SUNW (9.54%), HPQ (9.08%), EMC (9.02), IBM (8.92), STX (8.89), AAPL (8.42), RIMM (8.26),NTAP (8.01), DELL (7.70), LXK (5.62), LOGI (4.54), WDC (3.74), BRCD (2.58), QLGC (2.48), ELX (1.29),PALM (1.24), GTW(.67). With STX and RIMM both getting hit last week they could be nice focus this week. QLGC has been finding interest lately and LXK sitting just under the 50dma. All should be of interest. IBM reports Tuesday.