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By Great Iota:
For me and Alphas Edge, this is a week of wet dreams; it is all about earnings and economic data. As many of you know, I am still holding to my Goldman Sachs Jan 2011 75 puts and my Bank of America Jan 2011 7.50 puts. So, maybe Goldman will disappoint on Tuesday, although I’m not expecting them to. Simply put, Goldman is the best bullshiter there is. But if somehow they give out bad news or perceived bad news…look out below. I cannot remember a single earnings announcement that caused Goldman to trade down. Yet, for some reason, I still don’t want to sell my puts…maybe this time will be different. Bank of America and Citigroup on July 16 are another story however. I’m dying to see how they are going to get around talking about how the commercial RE crash that’s coming (or happening) or the mounting credit card losses not going to affect their bottom line. Then, you got Google, J&J, GE, IBM, INTC and JPM also adding their own mixes of infested juices to the earnings orgy.
Next, you got the economic data to keep in mind. For the most part, I’m not expecting any of it to significantly move the market up (although some surprising negative data can re ignite the depression fear). Wallstreet and economists are now expecting results. The, if it is not gloom and doom, than the market moves up will no longer work. Momentum has definitely shifted sown so we need real positive numbers or significant improvement to reverse the short term trend.
Wait, am I forgetting something…did I take my V8…A shit, the G8 review…not expecting anything out of that…what a insignificant group with no purpose and a total waste of time.
The Economic news for this week..
Jul 13 14:00 Treasury Budget –
Jul 14 08:30 Core PPI, 08:30 PPI, 08:30 Retail Sales, 08:30 Retail Sales ex-auto, 10:00 Business Inventories –
Jul 15 08:30 Core CPI, 08:30 CPI, 08:30 Empire , Manufacturing, 09:15 Capacity Utilization, 09:15 Industrial Production, 10:30 Crude Inventories, 14:00 Minutes of FOMC Meeting June 24 –
Jul 16 08:30 Initial Claims, 09:00 Net Long-Term TIC Flows, 10:00 Philadelphia Fed –
Jul 17 08:30 Building Permits, 08:30 Housing Starts –
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