Monday, September 20, 2010

Catalysts to Watch this Week. 9/20/10 $SPX

· The big even of the week will be the Fed meeting on Sept 21.  For this decision specifically, the Fed isn’t expected to make any material changes (either to policy or language); however, anticipation is rapidly rising ahead of the Nov 2-3 meeting, where some think a new round of QE could be announced.   JPMorgan’s M Feroli sees a 1/3 chance that new QE is announced at the Sept 21 meeting. 

· The corporate calendar will become increasingly slow as we head into the final weeks of Q3 and most companies enter their quiet periods ahead of earnings in mid-Oct.  There are a few more Aug-end earnings releases to watch though: for tech, we will have a bunch of software companies (inc. ADBE Tues, RHT on Wed, and TIBX on Thurs). 

· For financials, DFS will give some insight into the credit card industry Mon morning (given that we get monthly credit and balance information via the trust releases, this release prob. won’t be a major data point) while JEF will give some insight into how brokers are trending (investors will be watching to see how the company fared given the very slow capital markets volumes of the last few weeks). 

· For the consumer, watch for earnings out of BBBY, NKE, GIS, and CAG. 

· It will be a busy week for housing, w/a couple earnings (LEN on Mon and KBH on Fri) and a slew of eco data (NAHB survey on Mon, the housing starts/building permits figures on Tues, the home price index on Wed, and the existing home sales on Thurs). 

· In Washington, Obama is going to be holding an hour long press event on CNBC on Mon (@ 12pmET) where he will discuss economic issues and the UN General Assembly starts in NYC. 

· the SEC is due to release its study on the causes of the May 6 "Flash Crash". 

· Ireland, Greece, and Portugal will be selling bonds in the coming week and will be closely watched by investors.  Greece To Sell EUR300M 13-Week Treasury Bills Sep 21.  Ireland to sell up to 1.5 bln euros of 4 pct Jan 2014 and 4.5 pct Oct 2018 bonds on Sept 21.  Portugal to issue up to 1 bln euros of 3.6 pct Oct 2014 and 4.8 pct Oct 2020 bonds on Sept 21.

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