Economic: NAHB Market Index expected to show one point increase to 14.0 for September.
Earnings: Discover Card (DFS) and Lennar (LEN). The homebuilder is expected to turn a nickel profit following last year's -$0.97 loss per share.
Other Notables: Bulls will be looking for follow-through in price following key consolidation phase of past week above 200SMA. Always critical FOMC decision on Tuesday will be dissected for clues on future rate policy. Fed funds are expected to remain at 0.25%.
Also on the radar, housing data and homebuilders' earnings (XHB) results will be delivered throughout the week beginning with Lennar and NAHB reading on Monday. Tickers of influence include Black gold (USO) which reasserted bearish flag patterns last week and iShares 20-Yr (TLT) which broke key 50SMA uptrend support.
Tuesday:
Economic: Housing Starts & Permits (550K vs. 546K prior & 560K vs. 559K) and Monthly FOMC Decision (0.25% fed funds).
Earnings: AutoZone (AZO), Carnival (CCL), ConAgra (CAG), FactSet (FDS). After the Close: Adobe (ADBE), Cintas (CTAS), Darden (DRI) and Progress (PRGS).
Wednesday:
Economic: Weekly Crude data.
Earnings: CarMax (KMX), General Mills (GIS), Jeffries (JEF). After the Close: Bed Bath & Beyond (BBBY), Red Hat (RHT), IHS (IHS) and Steelcase (SCS).
Thursday:
Economic: Weekly Claims expected to show flat but still-elevated 450,000. Existing Home Sales for August pegged at 4.04M compared to prior reading of 3.83M. Leading Indicators (0.1% vs. 0.1% prior).
Earnings: In the spotlight, after the close sports equipment / apparel goliath Nike (NKE) reports. Analysts expect a decline an approximate -4.00% drop in earnings on profits of $1.00 per share.
Will bulls be running from or vaulting into NKE shares? Technically, NKE is carving out a bullish four-month long cup-shaped pattern as part of a larger near one-year long base-on-base after scoring all-time-highs. PS Elliott has a weekly W4 in progress with mid TAPP of near $90 by late January 2011.
Before the Open: Rite Aid (RAD), Texas Industries (TXI). After the Close: Comtech (CMTL), Finish Line (FINL), TIBCO (TIBX).
Friday:
Economic: August Durable Orders (-1.3% vs. 0.4% and ex Transport: 0.7% vs. -3.7%) and New Home Sales (290K vs. 276K prior).
Earnings: KB Home (KBH) is expected to show -$0.15 per share loss compared to last year's -$0.87 per share result.
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