Economic: NA.
Earnings: NA.
Tuesday:
Economic: PPI & Core (0.5%, 0.2%), Retail Sales (0.5%, Ex: 0.6%), Business Inv's (1.1%) and FOMC Decision on Rates (0.25%).
Earnings: In the spotlight, consumer electronics retailer Best Buy (BBY) is expected to grow profits by approximately 15% on earnings of $0.61 per share. Technically speaking, shares of BBY have put together a 35% deep corrective weekly cup of seven months. Of late and on bulls radars, shares have carved out a handle of five weeks and roughly 9% in depth, high in the right side of the base.
Other: FactSet (FDS), Imperial Sugar (IPSU), Pantry (PTRY), Sanderson (SAFM). After Hours: Hovnanian (HOV), The9 Ltd (NCTY).
Wednesday:
Economic: Weekly Crude data, Mortgage Apps, CPI & Core (0.2%, 0.1%), Empire (3.0), Net Long-Term TIC Flows, IP & CU (0.3%, 75%), NAHB (17.0).
Earnings: NASDAQ 100 component and mining machinery outfit Joy Global (JOYG) is expected to show a slight drop in profits from $1.20 to $1.16 per share. With shares extended about 20% above most recent base breakout levels, just off best levels in two-plus years and 10% from ATHs; the company's outlook should prove an important trigger for bulls (and bears).
After Hours: AAR (AIR), ABM (ABM), HEICO (HEI), Herman Miller (MLHR), Nordson (NDSN).
Thursday:
Economic: Weekly Claims (425K, 4.07M), Housing Starts & Permits (545K, 558K), Current Balance (-$125.3B), Philly Fed (12.5).
Earnings: FedEx's (FDX) earnings package is in the spotlight. The economic bellwether is expected to grow profits by 19% to $1.31 per share. Technically, shares are nearing cup highs within its near 8-month long base after breaking out on heavy volume, above its handle pivot of $90.63 several sessions ago and consolidating those gains last week.
Other: Discover (DFS), General Mills (GIS), Pier 1 (PIR), Rite Aid (RAD), Winnebago (WGO).
After Hours: Business software / database giant Oracle (ORCL) and smart phone manufacturer RIM (RIMM) are in focus. Oracle is expected to show profit growth of 18% on earnings of $0.46 per share. Technically, shares of ORCL have just scored fresh nine year highs from a short six week cup structure on weak volume, putting the burden of proof and reasons to refrain from "profit-taking" on bulls shoulders.
For its part, RIM is expected to produce profits of $1.64 per share compared to the year ago's $1.10. Technically, shares have been a strong under-performer in large cap tech but recently staged a successful-looking bottoming cup-with-handle breakout which suggests a better 2011 for bulls.
Other: Accenture (ACN), Applied Signal (APSG), Quicksilver (ZQK), Steelcase (SCS), Take-Two (TTWO).
Friday:
Economic: Leading Indicators (1.2%).
Earnings: Cruise line operator Carnival (CCL) reports. Company is expected to earn $0.34 per share compared to the year ago's $0.24 per share. Technically, high-handle development of six weeks on good volume characteristics at two-plus year highs suggests further smooth sailing could be shaping up.
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