THIS WEEKS MARKET MOVERS

Monday Jun 13	Tuesday Jun 14	Wednesday Jun 15	Thursday Jun 16	Friday Jun 17
Market Focus » International Perspective » Simply Economics » 4-Week Bill Announcement 11:00 AM ET 3-Month Bill Auction 11:30 AM ET 6-Month Bill Auction 11:30 AM ET	FOMC Meeting Begins  NFIB Small Business Optimism Index 6:00 AM ET Retail Sales 8:30 AM ET Import and Export Prices 8:30 AM ET Redbook 8:55 AM ET Business Inventories 10:00 AM ET 4-Week Bill Auction 11:30 AM ET	MBA Mortgage Applications 7:00 AM ET PPI-FD 8:30 AM ET Empire State Mfg Survey 8:30 AM ET Industrial Production 9:15 AM ET EIA Petroleum Status Report 10:30 AM ET FOMC Meeting Announcement 2:00 PM ET FOMC Forecasts 2:00 PM ET Fed Chair Press Conference 2:30 PM ET Treasury International Capital 4:00 PM ET	Weekly Bill Settlement Consumer Price Index 8:30 AM ET Jobless Claims 8:30 AM ET Philadelphia Fed Business Outlook Survey 8:30 AM ET Current Account 8:30 AM ET Bloomberg Consumer Comfort Index 9:45 AM ET Housing Market Index 10:00 AM ET EIA Natural Gas Report 10:30 AM ET 3-Month Bill Announcement 11:00 AM ET 6-Month Bill Announcement 11:00 AM ET 52-Week Bill Announcement 11:00 AM ET 2-Yr Note Announcement 11:00 AM ET 2-Yr FRN Note Announcement 11:00 AM ET 5-Yr Note Announcement 11:00 AM ET 7-Yr Note Announcement 11:00 AM ET 30-Yr TIPS Announcement 11:00 AM ET Fed Balance Sheet 4:30 PM ET Money Supply 4:30 PM ET	Quadruple Witching Housing Starts 8:30 AM ET Atlanta Fed Business Inflation Expectations 10:00 AM ET Baker-Hughes Rig Count 1:00 PM ET

This week's AAII Sentiment Survey showed bulls at 28%, bears at 28% and the number of investors who are neutral at 44%. The number of bears has been below its historical average of 30.5% for all but two of the past 15 weeks.

But the high neutral reading seems to be canceling out the low bearish readings. Remember that the AAII Sentiment Survey is a contrarian indicator, so low bearish numbers should be bullish for stocks. But the persistently high neutral reading is another indication of investors' lack of confidence, which reduces the momentum needed for a genuine breakout

THIS WEEKS MARKET MOVERS

Monday Jun 6	Tuesday Jun 7	Wednesday Jun 8	Thursday Jun 9	Friday Jun 10
Market Focus » International Perspective » Simply Economics » Eric Rosengren Speaks 2:15 AM ET Gallup US Consumer Spending Measure 8:30 AM ET Labor Market Conditions Index 10:00 AM ET 4-Week Bill Announcement 11:00 AM ET 3-Month Bill Auction 11:30 AM ET 6-Month Bill Auction 11:30 AM ET TD Ameritrade IMX 12:30 PM ET Janet Yellen Speaks 12:30 PM ET Janet Yellen Speaks 2:00 PM ET	Productivity and Costs 8:30 AM ET Gallup US ECI 8:30 AM ET Redbook 8:55 AM ET 4-Week Bill Auction 11:30 AM ET 3-Yr Note Auction 1:00 PM ET Consumer Credit 3:00 PM ET Treasury STRIPS 3:00 PM ET	MBA Mortgage Applications 7:00 AM ET JOLTS 10:00 AM ET Quarterly Services Survey 10:00 AM ET EIA Petroleum Status Report 10:30 AM ET 10-Yr Note Auction 1:00 PM ET	Weekly Bill Settlement Jobless Claims 8:30 AM ET Bloomberg Consumer Comfort Index 9:45 AM ET Wholesale Trade 10:00 AM ET EIA Natural Gas Report 10:30 AM ET 3-Month Bill Announcement 11:00 AM ET 6-Month Bill Announcement 11:00 AM ET 30-Yr Bond Auction 1:00 PM ET Fed Balance Sheet 4:30 PM ET Money Supply 4:30 PM ET	Consumer Sentiment 10:00 AM ET Baker-Hughes Rig Count 1:00 PM ET Treasury Budget 2:00 PM ET

In addition to low volume, a head-and-shoulders reversal is still in place on the S&P 500. A close above 2,105.33 would cancel out that potentially bearish formation, and that is why that line is so important for a continuation of the current advance.

Breadth at under 2-to-1 is not encouraging since it indicates reluctance on the part of investors to become bullish.

There have been few stock market advances as powerful as the run from the January/February double-bottom. And the jump from what appeared to be a head-and-shoulders breakdown is impressive as well.

Even if the S&P 500 fails to make a new high, it now has significant support at the 2,040 line. A pullback to that line could be a good buying opportunity as long as the index does not close below the line.