What to watch for during the week of Oct 29th

by Jay Pestrichelli on October 29th, 2012

Our friends at Minyanville have a nice comprehensive list of economic data and earning reports that outline what will move the market in this upcoming week in their article: Trading Radar.

Here’s what we think are most relevant:
 
Monday Oct 29th:
There isn’t anything big scheduled for Monday morning and most likely Hurricane Sandy will be the big story. Of course Europe can do something whacky, but as far as planned data, there’s nothing that will keep anyone on the edge of their seats.
 
Tuesday Oct 30th:
Case Schiller housing data can always make impact and perhaps consumer confidence will draw some attention. Both leave room to disappoint if they don’t live up to expectations of beating prior period reports.
 
As for Earnings, there are some big ones. In the morning Ford (F) sets the tone for discretionary spending and Archer Daniels Midland (ADM) may indicate how badly the drought effects will last on the cost of commodities. A little ironic as the North East should be well saturated by this time. After market US Steel (X) has a chance to have an upside surprise as most are expecting disappointing data from them.
 
Wednesday Oct 31st:
Chicago PMI could cause some excitement, but that’s about it.  However if Eurozone CPI comes in way out of line to the high side, that could cause the US open to fluctuate lower.

Even though GM reports, all the car data will have been worked in from Ford the prior day.  It really is a snoozer of an earnings day for market movers.
 
Thursday Nov 1st:
Initial Jobless Claims may have an impact if it surprises either way. But the big movers will be ADP Employment change data and ISM Manufacturing. Both don’t show to much in the way of growth, so if either has a nice surprise the bulls may get a good open. If they disappoint, I feel the bears will wait around for Friday before making a move.
 
As for earnings, Exxon Mobil (XOM) should move the markets early on. After market, the volatility junkies will get some adrenaline from Priceline (PCLN), Las Vegas Sands (LVS) and Linkedin (LNKD); however these won’t have a lasting impact come Friday morning.
 
Friday Nov 2nd:
The jobs number and unemployment rate will rule the morning. We don’t have to go into how important this last jobs data is to the presidential election.
 
No real earnings to speak of , so pay attention when the job info comes out. 



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