Keystone's Key Events and Market Movers Week of 5/29/12

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Keystone presents the following underlying market currents, sometimes subtle, sometimes turbulent, that move global markets in real time.  The key dates and times below typically correspond to market pivot points.

Key Dates and Times for the Week Ahead:

·         Monday, 5/28/12:  U.S. Markets are closed in Observance of Memorial Day today. Thank you to all the veterans! The European debt crisis drama continues. Greece, Spain, Hungary and Italy are the major current worries. European equity markets start the week off on a happy note as Greece is showing more willingness to go the bailout route and stay in the euro.  Spanish debt, however, is near the critical 6.5%. The Spain-Germany 10-year yield spread is at a record high. Greece elections are 6/17/12 fourteen trading days away.  Watch the European spreads closely in relation to Germany; higher spreads mean increased turmoil and trouble. Bank runs in Greece and Spain remain a major worry. Bankia bank was given a bailout but the funding needed was much larger than expected keeping equity markets in check today. Congress is on another recess, taking it easy, but this is actually market bullish since the politicians are away from Washington (they can do less harm). Watch for further China triple R cuts or interest rate cuts that would pump markets higher with liquidity. Earnings continue this week but the Q1 reporting season is all but over.  The shipping industry will be in focus this week as well as some retailers.  About 70% of the earnings have beat lowered expectations which is in line but the lackluster guidance, as well as top line revenues that disappoint, are not providing bullish oomph for markets. 

·         Tuesday, 5/29/12: U.S. markets reopen for trading. Case-Shiller House Price Index 9 AM. Consumer Confidence 10 AM.  Dallas Fed Mfg Survey 10:30 AM.  FB drama should continue beginning the week at 32 six dollars under the 38 issue price. Earnings: AMSC, DRYS, JDAS, JOSB, SHIP, GAME.

·         Wednesday, 5/30/12: Mortgage Purchase Applications 7 AM.  Challenger Job Report 7:30 AM-provides a preview for the Friday Jobs Report. Pending Home Sales 10 AM. Fed’s Dudley speaks 1 PM, Fisher 1:20 PM and Rosengren 4:30 PM. Earnings: CWTR, DAKT, GRZ, IHT, LGF, SINO, SYSW, TIVO, YGE.

·         Thursday, 6/31/12: EOM. Chain Store Sales. ADP Employment Report 8:15 AM. Jobless Claims and GDP 8:30 AM. Fed’s Pianalto speaks 8:30 AM. Chicago PMI 8:45 AM. Natty Inventories 10:30 AM. Oil Inventories 11:00 AM (delayed one day due to holiday). Farm Prices 3 PM.  Fed Balance Sheet and Money Supply 4:30 PM.  Earnings: CIEN, JOY, OVTI, PRGN, SABA, SAI, SBLK, TOPS, VRA.

·         Friday, 6/1/12: Personal Income/Outlays and Jobs Report 8:30 AM. Construction Spending and ISM Manufacturing Index 10 AM. ISM will impact the energy and broad markets. Markets tend to be bullish about two-thirds of the time in front of the full moon. Earnings: MOD.

·         Monday,6/4/12: Full Moon.

·         Wednesday,6/6/12: Beige Book 2 PM.

·         Thursday,6/7/12: Jobless Claims 8:30 AM. Chairman Bernanke speaks 10 AM.

·         Wednesday,6/13/12: PPI (Producer Price Index) and Retail Sales 8:30 AM. 10-Year Note Auction 1 PM.

·         Thursday,6/14/12: CPI (Consumer Price Index) and Jobless Claims 8:30 AM. 30-Year Bond Auction 1 PM.

·         Friday, 6/15/12: OpEx. Industrial Production 9:15 AM.  Consumer Sentiment 9:55 AM.

·         Sunday, 6/17/12: Greece elections.

·         Tuesday,6/19/12: Housing Starts 8:30 AM. FOMC Meeting begins. New Moon.

·         Wednesday,6/20/12: FOMC Rate Decision and Press Conference-will QE3 be announced? Equities will experience a rip-roaring rally once additional stimulus programs are announced by Chairman Bernanke.

·         Tuesday, 6/26/12: Consumer Confidence 10 AM.

·         Thursday, 6/28/12: Euro Summit. GDP.

·         Friday, 6/29/12: EOM. Consumer Sentiment 9:55 AM.