Keystone's Key Events and Market Movers Week of 5/7/12

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, 5/7/12:  The European debt crisis drama continues. The France and Greece election results should set the tone-watch the Sunday evening futures markets.  Greece, Portugal, Hungary, Spain, Italy and France all remain at risk with yields moving up towards the November-December 2011 levels. Watch the European spreads closely such as the France-Germany 10-Year Yield Spread. Congress is in session which is market bearish. Watch for China triple R cut that would pump markets higher with liquidity. Earnings continue this week.  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 enough to provide bullish oomph. Consumer Credit 3 PM.  Fed’s Lacker speaks 6:00 PM.  Lots of Fed Heads speaking again every day this week--why are they spinning so strongly? The Facebook road show, or circus, will run all week long into next week when FB is projected to start trading Friday, 5/18/12. Earnings: ANDE, AWR, CAR, BCRX, CLNE, CTSH, GNOM, EA, GSM, HALO, HFC, JDAS, JKS, LRAD, MAKO, MR, RAX, SIGA, SNCR, SZYM, VVUS, WYNN.

·         Tuesday, 5/8/12:  NFIB Small Business Optimism Index 7:30 AM-will probably be gloomy. Fed’s Lacker speaks 9:45 AM. 3-Year Note Auction 1 PM. Fed’s Fisher speaks 1:45 PM.   Earnings: ACHN, AMRN, AIS, ASTI, ATLS, CRZO, DCTH, DIS, ETP, GLP, HK, HCN, HL, ISIS, IVR, JAZZ, KWK, MRX, MED, MEMS, MELI, NILE, PCX, PRX, PGNX, RAIL, SEED, SMG, TAP, TNGO, TOO, THC, TOPS, URS.

·         Wednesday, 5/9/12:  Mortgage Purchase Applications 7 AM. Wholesale Trade 10 AM. Oil Inventories 10:30 AM.  Fed’s Pianalto speaks 10:45 AM. Fed’s Plosser speaks 12 Noon.  10-Year Note Auction 1 PM-potential market pivot point. Earnings: AOL, BMC, BWC, CSCO, CHDX, DF, EGLE, ELON, EOG, FTK, KDN, LUNA, M, MNKD, MTEX, MWE, MYRG, OREX, PANL, PCRX, PCLN, QTM, RSOL, SATC, SODA, WFR.

·         Thursday, 5/10/12: Chairman Bernanke speaks-perhaps setting the tone for trading. International Trade, Import and Export Prices and Jobless Claims 8:30 AM.  Fed’s Kocherlakota speaks 10 AM. Natty Inventories 10:30 AM.  30-Year Bond Auction 1 PM. Treasury Budget 2 PM.  Fed Balance Sheet and Money Supply 4:30 PM.  Earnings: ACCO, ALXA, APP, AVII, BID, CECO, CECE, CDXS, CWCO, CEP, CUTR, DYN, EMMS, ESRX, HOGS, IDN, JWN, KSS, KEM, LPTH, MDR, MCP, NABI, NHI, NTK, NUAN, ORBT, OVRL, PEIX, TGX, TNB.

·         Friday, 5/11/12: Producer Price Index (PPI) 8:30 AM. Fed’s Fisher speaks 9:15 AM. Consumer Sentiment 9:55 AM-look for a market pivot point.  Earnings: FBP, NVDA, OSIR, PGR, SOL, RTK, SDT, PER, URRE.

·         Tuesday, 5/15/12: CPI and Retail Sales 8:30 AM.

·         Wednesday, 5/16/12:  Housing Starts 8:30 AM. FOMC Minutes 2 PM.