Trading Radar: Eurozone GDP, US Industrial Activity Will Be Highlights Next Week

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Friday's market caught many off guard. Following a bearish engulfing candle in the S&P 500 (INDEXSP:.INX) that swallowed up the nine prior days of gains, the market rallied back to retrace the entirety of yesterday's losses and then some. This type of activity is highly unusual because Thursday's losses would typically signify a change in trend. US Treasuries recorded its second straight week of losses, though it has become oversold enough to warrant a potential trade back in the other direction early next week.

The calendar is relatively light in the coming week due to Veteran's Day. The only economic data points to note are the October manufacturing production on Friday, and September's trade balance on Thursday. Because the government shut down in October and business surveys largely reflected a concern over future demand, the lingering question remains whether or not companies pulled back orders during the month. Thus far, from preliminary ISM manufacturing surveys, it appears that the concerns are unfounded. The manufacturing production data will be the first hard data point to determine whether or not demand slacked because of the shutdown.

Activity may be light in the US, but the calendar is robust for the rest of the world. The advance estimate of eurozone GDP is due out on Thursday, new loan data from China will be released over the weekend, and employment data from the UK is slated to be released.

The Q3 earnings season is winding down. Notable reports for the coming week include Wal-Mart ( WMT ), Cisco ( CSCO ), Dean Foods ( DF ), News Corp ( NWSA ), and GSV Capital ( GSVC ). GSV is notable because it is a sizable owner of Twitter (NYSE: TWTR ), which went public this Thursday.

Monday, November 11

US Economics (Time Zone: EDT)

No major reports
US bond markets closed for holiday

Global Economics (Time Zone: GMT)

JPY Trade Balance
CNY Aggregate Renmibi Financing
00:30 AUD Home Loans
04:30 JPY Bankruptcies

Earnings

After:
Sotheby's (BID)
Rackspace (RAX)
GSV Capital ( GSVC )
News Corp ( NWSA )

Tuesday, November 12

US Economics (Time Zone: EDT)

07:30 NFIB Small Business Optimism - consensus 93.8, prior 93.9
08:30 Chicago Fed Nat - prior 0.14
11:00 Fed to purchase $1.25b-$1.75b bonds in 23 to 30-year range
11:30 Treasury selling $33b 3-month bills, $29b 6-month bills
1:00 Treasury selling $30b 3-year notes

Fedspeak

1:00pm Kocherlakota speaks on monetary policy in Minnesota
1:50pm Lockhart speaks on economy in Alabama
7:00pm Fisher speaks on monetary policy in Australia

Global Economics (Time Zone: GMT)

00:30 AUD NAB Business Confidence
05:00 JPY Consumer Confidence
07:00 EUR German CPI
09:30 GBP PPI
09:30 GBP CPI
23:50 JPY Machine Orders

Earnings

Before:
Dr Horton (DHI)
Dean Foods ( DF )
After:
Medivation (MDVN)
DISH Network (DISH)
Dendreon (DNDN)

Wednesday, November 13

US Economics (Time Zone: EDT)

07:00 MBA Mortgage Applications
02:00 Treasury Monthly Budget Statement - consensus -$104.2B, prior -$120B
11:00 Fed purchasing $1b-$1.5b notes in 5 to 30-year range
11:30 Treasury selling $25b 52-week bills, 4-week bills
01:00 Treasury selling $24b 10-year notes

Fedspeak

8:45am Pianalto speaks in Philly
7:00pm Bernanke speaks to town hall meeting with educators in Washington

Global Economics (Time Zone: GMT)

09:30 GBP Employment Change
10:00 EUR Eurozone Industrial Production
10:30 GBP BoE Inflation Report
21:45 NZD Retail Sales

Earnings

Before:
Macy's (M)

After:
Cisco ( CSCO )
NetApp (NTAP)
Sea World (SEAS)

Thursday, November 14

US Economics (Time Zone: EDT)

08:30 Initial Jobless Claims - consensus 335k, prior 340k
08:30 Continuing Claims - consensus 2879K, prior 2881K
08:30 Nonfarm Productivity - consensus 1.3%, prior 2.3%
08:30 Unit Labor Costs - consensus 0.9%, prior 0.0%
08:30 Trade Balance - consensus -$39B, prior -$38.8B
11:00 Fed to purchase $2.75b-$3.5b bonds in 7 to 10-year range
01:00 Treasury selling $16b 30-year bonds

Fedspeak

09:00am Plosser speaks on monetary policy in Washington

Global Economics (Time Zone: GMT)

Japan Investors Purchases of Foreign Bonds/Stocks
JPY GDP
CNY Foreign Direct Investment
04:30 JPY Industrial Production
06:30 EUR French GDP
07:00 EUR German GDP
09:30 GBP Retail Sales
10:00 EUR Eurozone 3Q GDP (advance estimate)
13:30 CAD New Home Prices

Earnings

After:
Agilent (A)
Nordstrom (JWN)
Applied Materials (AMAT)
Kohl's (KSS)
Wal-Mart ( WMT )
Viacom (VIAB)

Friday, November 15

US Economics (Time Zone: EDT)

08:30 Import Price Index MoM - consensus -0.6%, prior 0.2%
08:30 Empire Manufacturing - consensus 5.00, prior 1.52
09:15 Industrial Production - consensus 0.2%, prior 0.6%
09:15 Manufacturing Production - consensus 0.2%, prior 0.6%
09:15 Capacity Utilization - consensus 78.3%, prior 78.3%
10:00 Wholesale Inventories - consensus 0.4%, prior 0.5%
11:00 Fed purchasing $0.75b-$1b notes in 11 to 19-year range

Global Economics (Time Zone: GMT)

10:00 EUR Eurozone CPI

Earnings


No major reports scheduled.


Twitter: @MichaelSedacca



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Stocks

Referenced Stocks: CSCO , DF , GSVC , NWSA , WMT

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