This shortened 4-day trading week will be sure to pack as much volatility and volume as a 5-day week.
For economic news, we have the Bank of Canada rate statement tomorrow morning, U.S. PPI and Housing Starts Wednesday, and Jobless Claims / Philly Fed Survey on Friday.
However, the real focus this week will be on the slew of earnings reports. The following companies report earnings this week. For a full list, visit http://biz.yahoo.com/research/earncal/20100122.html .
Tuesday: Citigroup, IBM
Wednesday: Bank of America (BAC), Ebay, Morgan Stanley (MS), Wells Fargo & Co. (WFC), and US Bancorp (USB).
Thursday: Google (GOOG), and Goldman Sachs (GS)
Friday: General Electric (GE) and McDonalds (MCD)
Undoubtedly, the market will be focusing on any consumer credit and mortgage losses that the financials report. Since J.P. Morgan's results were overshadowed by negativities in these two areas, the market will be eagerly looking for confirmatory/counter signals from other companies.
Many analysts think credit card loan losses could be the next area in the economy that sees severe losses. This week should shed some light on that hypothesis. Keep your eyes peeled this week because it could illuminate an inflection point that may merit changes in your portfolio.
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