Wednesday, April 7

Earnings: MDRX 0.16 APOG 0.09 BBBY 0.73 EUBK -0.65 FDO 0.78 LWSN 0.09 MG 0.05 MIND 0.10 MON 1.76 MSM 0.47 PBY -0.03 RT 0.23 SCHN 0.48 SHAW 0.48 STRM 0.16 GBX -0.23 WDFC 0.38
Economic Indicator: 7:00AM Weekly Mortgage Applications; 10:30AM Crude Inventories.
Economic Indicator: 3:00PM Consumer Credit for February.
Economic Indicator: Eurozone GDP, BOJ Meeting, Eurozone PPI.

Thursday, April 8

Earnings: ISCA 0.53 MGN -0.08 MXB 0.30 ORXE -0.20 PENX 0.08 PIR 0.31 PSMT 0.43 RELL 0.18 RPM -0.07 TTO 0.19 ZEP 0.13
Economic Indicator: 8:30AM Initial Unemployment Claims; 4:30PM Money Supply.
Economic Indicator: 11:00AM Monthly Chain Store Sales for March.
Economic Indicator: 7:00AM UK BoE Policy, 7:45AM ECB Bank Meeting.
Economic Indicator: UK Ind’l Prod, German Ind’l Prod, Aussie Unemployment.

Friday, April 9

Earnings: BTH 2.00 STZ 0.25 ELN -0.05 SJR 0.32 SPIL 0.09
Economic Indicator: 10:30AM Weekly Leading Index.
Economic Indicator: 10:00AM Wholesale Inventories for February.
Economic Indicator: 7:00AM Canada Employment.
Economic Indicator: France Ind’l Prod, UK PPI.
Commodities: Monthly crop report.

Monday, April 12

Earnings: ACU 0.06 AA 0.15 ASRV -0.15 ATR 0.51 AROW 0.48 ASIA 0.29 BKMU 0.03 BIIB 1.13 BRKL 0.11 CHP -0.05 CFW -0.02 CBC -1.98 CNBKA 0.52 CTBI 0.38 CTO 0.03 CVBF 0.14 CYT 0.52 FNFG 0.18 FRS 0.44 GCI 0.43 GRNB -0.28 HTLD 0.12 JBHT 0.26 KMR 0.42 KNL 0.13 MSB 0.43 MYE 0.18 NKSH 0.54 PBCT 0.08 PFBX 0.09 PLCM 0.25 PFBC -0.13 RGN -0.02 OKSB 0.07 STBC -0.27 NCTY -0.53 USAK -0.21 VRTX -0.80 WMK 0.62 ZANE -0.03
Economic Indicator: 9:45AM NFIB Small-Business Optimism for March.
Economic Indicator: 2:00PM Treasury Budget for March.
Economic Indicator: 6:00AM OECD Leading Indexes for February.

Tuesday, April 13

Earnings: ATLO 0.20 CSX 0.68 FAST 0.33 HCSG 0.21 INFY 0.57 INTC 0.37 LLTC 0.39 TLB 0.02 WABC 0.79
Economic Indicator: 7:45AM Weekly retail sales.
Economic Indicator: 8:30AM Import Prices for March.
Economic Indicator: France CPI, Germany CPI, 5:00AM EuroZone Ind’l Prod.

All Times Eastern

Economics
(4/6)

ICSC-GS Weekly Store Sales Improved as March Progressed; Redbook Improves (U.S. Retailer Sales Rose Up to 10% in March, Helped by Easter, ICSC Says).

Australia lifted interest rates by the expected 0.25% to 4.25%. This is fifth rise in seven months.

Job Openings Show Some Improvement But Still Below Feb09, July09 was the Low.

Chicago Fed Midwest Manufacturing Index Slips After the January Bounce and Shows a June Low.

FOMC Minutes: Participants saw recent inflation readings as suggesting a slightly greater deceleration in consumer prices than had been expected.
The Most Important Chart Of The Century? (Sort of like Stern-Stewart’s EVA for stocks applied to a country).
www.tradersnarrative.com/the-most-important-chart-of-the-century-3905.html

Stern-Stewart’s EVA came out in the 1980s if we remember right and focuses on dollar added value, so as long as a company’s return on the money is more than the debt cost, they are adding value on a dollar borrowed. The US having a negative EVA would not be something you’d want to invest in.

EVA is a good fundamental number but we found no predictive value in using it for stocks at the time, so you’d probably want the worst EVA stocks for the biggest bounce off a bottom.

Markets (oil price and interest rate growth rates relative to the stock market):

Long term: Neutral 2/8.
Intermediate: Negative 4/2.
Short-term: Negative 3/31.

Sectors (basic materials and energy growth rates relative to the other sectors):

Long term: Neutral 9/10.
Intermediate: Neutral 11/11.