The Week Ahead: As the tax incentive deadline for home purchases approaches April 30, new home sales rose by 22% in March. A Consumer Confidence report due out Tuesday may show another rise from the March levels. The FOMC meeting on interest rates begins on Tuesday with its decision arriving Wednesday afternoon. Look for the jobless claims number on Thursday. Friday brings multiple reports including the GDP for Q1, the Employment Cost Index, and the University of Michigan’s Consumer Sentiment Index.
Stocks to Watch: Schlumberger Ltd. (SLB) earnings for Q1 were lower than a year ago but beat estimates as the stock rose to a 52 week high. Xerox Corp. (XRX) boosted 2010 guidance as its stock rose 8% to a one and half year high. Coal stocks were on the move with higher energy prices. Watch Alpha Natural Resources (ANR), Patriot Coal (PCX), and Peabody Energy (BTU) which received an analyst upgrade. Insurance giant Travelers (TRV) fell 1% on heavy volume as did Microsoft (MSFT) after earnings call.
Special Note: In addition to the overbought readings mentioned last week, the rise in stocks since the February 5 low has been accompanied with lagging upside momentum the whole time and waning NYSE volume on a ten day basis. Furthermore, key company insiders have seen their selling of stock shares rise to a level of over 4 times the rate of which they are buying. Evidence continues to suggest the market is building toward an important top possibly later in the second quarter.
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