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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (37093)	5/21/2001 7:18:48 AM
From: stockman_scott	Read Replies (2) \| Respond to of 65232

Morning Dealer:...It's nice to have a little 'quiet time' out on the porch...I'm looking forward to a fantastic week...Hope you are too... ________________________________________________________ Morningstar.com -- The Week Ahead Sunday May 20, 8:44 pm Eastern Time By Dan Culloton <<Here are the important events on tap for next week. -- First-quarter GDP revisions -- Durable goods orders -- Home sales -- The Greenspan watch -- Earnings GDP Double Take Expect the Bureau of Economic Analysis to lower first-quarter Gross Domestic Product growth to about 1.7% from 2% on Friday thanks, in part, to a bigger-than-expected rise in the nation's trade deficit, said Daniel Laufenberg, chief U.S. economist for American Express Financial Advisors. But expect the financial markets to shrug off the number. ``It's old news,'' he said. ``I don't think the market reacts to that number.'' Durable Doubts On Friday investors will look for signs of improvement in corporate capital spending and profitability when the Census Bureau releases its report on orders for durable goods, or products that last a year or more. Most economists predict that durable-goods orders fell in April from March, when a surge in transportation products drove an increase, said Matthew Freedman, associate economist with Economy.com. Given the Federal Reserve's concerns about capital spending and profits, investors will scour the durable-goods data for signs that the order slump has reached a bottom, said Laufenberg. This will be the market's first look at how orders fared in the first month of the new quarter, he noted. Decoding Greenspan Since the Fed left open the door to more cuts when it slashed interest rates for the fifth time in as many months last week, observers will listen closely to the words of Fed officials for clues about their next course of action, said Economy.com's Freedman. Fed Board of Governors member Laurence Meyer will chat on Tuesday with the Senate Banking Committee about the stock market's effect on the economy and Fed Chairman Alan Greenspan addresses the Economic Club of New York on Thursday. Greenspan's utterances always cause a stir, but it may be too soon before the Federal Open Market Committee's June meeting for the chairman to send any obvious signals, Laufenberg said. Home Sweet Home Sales The Census Bureau reports on April new-home sales on Thursday and the National Association of Realtors releases information on last month's existing-home sales on Friday. Both reports should show slower but still robust transactions as the housing sector continues to offer shelter to the rest of the economy. ``I think they hold up reasonably well,'' Laufenberg said. ``It still looks like consumers are willing to buy houses.'' Earnings Reports There's a special on retailers this week as hardware chain Lowe's (NYSE: LOW - news) and Toys R Us (NYSE: TOY - news) issue their quarterly earnings reports on Monday; and Kohl's (NYSE: KSS - news) and Target (NYSE: TGT - news) release their financial statements on Tuesday. Dispatches from other merchants will salt the rest of the week and investors will listen for executives' views on consumer-spending prospects for the rest of the year.>>