Iran: Hossein Moussavi Win May Help the Markets

Once again we have hit the end of the week, and that can mean only one thing. Our traditional end of week look ahead. This week has been pretty flat in terms of the stock market. We did get some more encouraging news when we found that new unemployment forms were not as high as expected. In addition to the whole array of economic news we expect next week, we should also get results from Iran on their National election. Right now it looks as though, Mir Hossein Moussavi, who is friendlier to the West, may beat out the President, Mahmoud Ahmadinejad. Although the Nuclear ambitions of Iran may not change with either candidate, a victory for Moussavi could affect the markets a bit positively. Below is the list of data that we will be receiving next week:

- Jun 15 8:30 AM NY Empire Manufacturing Index Jun
- Jun 15 9:00 AM Net Long-Term TIC Flows Apr
- Jun 16 8:30 AM Building Permits May
- Jun 16 8:30 AM Core PPI May
- Jun 16 8:30 AM Housing Starts May
- Jun 16 8:30 AM PPI May
- Jun 16 8:30 AM Building Permits May
- Jun 16 8:30 AM PPI May
- Jun 16 8:30 AM Core PPI May
- Jun 16 9:15 AM Capacity Utilization May
- Jun 16 9:15 AM Industrial Production May
- Jun 17 8:30 AM Core CPI May
- Jun 17 8:30 AM CPI May
- Jun 17 10:30 AM Crude Inventories
- Jun 17 10:35 AM Crude Inventories
- Jun 18 8:30 AM Initial Claims 06/13
- Jun 18 10:00 AM Leading Indicators May
- Jun 18 10:00 AM Philadelphia Fed Jun

I will be paying close attention to the Building Permits number on Tuesday, as well as the initial claims of unemployment on Friday, as both could show that the economy is well on the way to recovery. If the Initial claims number continues to slide downward, we may be in pretty good shape. As for Next weeks earnings reports, there are not too many. I would venture to guess that next week is one of the deadest week for earnings all year, or at least in the quarter.