We have seen the stock market drop nearly 10% from it's Highs back in late May. In the last two weeks though, the market has really tumbled. Most of this is from economic data, which was not as good as expected, but a lot of the negative sentiment is from jitters before the 2nd quarter earnings reports for 2009. Starting next week we will see some very important companies release their earnings. Below are just some of the companies releasing their reports next week, that I feel are a bit more important to the economy as a whole.
Tuesday, July 14th
Goldman Sachs
Johnson & Johnson
Wednesday, July 15th
Kinder Morgan
Worthington Industries
Thursday, July 16th
Google
IBM
Friday, July 18th
Bank of America
Citigroup
General Electric
Mattel
If the majority of these reports are better then expected, and if the companies give forecasts that seem to lend a hint of optimism towards a soon to be expanding economy, meaning more job opportunities, we may just retest the highs of late May. Having said this, it could go the other way as well. I personally see more room to the upside then downside though.
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Information about Google, Citibank quarter earnings reports for 2009. You can also find information about Currency rates.
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