The Week Ahead For June 18th-22nd : OPEC Meets

The Russell 2000 and NASDAQ 100 were higher for the week while the S&P 100 and Dow Jones Industrial Average were lower for the week. The Big Picture [monthly bias] for the NASDAQ 100, the Dow Jones Industrial Average, Russell 2000 and the S&P 100 remain positive.

1.Geopolitical and Fiscal Events. Monday sees ECB Head Draghi speak in Portugal. Tuesday sees Federal Reserve St. Louis President James Bullard speaks at the ECB Forum. Wednesday sees Federal Reserve Chairman Powell speak from Portugal as does ECB Head Draghi and BOJ Head Kuroda. Thursday sees the BOE out with its latest interest rate decision. Thursday also sees the Federal Reserve out with bank stress tests. Last on Thursday Greece faces deadline on debt relief. Friday sees OPEC meet.

2.Economic Releases. Releases of note this week and next include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well as housing starts, existing home sales and leading indicators.

3.Earnings Releases. Notable releases next week include ORCL FDX MU SCS CCL RHT KMX BB.

Monday, June 18

European Central Bank (ECB) Head Mario Draghi speaks in Portugal.

Markets are closed in China and Hong Kong.

Tuesday, June 19

May Housing Starts are out at 8:30 a.m. EDT and is expected to rise to 1,323,000 from 1,287,000.

Wednesday, June 20 May Existing Home Sales are out at 10:00 a.m. EDT and is expected to rise to 5,500,000 from 5,460,000.

Federal Reserve Chairman Jerome Powell speaks from Portugal as does ECB Head Draghi and Bank of Japan Governor Haruhiko Kuroda.

Thursday, June 21

May Leading Indicators are due out at 10:00 a.m. EDT and are expected to remain at 0.4 %.

The Bank of England (BOE) is out with its latest interest rate decision before markets open.

The Federal Reserve is to release results of bank stress tests after the close.

Greece faces a deadline on debt relief as Euro Zone finance ministers meet in Luxembourg.

Friday, June 22

OPEC meets in Vienna to discuss quotas and production