The Week Ahead For May 27th to May 31st: A Thumbs Up Or Thumbs Down Week?
The NASDAQ 100 was lower as were the Dow Jones Industrial Average, S&P 100 and Russell 2000.
1.Geopolitical and Fiscal Events. Tuesday sees President Trump return from his trip to Japan.
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 Case Schiller Home Price Index, Consumer Confidence, Q1 GDP second update, Pending Home Sales, Personal Income, Personal Spending and University of Michigan Consumer Sentiment.
3.Earnings Releases. Notable releases this upcoming week include BNS WDAY BMO PANW COST VMW BIG GCO.
Monday, May 27
All U.S. markets closed for trading due to observances for Memorial Day.
Tuesday, May 28
March Case Schiller Home Price Index is due out at 9:00 a.m. EDT and estimates are for 2.9% from 3.0% in February.
May Consumer Confidence is due out at 10:00 a.m. EDT and is expected to rise to 130.00 from 129.20.
President Trump concludes his four day trip to Japan.
Wednesday, May 29
The Bank of Canada (BOC) announces its latest rate decision before markets open.
Thursday, May 30
Q1 GDP (second update) is due out at 8:30 a.m. EDT and are expected to fall to 3.1% from 3.2%.
April Pending Home Sales are due out at 10:00 a.m. EDT and are expected to have to 1.0% from 3.8%.
Esperion Therapeutics (ESPR) holds its investor day and is a Type 1 Short Squeeze. The stock has just moved to moderate short interest with Friday’s data. Current short intensity is 66% and the average short squeeze when moderate is 41.70%. Shorts are squeezed 75% of the time (8 occasions). When short make money, they make 30.15% on average. The average return is 23.74% over 50 days. Moderate short selling is just getting started. There is both great risk (-30.15% on 2 of 8 occasions) and great reward (41.70% on 6 of 8 occasions). Not one for the faint of heart.
Friday, May 31
April Personal Income is due out at 8:30 a.m. EDT and expected to improve to 0.3% from 0.1%.
April Personal Spending is due out at 8:30 a.m. EDT and expected to fall to 0.2% from 0.9%.
University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and expected to improve to 101.5 from 97.20.
Cigna (CI) holds their analyst meeting and is a Type 4 Long Squeeze.