Tuesday, July 20, 2004
Issue Contents:
| 01:50 | Interview: Brad Silverberg Former chief of Microsoft Windows division. |
| 08:56 | The Day Ahead Economic Calendar |
| 09:16 | Good morning Computer gremlins. |
| 09:26 | Swing Trade Setups For Tuesday July 20. |
| 14:56 | Federal Reserve Report Chairman Greenspan presents FRB Monetary Policy Report |
| 16:15 | TrendVue Trader Talk Today's transcript. |
| 16:15 | TrendVue Morning Trader Today's transcript. |
| 16:17 | Bank of Canada Interest rate policy announcement. |
| 16:18 | Symbol Scanner Results Tuesday July 20 closing data. |
Former chief of Microsoft’s Windows division, Brad Silverberg, comments on Microsoft, Open Source, the IPO climate, Wireless Local Area Neworks (WLANs) & Telecommunications and more. Link
US Market Calendar
- 8:30 a.m. Housing starts for June, Building permits
- 9 a.m. ICSC-UBS Weekly Chain Store Sales Snapshot for the week ended July 17
- 9 a.m. Johnson Redbook Retail Sales Index for the week ended July 17, vs. June
- 2:30 p.m. – Testimony – Chairman Alan Greenspan
Canadian Market Calendar
- 8:30 a.m. Wholesale trade
- 8:30 a.m. Leading indicators
- 8:30 a.m. Travel between Canada and other countries
- Bank of Canada interest rate policy announcement.
Earnings and the Federal Reserve
Noteworthy this week, Federal Reserve Chairman Alan Greenspan delivers the Federal Reserve’s Second Monetary Policy Report to Congress for 2004 before the US Senate Committee on Banking, Housing, and Urban Affairs.
Wednesday’s speech by Federal Reserve Vice Chairman Ferguson might prove interesting as well.
- July 20 2:30 p.m. – Testimony – Chairman Alan Greenspan
- July 21 10:00 a.m. – Testimony – Chairman Alan Greenspan
- July 21 1:00 p.m. Speech – Vice Chairman Roger W. Ferguson Jr.: A Retrospective on Business Cycle Recoveries: Are “Jobless” Recoveries the New Norm?
For earnings highlights, please see today's WSJ Earnings Calendar.
For a list of upcoming speeches, congressional testimony, Federal Open Market Committee material, and statistical releases, please visit the What's Next page of The Federal Reserve Board website. Recently released Federal Reserve Board material, including market moving FOMC decisions and speeches by members, will be found on their What's New page.
Computer gremlins, ugh. My charting machine grumbled this morning in a big way, issuing forth a cryptic and quite scary hard drive related error message, locking up completely in the process.
I hope to be able to publish the swing trade candidates here shortly after chkdsk finishes testing drive integrity (now 15 minutes into the process, it’s 69% complete). Murphy-willing I’ll get at least one re-boot and a few hours out of the machine before losing the drive altogether.
On this day last year: Pfc. Jessica Lynch returned home today to West Virginia.
Due to production issues earlier today, all swing trade candidates will be posted in TrendVue Trader Talk. To access the real time forum, visit your member account page and click on the link for “Real Time Forums”.
For those who can’t or do not want to view the information via the chat room interface, the live transcript is available here: http://www.trendvue.com/transcript.
Testimony of Chairman Alan Greenspan
Federal Reserve Board’s semiannual Monetary Policy Report
Before the Committee on Banking, Housing, and Urban Affairs,
U.S. Senate
July 20, 2004
Even now, following the pattern of recent quarters, corporate investment in fixed capital and inventories apparently continues to fall short of cash flow. The protracted nature of this shortfall is unprecedented over the past three decades. Moreover, the proportion of temporary hires relative to total employment continues to rise, underscoring that business caution remains a feature of the economic landscape. Full testimony
From the Monetary Policy Report itself :
“At the time of the June FOMC meeting, incoming information
tended to confirm that the economy was
expanding at a solid pace but also indicated that inflation
was higher than had been anticipated.” Full report
Today's transcript.
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Today's transcript.
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Bank of Canada keeps target for the overnight rate at 2 per cent
OTTAWA – The Bank of Canada today announced that it is maintaining its target for the overnight rate at 2 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 2 1/4 per cent.
The Bank’s outlook for economic growth and core inflation in Canada is little changed from the April Monetary Policy Report. The Canadian economy is judged to be operating slightly closer to full production capacity than had been anticipated in April and is now expected to be at its production potential by mid-2005. Core inflation is still projected to move back up to the 2 per cent inflation target by the end of 2005. However, the short-term projection for total CPI inflation has been raised to reflect higher-than-expected world oil prices. Full release…
Tuesday July 20 closing data.
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