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Fed Talking Heads to Dominate Week: Dave's Daily



Let's see, throughout the week Fed governors will be making speeches: Dennis Lockhart (two speeches), Charles Evans (two speeches), Esther George, John Williams, Charles Plosser and Jeffrey Lacker. This is part of their transparency mission and/or a campaign to pump-up investor confidence. You choose.

Talking heads aside earnings will be front and center. Alcoa (AA) just reported another loss. They maintain their habit of delivering results ex-everything one can imagine. With negative preannouncements analysts were busy downgraded their expectations allowing the company's report to meet expectations. After hours the stock is up a little with Inspector Clouseau perhaps trading the news. Juniper Networks (JNPR) reported an earnings miss and barely budged after being much higher during trading. The semiconductor sector (SOXX) jumped on an upgrade from Deutsche Bank. Netflix (NFLX) shares soared after hedge fund manager Whtney Tilson said on CNBC the firm is a likely takeover target. No doubt Whitney is long and wants you to be long too.

The only economic headline Monday was a report that consumer debt expanded by, wait for it, the largest amount ($20 billion) since November 2011. Seriously? Let's focus on the previous date. The previous high was just after 9/11 when consumers were just coming out for air. This is a misleading headline. If it isn't then it has more to do with new car buying.

The dollar, euro and gold were essentially flat on Monday. Bonds were stable as was crude oil as tensions remain high with Iran.

Volume was (where is everybody?) ultra-light while breadth per the WSJ was positive.

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