This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

All Eyes on Europe, Jobs Report in Coming Week

Year-to-date, the Dow is up 1.9%, the S&P 500 has gained 4.8%, and the Nasdaq has advanced nearly 9%. At a low of 12,289 during Wednesday's session, the Dow was within 75 points of going negative for 2012.

For his part, Mahn will be watching Germany's actions next week. Any idea on how to handle the deterioration of Greece's finances can't succeed without the support of German Chancellor Angela Merkel. That's why eurobonds -- which some other members of the European Monetary Union have advocated -- aren't likely to get any traction.

"If Germany no longer wants to participate in bailouts, Germany doesn't need the rest of Europe," Mahn said. "That's the biggest area of concern. I'll be watching German sentiment."

The euro visited close to two-year lows this week, but Street One market technician Dave Chojnacki thinks more downside lies ahead if it becomes more likely that Greece gets the boot or European banks start to see more people pulling out their assets.

Stateside, the big news is expected to be the May jobs report next Friday. The current consensus is for nonfarm private payrolls to swell by 172,000, according to, a nice bump up from April's total of 130,000.

"To move the market, the jobs number would have to swing wildly on the upside and mildly on downside," said Hennion & Walsh's Mahn. "I think in large part individual investors have been very skeptical of the [2012] rally. Any more signs of a slowdown in the U.S. economic recovery, more concerns on Europe, issues with jobs and real estate, all that will feed into pessimism."

The coming week's economic news also includes the Conference Board's read on consumer confidence for May on Tuesday. April's number came in at 69.2 and is forecasting an improvement to 71.

The earnings calendar is light, with Lions Gate Entertainment (LGF - Get Report), DryShips (DRYS - Get Report) and Vera Bradley (VRA - Get Report) among the companies expected to deliver their quarterly reports next week.

DryShips is slated to open its books on Tuesday. On average, analysts anticipate the Athens-based drybulk carrier company will report a first-quarter loss of 2 cents a share on revenue of $267.76 million.
2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
DRYS $2.75 0.00%
LGF $21.75 0.00%
VRA $16.54 0.00%
AAPL $93.24 0.00%
FB $117.81 0.00%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs