Coming Week: Tech Talk

Big earnings reports loom from IBM, Intel, Google, Motorola and Yahoo!. Plus, more from Greenspan.
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Traders will have their plates full with earnings reports in the coming week. But they may want to save some room for

Fed

Chairman Alan Greenspan's remarks from Capitol Hill.

"Even if the strong earnings continue next week, there's a good chance the markets will consolidate from the highs," says Randy Diamond, sales trader at Miller Tabak. "The extent of the decline depends on what Greenspan says next Wednesday about monetary policy."

Diamond believes there is a good chance Greenspan will sound more "hawkish" due to continued evidence of a strong economy and rising leverage risk.

The earnings tide starts rolling on Monday, with quarterly earnings releases from companies including

3M

(MMM) - Get Report

,

Bank of America

(BAC) - Get Report

,

Citigroup

(C) - Get Report

and

Stanley Furniture

(STLY)

.

Also scheduled for Monday is a report from

IBM

(IBM) - Get Report

.

On Tuesday the earnings lineup includes big-hitters like

Amgen

(AMGN) - Get Report

,

Boston Scientific

(BSX) - Get Report

and

Ford

(F) - Get Report

.

Also on tap for Tuesday are tech powerhouses

Juniper Networks

(JNPR) - Get Report

,

Motorola

(MOT)

and

Intel

(INTC) - Get Report

.

Yahoo!

(YHOO)

will also be providing earnings information. Analysts expect to see earnings of 13 cents a share, up from 8 cents last year, on $881 million in sales.

The hectic pace continues on Wednesday with

Altria Group

(MO) - Get Report

,

CIT

(CIT) - Get Report

,

E*Trade

(ET) - Get Report

and

eBay

(EBAY) - Get Report

taking the stage.

Thursday will be equally fast and furious on the earnings front, with companies such as

AmerisourceBergen

(ABC) - Get Report

,

Avid Technology

(AVID) - Get Report

,

Broadcom

(BRCM)

,

Caterpillar

(CAT) - Get Report

and

D.R. Horton

(DHI) - Get Report

.

Also on Thursday will be

Dow Jones

(DJ)

,

Eli Lilly

(LLY) - Get Report

and

EMC

(EMC)

.

Perhaps the most heavily watched earnings release of the day will be

Google

(GOOG) - Get Report

. Analysts expect the search giant to make $1.20 a share, up from 58 cents last year, on $841 million in sales.

Things cool off a bit on Friday, but not much with

Becton Dickinson

(BDX) - Get Report

,

Fortune Brands

(FO)

,

Maytag

(MYG)

and

Schlumberger

(SLB) - Get Report

reporting.

The Economy Still Matters

The Treasury International Capital flows report arrives on Monday. The TIC report reflects how much money is flowing into U.S. stock and bond markets from overseas to finance the current account and trade deficits. Paul Mendelsohn, strategist at Windham Financial, says the flows may have improved of late with the stronger dollar, but it's an increasingly important number since we've been light the past two months.

June housing starts will be released on Tuesday morning. The forecast is for 2.075 million, up from 2.01 million the prior month.

"It will be interesting to see if the Fed has taken any froth out of the housing markets, especially with Greenspan speaking later in the week," says Rich Yamarone, economist at Argus Research.

Greenspan will be speaking before Congress on Wednesday and Thursday. Nevertheless, Mendelsohn does not expect the maestro to command as much attention from traders as usual.

"I don't expect him to shed anymore light than he usually does, and most minds are made up about the direction of interest rates anyway," says Mendelsohn. "But perhaps in conjunction with the release of the June FOMC minutes on Thursday we may get a better idea what the Fed is thinking."

Leading economic indicators for June will also hit the market on Thursday. Economists estimate a rise of 0.5% compared with a decline of 0.5% last month.