Total Lunar Eclipse of the Moon on the Winter Solstice

Ominous Week Ahead

Is it an omen, with a total lunar eclipse of the moon falling on the winter solstice, the shortest day of the year? Have the Mayans correctly mapped the end of the world, with the start marked by this rare cosmic event? Maybe. But we believe there are plenty of other more tangible reasons to hedge your risk over the short-term.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

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Total Lunar Eclipse of the Moon on the Winter Solstice

Is it an omen? Is it a chance coincidence? Is it the start of the Mayan calendar countdown to the end of days? Maybe… In the early morning hours of Tuesday December 21st, the winter solstice and the shortest day of the year for the Northern Hemisphere, the moon will pass completely through the earth's shadow. It is a cosmic event that has not occurred in about 500 years, and in the year the Mayans predicted would start the countdown for the end of the old world no less. This uncannily timed full eclipse of the moon is a bit bothersome to me, and the week should be of concern to you to as well, but perhaps for other more tangible reasons.

You see, bloody war threatens this week, as South Korea prepares for live fire drills near Yeonpyeong Island, the site of the last scuffle between North and South Koreas. North Korea warned of "catastrophic events" should the South follow through with its plans, but later backed off. Just weeks ago South Korea practiced nationwide war drills that more than ten million of its citizens took part in.

Meanwhile, the West's economic warfare is finally scoring a meaningful blow to the common man in Iran. On Sunday, feeling the heat, the Iranian government was forced to end subsidies on certain products including gasoline. The impact pushed gas prices 400% higher in some places overnight, and might drive a renewal of the fuel driven riots seen in 2007. Mahmoud Ahmadinejad also recently abruptly fired his foreign minister and replaced him with the nation's nuclear chief. That's probably and indication that the issue of debate between the two was nuclear related. Civil unrest in Iran is one of the last chances for the West to avoid an ugly war that could drive gas prices higher globally. But is Ahmadinejad preparing a government of his own to replace the Ayatollah's by surrounding himself with friends? One lightly covered Wikileak implied the Supreme Leader of Iran might have terminal cancer, so perhaps the President is planning ahead.

And in the US this week, terrorism seems more likely than in any year since 2001. The possibility of subway attacks in New York seem likely to me, not just possible anymore. While it will not stop me from riding the 4,5 train through Grand Central Station, it probably should. First of all, the NYC subway system has been atop the list of potential trouble spots since the beginning. Last year, some nut tried to blow up his underwear in an airplane, this year a maniac loaded up a truck with explosives and parked it in Times Square. Religious targets are also rising in importance for the enemy, as Christians are now being targeted in Iraq.

Yep, Wall Street Greek is suggesting it would be wise to take a defensive position through the holidays for this reason, or at least hedge well, because chatter is picking up. With gold so pricey, maybe look toward oil, but also the usual stocks that garner attention when terrorism strikes, the anti-terror stocks like American Science & Engineering (Nasdaq: ASEI) and the biotechs that protect against bio-warfare, like Seattle Genetics (Nasdaq: SGEN) and others. Defense stocks might garner some interest again, though they have already been on the rise since the beginning of the year despite US fiscal debate. Just look at the chart for the Powershares Aerospace & Defense (NYSE: PPA).

As far as the economic schedule goes this holiday shortened week, it will include a short list of reports. Investors will want to pay attention to November's Personal Spending data, Existing and New Home Sales, the final reporting of Q3 GDP, Michigan Consumer Sentiment and Durable Goods Orders. There will be important overseas activity in Japan and Greece this week, along with the attention on Korea and Iran.

Monday

The Chicago Federal Reserve publishes its National Activity Index on Monday. The Chicago Fed's index basically looks at a series of other economic indicators and attempts to pull the economic puzzle together. It is a cyclical indicator.

Otherwise, the geopolitical topics discussed in our preamble should garner most of the media attention. It is possible some M&A announcement, news on Wall Street bonuses, or DC doings might also guide the way.

As far as the corporate wire goes, Genzyme (Nasdaq: GENZ) is having an investor event for its Alemtuzumab medication, a drug treatment for multiple sclerosis. Hansen Natural (Nasdaq: HANS) meets with investors after the close of trading. Sunstone Hotel Investors (NYSE: SHO) is holding a conference call for its senior leadership restructuring effort. Incitec Pivot (OTC: ICPVF.PK) will hold its annual general meeting and webcast. IPO lockup restrictions end on Hudson Pacific Properties (NYSE: HPP). The EPS schedule includes Adobe Systems (Nasdaq: ADBE), Darden Restaurants (NYSE: DRI), Jabil Circuit (NYSE: JBL), Paychex (Nasdaq: PAYX), Drinks Americas (Nasdaq: DKAM) and more.

Tuesday

The shortest day of the year will also offer a total lunar eclipse, so that the moon will disappear from view for more than an hour. Eastern viewers in North America will want to look skyward around 1:15 AM ET.

The first news Tuesday will likely arrive from the Asia-Pacific region, as the Bank of Japan (BOJ) produces its latest monetary policy statement. Expectations are for the BOJ to keep current measures unchanged and rates steady. Back home, the US government will produce some of the first data from the 2010 census. Also, the Federal Communications Commission (FCC) is scheduled to vote on net neutrality.

The International Council of Shopping Centers (ICSC) will produce its latest report. Last week's data covering the period ended December 11 showed same-store sales increased 0.8% week-to-week, and 3.1% year-over-year. Redbook reported sales increased 2.5% year-to-year for the same period. This latest data will cover the period ended December 18, which includes last Saturday, an important day for shopping (final weekend ahead of Christmas).

Alliant Energy (NYSE: LNT) will make its guidance announcement. Ametek (NYSE: AME) will split its shares 3-for-2 Tuesday, and IPO lockup curbs conclude for Fabrinet (NYSE: FN). The EPS schedule highlights reports from Nike (NYSE: NKE), Carnival (NYSE: CCL), Cintas (Nasdaq: CTAS), ConAgra (NYSE: CAG), Red Hat (NYSE: RHT), CarMax (NYSE: KMX), Commercial Metals (NYSE: CMC), CPI Corp. (NYSE: CPY), Emcore (Nasdaq: EMKR), Finish Line (Nasdaq: FINL), FSI International (Nasdaq: FSII), Hovnanian Enterprises (NYSE: HOV), Progress Software (Nasdaq: PRGS), Rodobo (Nasdaq: RDBO) and TIBCO Software (Nasdaq: TIBX).

Wednesday

Housing data dominates Wednesday, starting with the early morning release from the Mortgage Bankers Association. The MBA reported last week for the period ending December 10. Mortgage activity, based on the Market Composite Index, decreased 2.3% in that period. The seasonally adjusted Purchase Index fell 5.0%, while the Refinance Index slipped 0.7%. The culprit behind the deterioration here was the well-publicized increase in long rates and mortgage rates, with the average contracted rate on 30-year fixed rate mortgages rising to 4.84%, from 4.66%.

At 10:00 AM, you will want to attune yourself to the National Association of Realtors' release of the Existing Home Sales data for November. Economists expect the pace of sales to have improved through the month, to an annual rate of 4.75 million. In October, the pace of sales deteriorated by 2.2%, to 4.43 million. Housing inventory was marked at 10.5 months. If the rate of sales improved in November, you should expect inventory to improve as well.

Also at 10:00, look for the FHFA House Price Index. This index measures only Fannie and Freddie sponsored deals, and so it is incomplete. We rather direct you to the pricing data from within the NAR's report at the same hour.

At 8:30 AM ET, before the housing data releases, catch the final reporting of third quarter gross domestic product. Economists expect a significant upgrade here, to a 3.0% rate of growth. At last check, Q3 GDP was measured at +2.5%. Corporate Profits are also reported with the GDP data.

Catch the EIA's Petroleum Status report at 10:30 AM ET. Last week's report, which covered the period ended December 10, showed crude oil inventory fell by 9.9 million barrels. Inventory still held above the upper limit of the average range for this time of year. Gasoline stores increased by 0.8 million barrels last week, and are within the upper half of the average range for this time of year.

On the overseas wire, look for news from Greece. The Greek Parliament will have a budget vote.

The corporate wire highlights Toyota's (NYSE: TM) introduction of its redesigned Vitz subcompact car. The corporate EPS wire keys on housing and related stocks, with reports from Hovnanian (NYSE: HOV) and Bed Bath & Beyond (Nasdaq: BBBY). Also look for news from Walgreens (NYSE: WAG), American Greetings (NYSE: AM), Finish Line (Nasdaq: FINL), Arrowhead Research (Nasdaq: ARWR), China Direct (Nasdaq: CDII), Christopher & Banks (NYSE: CBK), Lindsay (NYSE: LNN), Micron Technology (NYSE: MU) and Navistar (NYSE: NAV).

Thursday

A slew of reports litter Thursday's slate, due to the holiday Friday. Markets are closed in Japan for the Emperor's birthday. In the States, fixed income markets close at 2:00 PM ET.

The Personal Income and Consumption Report for the month of November, due for release at 8:30 AM ET, is perhaps the most important report of the day. Investors will be watching how well Consumer Spending did through the important period. Economists surveyed by Bloomberg are looking for Personal Spending to have increased 0.5% month-to-month, which would compare against the 0.4% increase in the prior period. Personal Income is significantly less important to investors, but economists will look for a 0.2% increase there. The Federal Reserve's favorite inflation gauge and an important cog in its monetary policy setting, the Core PCE Price Index, is seen increasing 0.1% in November.

Durable Goods Orders (8:30 AM) are expected to have decreased 1.0% in November, based on Bloomberg's survey of economists. This would compare against the 3.4% decrease marked last period. Remember that Durable Goods Orders swing wildly and are expected by economists to offer some surprise, even when excluding the pricey transportation sector.

Weekly Initial Jobless Claims improved again last week, to 420K for the week ended December 11. The four-week moving average extended its streak of improvement to six consecutive weeks, and marked 422,750. The market would appreciate a further reduction this week, should it materialize.

At 9:55 AM, look for the Reuters/University of Michigan Consumer Sentiment Index release. Economists expect sentiment to gain to 75.0, from the 74.2 early December take. This too should also play an important role in the direction of stocks, while reported at the midnight hour of holiday shopping.

At 10:00 AM, New Home Sales for the month of November will complement the Existing Home Sales data from earlier in the week. Economists forecast the annual pace of New Home Sales will have gained to 300K, up from 283K at last check. Supply increased to 8.6 months due to the slowing of the pace of sales in October. Toll Brothers (NYSE: TOL) and friends are benefitting.

The EIA reports on Natural Gas Inventory at 10:30 AM ET. Last week's report covering the period ended December 10 showed Natural Gas stocks declined by 164 Bcf. This placed inventory below last year's level, but above the five-year average mark.

Thursday's corporate wire highlights the EPS report of Subaye Inc. (Nasdaq: SBAY), and also the report of Asahi Co. Ltd. Osaka (Tokyo: 333300.T).

Friday

Markets are closed on Christmas Eve across the Americas and Europe, as well as in Hong Kong, South Korea, Australia and most of the world. Markets are open in Japan. Christmas Eve also marks the deadline for Iraq to form a government.

Pray the Lord and the US government keeps us safe this concerning holiday season. Merry Christmas and peace to all!

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Thanksgiving Week Ahead

Economic Calendar

This holiday shortened Thanksgiving week offers a busy economic schedule nonetheless. Important housing sales and price data will be reported, along with the latest measures of consumer sentiment, personal spending and durable goods orders. We'll also receive the first revision of third quarter GDP and several important earnings releases. Gobble, gobble... don't choke on it!

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

(Tickers: NYSE: DIA, NYSE: SPY, Nasdaq: QQQQ, NYSE: DOG, NYSE: SDS, NYSE: QLD, NYSE: NYX, NYSE: ICE, Nasdaq: NDAQ)

Thanksgiving Week Ahead

Monday

Two lightly followed economic reports sit on the slate for Monday morning release. Look for the Chicago Fed's National Activity Index and CoreLogic's real estate shadow inventory data.

The Chicago Fed publishes its National Activity Index for the month of October at 8:30 a.m. ET. The metric captures the economy's cyclical position. September's report showed a decrease in the index to negative -0.58 in October, down from -0.49 in August. Measures below zero simply depict economic growth below historic trend; of course this could also include economic contraction. According to the Chicago Fed, the deterioration came on production-related indicators, which is consistent with other indicators of manufacturing through the period. Three of the four broad categories of indicators that make up the index improved slightly from August, but only the sales, orders, and inventories category made a positive contribution to the index in September.

CoreLogic publishes its shadow inventory data for August today, showing lender owned property, and also including deeply delinquent property and real estate in foreclosure. Shadow inventory is left out of other inventory metrics, as it sits unavailable for purchase in the short-term.

In interesting sequence, following the NATO meeting in Lisbon, and on announced European interests in a missile defense system, Russian President Dmitry Medvedev delivers his state of the nation address. This sounds like must-see TV for geopolitical junkies.

The corporate wire offers Arch Chemicals' (NYSE: ARJ) analyst meeting in New York. Massey Energy's (NYSE: MEE) board begins a three-day meeting which could lead to a decision to make the company available for acquisition.

The day's earnings schedule highlights reports from Hewlett-Packard (NYSE: HPQ), Analog Devices (NYSE: ADI), Tyson Foods (NYSE: TSN), China Mass Media (NYSE: CMM), Dole Food (Nasdaq: DOLE), Dycom (NYSE: DY), AutoChina International (Nasdaq: AUTC), China Crescent (Nasdaq: CCTR), Citi Trends (Nasdaq: CTRN), eFuture Info Tech (Nasdaq: EFUT), Eltek (Nasdaq: ELTK), Focus Media (Nasdaq: FMCN), G. Willi Food (Nasdaq: WILC), Gladstone Capital (Nasdaq: GLAD), Ituran Location & Control (Nasdaq: ITRN), Jack in the Box (Nasdaq: JACK), Kit Digital (Nasdaq: KITD), KongZhong (Nasdaq: KONG), Kronos Worldwide (NYSE: KRO), Lattice (Nasdaq: LTTC), La-Z-Boy (NYSE: LZB), Mayflower Cooperative Bank (Nasdaq: MFLR), Northern Technologies (Nasdaq: NTIC), Nuance Communications (Nasdaq: NUAN), OTIX Global (Nasdaq: OTIX), Pacific Sunwear of California (Nasdaq: PSUN), Raptor Pharmaceuticals (Nasdaq: RPTP), Raven Industries (Nasdaq: RAVN), Tech Data (Nasdaq: TECD), Tier Technologies (Nasdaq: TIER), Valspar (NYSE: VAL).

Tuesday

The first revision to third quarter GDP leads Tuesday morning's wire. When initially reported, Q3 GDP marked 2.0% growth. After further clarified quarterly data, economists now expect the rate of expansion to be revised up a notch to 2.4%, based on Bloomberg's tally of economists. The factors behind the change are likely to be greater inventory build and a reduced negative trade impact. The final tally for the second quarter recorded 1.7% GDP growth. Look for the Q3 data at 8:30 a.m. ET.

Less important than next week's report, this week's ICSC Same-Store Sales Report will measure the period ended November 20. Last week's report showed November 13 period sales slipped 0.1% against the immediate prior period. However, compared to the prior year count, sales measured 3.4% higher. Redbook reported year-over-year sales increased 2.7%.

Next week's report will count Black Friday's sales. Since Thanksgiving was celebrated on the 26th of November last year, the year-over-year comparison will bear some relevance. However, this year's period will benefit from its inclusion of the Saturday after Thanksgiving (counted in the following week for the prior year data), and so sales growth should look especially good this year, as far as ICSC and Redbook report. You will want to look at the full month to get a more perfect measure.

Existing Home Sales for the month of October are due for report at 10:00 AM. In agreement with recent housing data, economists expect sales of preowned homes to have remain depressed in October. The consensus forecast sees an annual rate of sales of 4.5 million, about even with September’s pace. Existing home inventory was measured at 10.7 months supply, based on the most recent sales pace.

The Federal Reserve's Federal Open Market Committee (FOMC) releases the meeting minutes for its gathering that led to the introduction of "QE2." The media will swarm over any sign of dissent within the minutes, while also focusing on member concerns about the economy. The FOMC release is due at 2:00 PM ET.

Fed Chairman Bernanke and Treasury Secretary Geithner will appear before the Financial Stability Oversight Council Tuesday for a little must-see TV. We expect Geithner will get a question or two about his broken promise to provide the Treasury's international trade report on time in October (still overdue). Speak of the devil, the China International Nuclear Symposium kicks off in Beijing Tuesday.

FDIC Chair Sheila Bair will get an audience Tuesday as well, as she discusses third quarter bank and thrift industry earnings and the situation.

The corporate wire highlights Dynegy's (NYSE: DYN) vote on Blackstone's (NYSE: BX) proposed takeover bid. Jacobs Engineering (NYSE: JEC) and Sun Life Financial (NYSE: SLF) host analysts' meetings Tuesday. The earnings schedule highlights news from Acorn International (NYSE: ATV), Brown Shoe (NYSE: BWS), Campbell Soup (NYSE: CPB), Medtronic (NYSE: MDT), Patterson Dental (Nasdaq: PDCO), Hormel Foods (NYSE: HRL), China TechFaith Wireless (Nasdaq: CNTF), DSW (NYSE: DSW), Cavico (Nasdaq: CAVO), Cracker Barrel (Nasdaq: CBRL), Daktronics (Nasdaq: DAKT), dELiA's (Nasdaq: DLIA), Eaton Vance (NYSE: EV), Fred’s (Nasdaq: FRED), Genesco (NYSE: GCO), Guess (NYSE: GES), Hillenbrand (NYSE: HI), Israel Chemicals (Nasdaq: ISCHY.PK), J. Crew (NYSE: JCG), LTX-Credence (Nasdaq: LTXC), Medcath (Nasdaq: MDTH), New Jersey Resources (NYSE: NJR), Newmarket Technology (Nasdaq: IPVO), QAD (Nasdaq: QADI), Shamir Optical (Nasdaq: SHMR), ShangPharma (NYSE: SHP), Ship Finance International (NYSE: SFL), Signet Jewelers (NYSE: SIG), Chemical & Mining of Chile (NYSE: SQM), TIVO (Nasdaq: TIVO), Tsakos Energy Navigation (NYSE: TNP), Verigy (Nasdaq: VRGY), WSP Holdings (NYSE: WH), Zale Corp. (NYSE: ZLC).

Wednesday

The busiest travel day of the year offers perhaps the busiest economic news day of the year as well. With the holiday cooking, and given the soft work day Friday, a slew of data have been squeezed into Wednesday's schedule.

The premarket slate includes four reports, including key data on durable goods orders, personal spending activity and unemployment claims.

Last week's jobless claims continued a recent trend of moderation. Weekly Claims for the week ended November 20 measured 439K; it marked a 2K increase, but recent activity below 450K is of positive note. The four-week moving average fell 4K, to 443K last week, which is more important than the weekly count. Further moderation is likely, and would be noticeably welcomed by the market. The economists' consensus here is near meaningless, as the report is too frequent to stray far from the prior week period, and also otherwise tough to measure precisely. That said, Bloomberg lists the economists' consensus at 435K this week.

Durable Goods Orders can sway wildly and light fires on Wall Street as a result. However, the big swings are understood and expected by economists, since these are high-ticket items being measured. Orders rebounded 3.5% in September, after recording a 0.8% drop in August. Because the data includes aircraft, economists also remove transportation to get a clearer understanding of durable goods generally. Aircraft played a big role in the swing for September, and the orders data excluding transportation actually fell 0.4%, after increasing 2.1% in August. Economists forecast orders slipped 0.1% in October, but you can expect the reported result to miss significantly in either direction.

Personal Income & Spending data reaches the wire at 8:30 a.m. Most will be interested in the spending portion of this report, and economists forecast personal consumption will have risen 0.5% for October, which compares against the 0.2% increase in September. Personal income is expected to have increased 0.4%, against the -0.1% decline in September. Core PCE, the Fed's most favored inflation gauge, is found in this report. PCE inflation rose 0.1%, but Core PCE was unchanged in September.

The final premarket report is covered by the regular mortgage activity data, provided by the Mortgage Bankers Association (MBA). Last week's report covering the period ended November 12, was impacted by Veterans' Day and a sharp spike in mortgage rates. The Market Composite Index declined 14.4% as a result. The Purchase Index, which measures mortgage acquisition on home purchases, fell 5%. The Refinance Index dropped by 16.5%, on the sharp spike in mortgage rates. Contracted rates on 30-year fixed rate mortgages jumped to 4.46%, from 4.28%, on positive economic data and uncertainty around the effects and duration of QE2 under apparent/assumed improving economic conditions (based on data flow last week).

Three more reports reach the wire around 10:00 AM, including consumer sentiment, new home sales and home prices. The Reuters/ University of Michigan Consumer Sentiment data for late-November reaches wire at 9:55 AM. Economists surveyed by Bloomberg see sentiment edging higher to 69.5, up from 69.3 at the middle of the month.

New Home Sales data for the month of October are due at 10:00 AM. Like the rest of the housing industry metrics, New Home Sales are expected to have continued at a slow rate in October. The annual pace of sales is seen at 314K, which marks a slight increase from the 307K annual pace set in September. At that sales pace, the inventory of new homes stood at 8 months supply.

Keeping with real estate, the FHFA House Price Index is up for release at 10:00 a.m. as well. The last report showed a 0.4% increase, but we prefer to use the housing price data offered by the Existing Home Sales Report. In this area, we are seeing price decline rather clearly. The NAR report showed the median existing home price down about 2.4% from the year ago period in September.

The EIA will report on both Petroleum Status and Natural Gas Inventory Wednesday. First up will be the oil data at 10:30. Last week's report covering the period ended November 12, showed crude oil inventory dropped by 7.3 million barrels as refineries ramp up distillate fuel production. Oil inventory is still above the upper limit of the average range for this time of year. Gasoline stores decreased by 2.7 million barrels, and sit in the upper half of the average range for this time of year. Distillate fuel inventory decreased by 1.1 million barrels, but stores remain above the upper boundary of the average range. Natural gas inventory will be reported at 12 PM. Last week's data showed a 3 Bcf increase in inventory, taking stocks to 13 Bcf higher than last year and 327 Bcf above the 5-year average for this time of year.

Portugal's biggest union is planning a general strike Wednesday, protesting austerity plans. On the heels of the Irish bailout, Europe seems set to catch fire now, literally.

The corporate news wire highlights earnings from Deere (NYSE: DE), Tiffany (NYSE: TIF), China Cord Blood (NYSE: CO) and Frontline (NYSE: FRO).

Thursday

All US markets are closed Thursday for the national observance of Thanksgiving. Gobble, gobble.

Friday

US equity and bond markets open for only a portion of the day Friday, closing at 2 PM.

This is Black Friday, so retailers will be in the news, and early data will hit the wire on consumer turnout. Happy shopping! We expect more cash-strapped Americans will be doing their shopping today in order to take advantage of well-promoted sales.

The corporate wire highlights Rio Tinto's (NYSE: RTP) investor seminar. You may find EPS reports from Golar LNG (Nasdaq: GLNG) and Natuzzi Spa (NYSE: NTZ).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

This Week - G-20, Economic Reports and EPS

THIS WEEK

This week's stock market schedule highlights the G-20 meeting, several economic reports and a slew of EPS reports.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

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This Week: G-20, Economic Reports and EPS

Monday

The economic report schedule is free of data Monday, but several news making events could impact trade. President Obama is in Asia, starting with India, for a weeklong tour that is hoped might help the US efforts to level the international trade playing field. The week will conclude with the G-20 meeting in Seoul, South Korea, and President Obama's venture to the Asia Pacific Cooperation meeting in Japan.

Government agents might make some news Monday in the US as well. FDIC Chairwoman Sheila Bair will address a securities industry trade group, and Dallas Federal Reserve President Richard Fisher is scheduled to make an address; Fisher is generally considered a hawk. All Fed official commentary will be closely watched over the next few months, given the unsteady support for QE2 in the Fed's house.

The corporate wire is heavy Monday. Oracle's (Nasdaq: ORCL) star CEO Larry Ellison is slated to testify against SAP (NYSE: SAP) in a software theft trial. Monsanto (NYSE: MON) is scheduled to review crop yield data. Nissan Motor (Nasdaq: NSANY) is supposed to launch a new minivan. Canadian Oil Sands will meet with analysts, and the IPO lockup curbs run out on Express (Nasdaq: EXPR) and Roadrunner Transportation (Nasdaq: RRTS). Riverbed Technology (Nasdaq: RVBD) will split its shares 2 for 1.

The EPS schedule highlights news from The Progressive (NYSE: PGR), Frontier Communications (NYSE: FTR), Priceline.com (Nasdaq: PCLN), SYSCO (NYSE: SYY), Accuray (Nasdaq: ARAY), AdventRX Pharmaceuticals (AMEX: ANX), BIDZ.com (Nasdaq: BIDZ), Buckeye Partners (NYSE: BPL), Chindex International (Nasdaq: CHDX), Clean Energy Fuels (Nasdaq: CLNE), Clear Channel Outdoor (NYSE: CCO), Commerzbank AG (OTC: CRZBY.PK), Dynegy (NYSE: DYN), Full House Resorts (AMEX: FLL), GAMCO Investors (NYSE: GBL), Gammon Gold (NYSE: GRS), Hologic (Nasdaq: HOLX), Hospitality Properties Trust (NYSE: HPT), Immucell (Nasdaq: ICCC), Invesco Mortgage Capital (NYSE: IVR), Kohlberg Capital (Nasdaq: KCAP), LDK Solar (NYSE: LDK), Louisiana Pacific (NYSE: LPX), McDermott International (NYSE: MDR), Middleby (Nasdaq: MIDD), Motorcar Parts of America (Nasdaq: MPAA), Nippon Telegraph & Telephone (NYSE: NTT), Nordic American Tanker (NYSE: NAT), Pan American Silver (Nasdaq: PAAS), PLUG Power (Nasdaq: PLUG), Quality Distribution (Nasdaq: QLTY), Silver Wheaton (NYSE: SLW), Tesco (Nasdaq: TESO), Tower Group (Nasdaq: TWGP), TravelCenters of America (AMEX: TA), US Auto Parts Network (Nasdaq: PRTS), Wave Systems (Nasdaq: WAVX) and XenoPort (Nasdaq: XNPT).

Tuesday

Mixed Chain Store Sales data characterized October's reports released by retailers last week. The industry offers both a shopper's and stockpicker's market (in other words, some will rise and some will fall). Companies reported there was a pickup in sales toward the end of October, as shoppers looked toward cold weather items. Weekly Same-Store Sales, as reported by the International Council of Shopping Centers (ICSC) though, have offered reason for concern. As we've reported here regularly, year-over-year sales comparisons are softening as the prior year comparables normalize off early year extremes. Last week's same-store sales data reported by the ICSC, covering the period ended October 30, showed year over-year-sales increased just 2.0%. The week-to-week comparison offered just a 0.1% increase. Look for new ICSC data in the premarket Tuesday. Redbook, which also reports on year-to-year sales each Tuesday, showed a 2.5% gain for the latest period. The holiday shopping season looks precarious at best for retailers.

The NFIB Small Business Confidence Index hits the wire Tuesday morning. Small businessmen have not been inspired by the Administration's tax-driven incentives for hiring. This latest query offers insight into the minds of small businessmen, and very likely a guide into the general economic forecast.

Look for the Wholesale Trade Report for the month of September at 10:00 AM Tuesday. Based on Barron's, Wholesale Inventory levels are forecast to have increased 0.6% in September, versus a 0.8% increase in August. The August report showed that wholesalers' sales only rose by 0.5% though, not keeping pace with inventory. The inventory-to-sales ratio stayed at home, at 1.16, which still compares favorably to the August 2009 mark of 1.24. The long-term trend continues on its path of efficient process.

President George W. Bush publishes his memoir, Decision Points, Tuesday. It should garner the full attention of the press, and look for the controversial leader to hit the talk show circuit discussing the work and his time in charge.

US Commodity Futures Trade Commission (CFTC) Chair Gary Gensler speaks to the National Economists Club on the economy Tuesday.

The corporate wire highlights the shareholder meetings of Hasbro (NYSE: HAS), AMD (NYSE: AMD) and National Fuel Gas (NYSE: NFG). The Goldman Sachs Techtonics Conference gets going with presenters like EMC (NYSE: EMC). The Wells Fargo Securities Technology, Media & Telecom (TMT) Conference offers presentations by Sprint Nextel (NYSE: S) and more.

Look for EPS reports from the likes of Marsh & McLennan (NYSE: MMC), International Game Technology (NYSE: IGT), Rockwell Automation (NYSE: ROK), Dean Foods (NYSE: DF), Sempra Energy (NYSE: SRE), Acadia Pharmaceuticals (Nasdaq: ACAD), Aeterna Zentaris (Nasdaq: AEZS), Ambac Financial (NYSE: ABK), American Science & Engineering (Nasdaq: ASEI), Arena Pharmaceuticals (Nasdaq: ARNA), Beacon Power (Nasdaq: BCON), Capstone Turbine (Nasdaq: CPST), China Fire & Security Group (Nasdaq: CFSG), China Green Agriculture (NYSE: CGA), China Yuchai (NYSE: CYD), Chinacast EDU (Nasdaq: CAST), Church & Dwight (NYSE: CHD), Cohen & Co. (Nasdaq: COHN), Fossil (Nasdaq: FOSL), Granite City Food & Brewery (Nasdaq: GCFB), Homeowners Choice (Nasdaq: HCII), JA Solar (Nasdaq: JASO), Jamba Juice (Nasdaq: JMBA), MBIA (NYSE: MBI), Miller (NYSE: MLR), NGAS Resources (Nasdaq: NGAS), OraSure (Nasdaq: OSUR), Orbit International (Nasdaq: ORBT), Peerless Manufacturing (Nasdaq: PMFG), Planar (Nasdaq: PLNR), Playboy (NYSE: PLA), Randgold Resources (Nasdaq: GOLD), Stifel Financial (NYSE: SF), Tyco International (NYSE: TYC), Vodafone (NYSE: VOD), Weight Watchers (NYSE: WTW) and Zion Oil & Gas (NYSE: ZN).

Wednesday

The Veteran's Day holiday shifts the schedule for several of the week's economic reports. Wednesday will definitely be the busiest day of the week, with several economic reports complementing a regular earnings schedule.

Weekly Initial Jobless Claims should attract the most attention, given last week's focus on the Employment Situation Report and the recent dip in this data point. Last week's reported data covering the period ended October 30 produced a 20K increase in jobless claims, to 457K. The four-week moving average sits at 456K, nearly flat on the psychological 450K mark. When we started toward 400K, the market gained significant enthusiasm. This is the mark we established as critical to market rally.

Apropos to the week, given the President's journey to Asia and current tensions with regard to China trade, we look forward to the International Trade Report and the monthly Import and Export Prices data. Economists expect September's trade data to show a $45 billion trade deficit, which represents a narrowing from the $46.35 billion deficit in August. The thing is that an expansion of trade deficit would be a sign of a normalizing economy now, because American demand for imports would be on the rise. When the deficit narrowed tightest was when the economy hit rock bottom. August's report showed imports increased by $4.1 billion, while exports rose just $0.3 billion over July.

The Import/Export Price data for October is due at 8:30 AM. Economists are looking for import prices to show a 1.2% rise, aided some by a weaker dollar. Import prices fell 0.3% in September though, on lower fuel prices. Energy prices tend to skew imports, while agricultural prices can impact exports. Exports rose 0.6% in September.

The Mortgage Bankers Association reports on mortgage activity Wednesdays in the premarket. Last week's report covering the period ended October 29 indicated mortgage activity decreased. The Market Composite Index of activity decreased 5%. The Purchase Index, which measures mortgage activity tied to home acquisitions, increased 1.4%. The Refinance Index, however, fell 6.4%. We suspect anticipation for QE2 kept real estate players on the sidelines through the period, as they waited to see how Fed action might impact long rates. 30-year fixed rate mortgage rates on the average contract increased to 4.28%, from 4.25% in the measured period.

Because of the holiday Thursday, the EIA will report on both Petroleum Status and Natural Gas on Wednesday. The Natural Gas Report is first up at 10:30 AM. Last week's report covering the period ended October 29 showed natural gas stores increased by 67 Bcf. Stocks were 37 Bcf above the level marked this time last year and 353 Bcf above the five-year average. The EIA's report on crude oil inventory reaches the wire at 11:00 AM Wednesday. For the period ended October 29, crude oil stocks increased by 2 million barrels; total motor gasoline stores fell by 2.7 million barrels. Both oil and gasoline remain above the upper limit of the average range for this time of year.

At 2:00 PM, look for the Treasury Budget Report for the month of October. Economists are looking for a deficit of $148 billion, which represents month-over-month deficit expansion from September's $34.5 billion shortfall. The economists' expectation for the month is about twice as much as the average for the last five years.

The Robert W. Baird Industrials Conference hosts Avery Dennison (NYSE: AVY) and others. The Piper Jaffray Technology, Media and Telecommunications conference hosts companies including Western Union (NYSE: WU). Analysts meetings are scheduled at Chicago Bridge & Iron (NYSE: CBI), Rent-A-Center (Nasdaq: RCII), Halliburton (NYSE: HAL), National Semiconductor (NYSE: NSM), Cypress Semiconductor (NYSE: CY) and Solutia (NYSE: SOA). The earnings schedule is highlighted by news from Cisco Systems (Nasdaq: CSCO), Macy's (NYSE: M), Polo Ralph Lauren (NYSE: RL), Computer Sciences (NYSE: CSC), Aegean Maritime Petroleum (NYSE: ANW), Antares Pharma (AMEX: AIS), Advance Auto Parts (NYSE: AAP), Allianz SE (OTC: AZSEY.PK), Cache (Nasdaq: CACH), Cellcom Israel (NYSE: CEL), China Agritech (Nasdaq: CAGC), China Green Material Tech (Nasdaq: CAGM), China Marine Food (Nasdaq: CMFO), China Medicine (Nasdaq: CHME), China Sky One Medical (Nasdaq: CSKI), Credit Agricole (Paris: ACA.PA), Edgar Online (Nasdaq: EDGR), Federal Agricultural Mortgage (NYSE: AGM), Global Ship Lease (NYSE: GSL), ING Groep (NYSE: ING), Kelly Services (Nasdaq: KELYA), Kullicke & Soffa (Nasdaq: KLIC), Maidenform Brands (NYSE: MFB), Marina Biotech (Nasdaq: MRNA), Navios Maritime Acquisition (NYSE: NNA), North American Palladium (NYSE: PAL), Rosetta Stone (NYSE: RST), Tandy Brands (Nasdaq: TBAC), Taseko Mines (NYSE: TGB), Tetra Tech (Nasdaq: TTEK), Xinyuan Real Estate (NYSE: XIN) and more.

Thursday

It's Veteran's Day, so government offices will be closed and thus no economic reports are slated. However, the Chinese are expected to report several important data points Thursday, including PPI, CPI, retail sales, and industrial production. At the G-20 summit, President Obama is expected to have a side meeting with China's President Hu Jintao. Given all that hangs in the balance, this may be the most important one-on-one President Obama will have during his tenure.

US securities markets are open for trading on Veteran’s Day. The Credit Suisse Health Care Conference highlights presentations by (NYSE: MRK) and CVS Caremark (NYSE: CVS). Analysts meetings are scheduled at Dresser-Rand (NYSE: DRC), Owens Corning (NYSE: OC), Ameriprise (NYSE: AMP) and Tempur-Pedic (NYSE: TPX). Look for earnings from Walt Disney (NYSE: DIS), Viacom (NYSE: VIA), Kohl’s (NYSE: KSS), Nvidia (Nasdaq: NVDA), Accretive Health (NYSE: AH), AECOM (NYSE: ACM), 21st Century Holding (Nasdaq: TCHC), Autobytel.com (Nasdaq: ABTL), California Pizza Kitchen (Nasdaq: CPKI), Caribou Coffee (Nasdaq: CBOU), China Pharma (Nasdaq: CPHI), China Real Estate Info (Nasdaq: CRIC), Cosi (Nasdaq: COSI), Flowers Foods (NYSE: FLO), FreeSeas (Nasdaq: FREE), Matthews International (Nasdaq: MATW), Nuveen Investments (NYSE: JNC), Petrobras (NYSE: PBR), Repsol (NYSE: REP), Siemens AG (NYSE: SI), Tim Horton’s (NYSE: THI), Tower Semiconductor (Nasdaq: TSEM), Yucheng Technologies (Nasdaq: YTEC) and more.

Friday

The G-20 concludes Friday, and most agree that little productive result should be seen. Look for some sort of win from recent dealings with China, though the question remains whether the Chinese will follow through sincerely or not. The Treasury Secretary is waiting on response from China before issuing his report on trading partners.

The economic schedule includes the University of Michigan's Consumer Sentiment reading. Economists forecast sentiment will rise to 69.0, from 67.7at the end of October. The difference is negligible and so a reading slightly higher should not be overdone in true market action. That said, further deterioration would alert traders to intensifying trouble ahead of the important holiday shopping season, and potentially start a slide in stocks.

The Credit Suisse (NYSE: CS) conference features companies including Amerigroup (NYSE: AGP). Look for EPS from Agilent (NYSE: A), J.C. Penney (NYSE: JCP), D.R. Horton (NYSE: DHI), Advanced Life Sciences (Nasdaq: ADLS), Andate China Marine Fuel Services (Nasdaq: AMCF), Benetton Group (OTC: BNGPY.PK), Brasil Foods (Nasdaq: BRFS), Craft Brewers (Nasdaq: HOOK), Lyris (Nasdaq: LYRI), Nobel Learning (Nasdaq: NLCI), Point360 (Nasdaq: PTSX), SeaCube Container Leasing (NYSE: BOX), Sinohub (Nasdaq: SIHI), Wendy’s Arby’s Group (NYSE: WEN) and more.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

To Declare China a Currency Manipulator or Not

That is the Question!

And it will be answered this week, when the US Treasury publishes its report on the currency and trade activities of our trading partners. The report is centered around China, and recent hearings have implied that Treasury Chief Geithner might finally formally write what he spoke almost immediately into his tenure at the Treasury, that China is indeed manipulating its currency and affecting trade in an unfair manner. Between this report, International Trade data and the Import/Export Prices release, and given China's big Communist confab, the theme of our copy is clear this week.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

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To Declare China a Currency Manipulator or Not? That is the Question!

The Weekly Schedule:

By The Greek,

We covered Monday's stock market schedule in an earlier article. While the bond market was closed on Columbus Day, along with many government and private organizations, the stock market was open in the United States.

Tuesday

The Federal Reserve releases the minutes from its September meeting at 2:00 PM ET Tuesday. With QE2 (quantitative easing II) at the tip of everyone's tongues these days, and market trading tied to it too, every word within the meeting minutes will be viewed from a certain perspective Tuesday. It's hard to say how the market will find the information, but it has priced in expectations for easing and is looking for reasons to believe in it. In the end, I think it's possible the market might be let down by less action than the blockbuster moves it seems to demand at this point. And we wonder how much zip the Fed's last few bullets have.

At 11:45 AM, Kansas City Federal Reserve Bank President Thomas Hoenig addresses the National Association for Business Economics (NABE) at its annual meeting in Denver. Hoenig plans to speak to the economic outlook and monetary policy challenges.

Seeking to cure one of the many recent ailments of Wall Street, the Commodity Futures Trading Commission will hold a hearing to receive reporting on the flash crash of this past year and high-frequency trading, which was at the root of it. Meanwhile President Obama will hold a tele-town meeting targeted to get the youth vote out in November. The event will be co-hosted by MTV, BET and CMT moderators.

The International Council of Shopping Centers (ICSC) reports on Weekly Same-Store Sales in the premarket Tuesday as always. There is no forecast to mark against, but last week's result for the period ending October 2 showed a drop in weekly sales of 0.8%. On a year-over-year basis, sales increased 2.4%. Redbook also measures the year-to-year change weekly, and reported a 2.7% increase. Both signified slower rates of growth versus recent trend. Monthly Retail Sales is due later in the week.

Markets will be closed in Venezuela and Brazil Tuesday.

The New York Value Investing Congress meets today. Wal-Mart (NYSE: WMT), Procter & Gamble (NYSE: PG), Johnson Controls (NYSE: JCI), Continental Resources (NYSE: CLR) and Chevron (NYSE: CVX) hold investor meetings. Denbury Resources Inc. (NYSE: DNR) presents at the IPAA Oil & Gas Investment Symposium San Francisco. Salesforce.com, Inc. (NYSE: CRM) appears in the Pacific Crest Hosted Bus Tour.

The EPS schedule includes news from Intel (Nasdaq: INTC), Banco Latinoamericano de Comercio Exterior, S.A (NYSE: BLX), Century Bancorp (Nasdaq: CNBKA), CSX (NYSE: CSX), Exfo Electro-Optical Engineering (Nasdaq: EXFO), Fastenal (Nasdaq: FAST), Kayne Anderson Energy (NYSE: KED), KMG Chemicals (Nasdaq: KMGB), Mistras Group (NYSE: MG), Oil-Dri Corp. of America (NYSE: ODC) and Synergetics USA (Nasdaq: SURG).

Wednesday

The SEC is scheduled to vote on derivatives rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The Import/Export Prices data release at 8:30 AM ET might get a bit more attention than usual Wednesday, given the emphasis on China and fair trade this week. Economists see import prices declining 0.2% in September, which compares to a 0.6% increase in August. 58% of the import price rise in August was attributable to a 1.7% increase in fuel prices, but the remainder, still a good portion of imports, rose 0.3% and contributed as well. Export prices increased 0.8% in August, driven largely by a 4.2% increase in the price of agricultural goods. Wheat prices, especially, have risen on Russia's export ban and weather impact to its supply, and the global disruption it has caused.

The Mortgage Bankers Association last week reported that an October 4 change in FHA loan requirements likely spurred last minute purchase activity. In the week ending October 1, the Market Composite Index of mortgage volume decreased 0.2% on a seasonally adjusted basis. However, the Purchase Index rose 9.3% on demand for FHA applications. If that's the case, we should see some more impact in this week's report. The Refinance Index decreased by 2.5%, despite decreases in the contracted rate for the average fixed rate mortgage. 30-year rates dropped to 4.25% from 4.38%, while 15-year contracts fell to 3.73%, from 3.77%. This is the kind of thing that troubles Pimco's Bill Gross, and makes him speak of financial crisis and leads us to speak of economic muscle attrition. When rates decrease, economic activity is supposed to increase! Troubling...

Look for September's Treasury Budget data at 2:00 PM ET. Economists expect September to show a $32.0 billion deficit. Over the past five and ten year periods, September has produced reliable surpluses of $41.0 billion and $39.9 billion on average, respectively, but last year's period produced a deficit of $45.2 billion, given the economic situation. For the fiscal year-to-date through August, the treasury budget deficit stood at $1.26 trillion.

Federal Reserve Chairman Ben Bernanke contributes to the discussion on business innovation at a Cleveland Fed event in Pittsburgh. Look for Bernanke's remarks around 4:10 PM ET. At 6:45 PM ET, Richmond Federal Reserve Bank President Jeffrey Lacker addresses business leaders in Chapel Hill, NC.

The corporate docket includes Chesapeake Energy's (NYSE: CHK) Institutional Investor & Analyst Meeting. The EPS schedule keys on reports from J.P. Morgan Chase (NYSE: JPM), Acergy S.A. (Nasdaq: ACGY), ADTRAN (Nasdaq: ADTN), Apollo Group (Nasdaq: APOL), ASML Holdings (Nasdaq: ASML), Authentidate Holding (Nasdaq: ADAT), Bank of the Ozarks (Nasdaq: OZRK), Cantel Medical (NYSE: CMN), Dave & Buster's (NYSE: DAB), Host Hotels & Resorts (NYSE: HST), iGate (Nasdaq: IGTE), MEDTOX Scientific (Nasdaq: MTOX), Spartan Stores (Nasdaq: SPTN), Tessco (Nasdaq: TESS), Universal Forest Products (Nasdaq: UFPI) and WD-40 (Nasdaq: WDFC).

Thursday

Again, with China in the headlines, the International Trade Report will get more than its usual attention at 8:30 AM ET. This latest report covering August is expected to show the trade gap expanded to $44.3 billion, from the $42.8 billion deficit posted in July.

The Producer Price Index for September is due at 8:30 as well. Economists surveyed by Bloomberg expect the Headline PPI to show a 0.1% increase, matching against the 0.4% jump seen in August. Core PPI is expected to have increased by 0.1% as well, following the August gain of the same rate.

Weekly Jobless Claims fell by 11K last week, to 445K. The four-week moving average marked its sixth straight decline, moving to 455,750. This week's data covers the period ending October 9, and has economists looking for a reading of 443K. And, The Greek has been sensing improvement in these figures; could sub-400K be in our near future? We think so, but so what. We need economic expansion and job growth. Who is left to fire anyway?

OPEC meets this week, and the consortium is expected to maintain its production quotas at current levels. The EIA reports on both Petroleum and Natural Gas on Thursday this week, due to the holiday. Look for the Natural Gas Report at its usual 10:30 reporting time, and the Petroleum Report at 11:00. Last week's natural gas data, covering the period ending October 1, showed natural gas inventory increased by 85 Bcf. At current levels, natural gas inventory stands 149 Bcf less than last year at this time and 220 Bcf above the 5-year average. In the period ending October 1, crude oil inventory increased by 3.1 million barrels. Total motor gasoline inventory decreased by 2.6 million barrels. Both gas and oil stood above the upper limit of the average range for this time of year.

The U.S. Business Council meets Thursday. In corporate news, look for Gap (NYSE: GPS) and Halozyme (Nasdaq: HALO) to hold analyst meetings. Rio Tinto (NYSE: RTP) reports on its third-quarter output. The EPS schedule highlights reports from Google (Nasdaq: GOOG), Advanced Micro Devices (NYSE: AMD), Safeway (NYSE: SWY), W.W. Grainger (NYSE: GWW), Commerce Bancshares (Nasdaq: CBSH), Cubist Pharmaceuticals (Nasdaq: CBST), Fairchild Semiconductor Int’l (NYSE: FCS), Herley Industries (Nasdaq: HRLY), IDT Corp. (NYSE: IDT), Joe's Jeans (Nasdaq: JOEZ), Landstar System (Nasdaq: LSTR), Mission West Properties (Nasdaq: MSW), NovaGold Resources (AMEX: NG), Valmont (NYSE: VMI) and Winnebago (NYSE: WGO).

Friday

The holiday shortened week concludes with a bang. The news schedule will be powerful even before the five economic report releases hit the wire.

The US Treasury is due to publish its highly anticipated report on foreign countries' exchange rate policies. This is the report in which the Treasury might label China a currency manipulator, and trade war might ensue. We are looking for less poignant language, but still a stronger message to be sent China's way this time around. At least that's what was implied in the latest Congressional hearings on the subject. Meanwhile, on the same day, China's Communist Party Central Committee holds its annual meeting, from which perhaps a rebuttal might come. Also, a World Policy Conference is occurring in Morocco on global governance Friday.

"The market will be monitoring Bernanke for any signs of quantitative easing. Hopefully, he's taken his medicine to stop that uncomfortable sounding situation though."

Federal Reserve Chairman Ben Bernanke speaks to the Boston Fed's conference on Revisiting Monetary Policy in a Low Inflation Environment Friday morning at 8:15 AM ET. The timely topic has market enthusiasts giddy for potential hints with regard to QE2. The market will be monitoring Bernanke for any signs of quantitative easing. Hopefully, he's taken his medicine to stop that uncomfortable sounding situation though. Also in the early morning, look for Atlanta Federal Reserve Bank President Dennis Lockhart's Q&A session with the Executive Women of Goizueta, in Atlanta.

Retail Sales are due for the month of September at 8:30 AM ET. Economists are looking for an increase of 0.5% this time around, with ex-auto sales rising 0.4%. Sales increased 0.4% in August and 0.6% when excluding automobiles.

The Consumer Price Index is also due for September at 8:30. Economists see the Headline CPI increasing 0.2%, and Core CPI rising 0.1%. That would compare against August change of +0.3% and 0%, respectively, in August.

Look for the Empire State Manufacturing Survey at 8:30 as well. The New York Fed's reading of area manufacturing is expected to mark the General Business Conditions Index at 8.0, which compares to 4.14 in September.

At 9:55 AM, catch the University of Michigan's Consumer Sentiment Index. This mid-month reading is expected to show confidence gained slightly, with economists forecasting the metric to mark 69.0, versus 68.2 at the end of September. That is an insignificant change folks, so be careful not to read too much into it if the result matches expectations.

Business Inventories are due for August at 10:00 AM ET. Economists see an increase of 0.4%, versus the 1.0% gain in July. We'll need to see sales rise at a faster pace for any enthusiasm to build around the data-point.

The Rock & Roll Pop Auction is taking place; it will be run by Gotta Have It!

If you filed for an extension to file your taxes, today is likely your deadline to finally do so.

Look for EPS results from GE (NYSE: GE), China Cablecom (Nasdaq: CABL), Enzo Biochem (NYSE: ENZ), First Horizon National (NYSE: FHN), Gannett (NYSE: GCI), Genuine Parts (NYSE: GPC), Infosys Technologies (Nasdaq: INFY), Knoll (NYSE: KNL), Mattel (NYSE: MAT), Petrobras (NYSE: PBR) and Webster Financial (NYSE: WBS).



Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Asia-Europe Summit & IMF & World Bank Meetings Key the Week

This Week

This week's stock market schedule offers much more than just the monthly employment report. There are huge meetings planned for the week, with the Asia-Europe Summit scheduled for Brussels and the IMF and World Bank meetings planned for Washington. Several important economic reports litter the schedule, including all the regular jobs data-points, chain store sales data, ISM's Nonmanufacturing Report and the formal launch of earnings season.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

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This Week: Asia-Europe Summit & IMF & World Bank Meetings Key

We covered Monday's economic schedule in our earlier article found here.

Tuesday

News from overseas should meet the early morning wire, as the Bank of Japan (BOJ) issues its latest monetary policy decision. Look also for the meeting between China's Premier Wen Jiabao and Japanese Prime Minister Naoto Kan at the Asia-Europe Summit to attract media attention, given recent naval interactions between the two neighbors and historic enemies.

Back in New York City, the India Investment Forum will host India's finance minister and executives from 40 high-growth and significant Indian firms. Remember "Rogue Trader" Jerome Kerviel, of Societe' Generale? His trial has concluded, and a verdict will be delivered Tuesday to the poor lug.

The International Council of Shopping Centers (ICSC) will publish its latest Weekly Same-Store Sales data Tuesday morning. Last week's results, which covered the week ending September 25, showed a 0.4% weekly rise. On a year-over-year basis, sales increased 3.6%. Redbook marked the yearly sales increase at 2.5%. Now that we have cleared the Labor Day holiday and the back-to-school impact, we should get clearer reads on consumer spending activity through this report.

At 10:00 AM ET, look for the Institute for Supply Management (ISM) to post its Non-Manufacturing Index. Economists see this September reading showing the index at a mark of 52.0, just barely in expansionary territory. The service sector barometer fell 3 points in August, to 51.5, and so the report appears to us pivotal for trade on Tuesday. Signs from the Chicago PMI offer some hope the index might stay above water in September.

In DC doings, a Senate subcommittee will hold a joint hearing to determine how the president might use an expedited recession authority. This seems to have a snowball's shot in hell of getting passed through a confrontational Congress.

In corporate news, look for Intel's (Nasdaq: INTC) CEO to discuss innovation before the Council on Foreign Relations in New York. Metals USA's (Nasdaq: MUSA) IPO lockup period concludes Tuesday.

The day's earnings schedule includes reports from Diamond Foods (Nasdaq: DMND), Rocky Mountain Chocolate Factory (Nasdaq: RMCF), Team Inc. (Nasdaq: TISI), Wolverine World Wide (NYSE: WWW) and Yum! Brands (NYSE: YUM).

The Jefferies & Co. (NYSE: JEF) Global SpecPharma & European Healthcare Conference offers presentations by ARIAD Pharmaceuticals (Nasdaq: ARIA), Covidien (NYSE: COV), and Impax Laboratories (Nasdaq: IPXL), Merck (NYSE: MRK). The William Blair & Company Emerging Growth Stock Conference brings news from Aruba Networks (Nasdaq: ARUN), Aspen Technology (Nasdaq: AZPN), Delcath Systems (Nasdaq: DCTH), Encore Capital Group (Nasdaq: ECPG), Lawson Products (Nasdaq: LAWS), NetLogic Microsystems (Nasdaq: NETL) and Parexel (Nasdaq: PRXL). SuperGen (Nasdaq: SUPG) presents at the Biotechnology Industry Organization Annual BIO Investor Forum. Superior Energy Services (NYSE: SPN) presents at the Johnson Rice & Company Energy Conference. Cedar Fair LP (NYSE: FUN) has a conference call scheduled to discuss its long-term strategy and financial goals. Iron Mountain (NYSE: IRM) and ONEOK Partners (NYSE: OKE) have investor days scheduled.

Wednesday

The first two of the monthly employment data points arrive Wednesday. Challenger's Job-Cuts Report is first to the wire in the early premarket. It only measures announced corporate layoffs, and excludes hiring activity, but offers some insight into the corporate mood. Last month's data covering August showed announced corporate layoffs eased to 34,768, as compared with the 41,676 seen in July. The level for August was very low, and so an increase in September would not be much of a market mover, unless the aggregate level of layoffs increases significantly; this could occur due to a down-shift in the manufacturing space, which we have been pointing to here. Also, government jobs are disappearing, interestingly enough, given the government's focus on job creation. State and municipalities must balance budgets, and so they cannot avoid job cuts.

The ADP Private Employment Report regularly garners more market attention than Challenger's, and its release is also due in the premarket Wednesday. The data on the net change in the private labor force serves as a precursor and predictor of the Labor Department's Employment Situation Report. The data for August, reported last month, showed a net decrease of 10,000 private labor market jobs. Economists will follow the release closely, and so should you. However, it only precedes the more important report by two days, and so is limited in impact. Traders usually wait the 48 hours before banking cash or putting it to work.

Last week's mortgage activity data covering the period ended September 24 showed the Market Composite Index of activity decreased 0.8%, on a 1.6% decline in Refinance Activity, which represents 81% of total activity. The Purchase Index improved by 2.4%, but purchase activity represents a smaller portion of the aggregate, and so had a smaller impact. Refi activity benefited from a six basis point drop in contracted rates for 30-year fixed rate mortgages, to 4.38%.

The EIA reports on Petroleum Status each Wednesday at 10:30. Last week's report covering the period ended September 24 showed a decrease of 0.5 million barrels. Total motor gasoline stores decreased by 3.5 million barrels. Both crude oil and gasoline stocks remain above the upper limit of the average range for this time of year.

Motorola (NYSE: MOT) is thought to be preparing to introduce a new Android phone at the CTIA industry conference Wednesday. Zumiez (Nasdaq: ZUMZ) is due to report September sales. Family Dollar (NYSE: FDO) will hold an analysts meeting Wednesday.

Wednesday's EPS schedule includes news from Acuity Brands (NYSE: AYI), CalAmp (Nasdaq: CAMP), Cellu Tissue (NYSE: CLU), Constellation Brands (NYSE: STZ), Costco (Nasdaq: COST), Helen of Troy (Nasdaq: HELE), Immucor (Nasdaq: BLUD), Marriott International (NYSE: MAR), Monsanto (NYSE: MON), Richardson Electronics (Nasdaq: RELL), Robbins & Myers (NYSE: RBN), RPM International (NYSE: RPM) and Ruby Tuesday (NYSE: RT).

The Craig Hallum Capital Group Inc. Alpha Select Conference brings presentations by Caribou Coffee (Nasdaq: CBOU), eDiets.com (Nasdaq: DIET), and Zix Corp. (Nasdaq: ZIXI). The Johnson Rice & Company Energy Conference offers presentations by Complete Production Services (NYSE: CPX), Newfield Exploration (NYSE: NFX), and SM Energy (NYSE: SM). The Deutsche Bank Securities Inc. (NYSE: DB) Leveraged Finance Conference offers news from Dana Holding (NYSE: DAN), Gaylord Entertainment (NYSE: GET), Hercules Offshore (Nasdaq: HERO), MetroPCS (NYSE: PCS), and Tenneco (NYSE: TEN).

Thursday

The formal start to earnings season coincides with the report from Alcoa (NYSE: AA) Thursday, along with news from AngioDynamics (Nasdaq: ANGO), Dragonwave (Nasdaq: DRWI), International Speedway (Nasdaq: ISCA), Material Sciences (Nasdaq: MASC), Micron Technology (NYSE: MU), Navisite (Nasdaq: NAVI), Nu Horizons Electronic (NYSE: NUHC), Peoples Educational Holdings (Nasdaq: PEDH), PepsiCo (NYSE: PEP), Premier Exhibitions (Nasdaq: PRXI), and Tortoise Capital Resources (NYSE: TTO).

Most retailers will report Chain Store Sales for the month of September individually on Thursday. The rate of chain store sales growth was higher in August than in July, measuring approximately +2.5%. September's sales may also benefit from the late falling of the Labor Day holiday, which allowed for extended back-to-school shopping.

Two more employment data points come due on Thursday. The Monster Employment Index (MEI) will arrive early in the premarket. Monster Worldwide (NYSE: MWW) offers the regular data covering online job demand. This latest check will match against August's 2 point decline to a mark of 136. But to put that into perspective, it was still much better than August of 2009, which stood at 121.

Weekly Jobless Claims are due as usual at 8:30. In the week ended September 25, jobless claims eased to 453K, from 469K the prior week. The four-week moving average also improved, to 458K last week, and the insured unemployment rate improved to 3.5%. If we drop below 450K this week, investors might get a bit excited.

The EIA reports on Natural Gas Inventory Thursday at 10:30. Last week's report covering the period ended September 24 showed natural gas inventory increased by 74 Bcf. At current levels, natural gas stocks rank 166 Bcf less than last year at this time and 202 Bcf above the 5-year average.

Consumer Credit is due at 3:00 PM. After credit contracted by $3.6 billion in July, economists are looking for it to show narrowing by another $4.0 billion in August.

Both the ECB and Bank of England are due to make monetary policy decisions Thursday. Dominique Strauss-Kahn, head of the International Monetary Fund (IMF) addresses reporters in Washington, while Kansas City Fed President Thomas Hoenig (dissenter extraordinaire) is due to address an economic forum hosted by the KC Fed at 1:30 PM. Pimco's CEO Mohamed El-Erian will address the 92nd Street Y in New York on the future of the economy. I can walk there!

The Johnson Rice & Company Energy Conference offers news from Abraxas Petroleum (Nasdaq: AXAS) and Crimson Exploration (Nasdaq: CXPO). The Deutsche Bank Securities Inc. Leveraged Finance Conference brings presentations by Amkor (Nasdaq: AMKR), ArvinMeritor (NYSE: ARM), Belo (NYSE: BLC), Chesapeake Energy (NYSE: CHK), Hovnanian Enterprises (NYSE: HOV), Owens-Illinois (NYSE: OI) and Penn National Gaming (Nasdaq: PENN).

Friday

Relatively bad news is expected from the Labor Department's Employment Situation Report Friday. The unemployment rate is expected to bump up to 9.7%, from 9.6% in August. Nonfarm Payrolls are seen flat in September, after posting a net decrease of 54K in August.

The monthly Wholesale Trade Report is due Friday at 10:00 AM, and will be overshadowed by the jobs data and likely forgotten quickly, due to the Friday reporting date. July's data showed wholesale inventories increased by 1.3%. Economists are looking for another increase of 0.5% for the August report. Wholesale sales only rose by 0.6% in July, which took the inventory-to-sales ratio up slightly to 1.16, which is still relatively low. Still, the direction was troubling, and meaningful for economic forecasts.

You will find New World Order flavor in Washington DC Friday, as the IMF and World Bank are in town for their annual meetings. Expect to see some significant protests play out in DC town. Also, Federal Reserve Governor Dan Tarullo will speak about international financial regulation to the Bretton Woods Committee in Washington.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

This Week: Testing the Consumer Mood

This week's stock market news schedule highlights the two monthly consumer sentiment measurements. The consumer mood has soured in recent months, and is critical to both economic growth and investor enthusiasm, so keep closely attuned to the data points due Tuesday and Friday mornings. Friday's Personal Spending data should also tie in well with the week's driving factors. Also take note of Friday's manufacturing data, as institutional investors will be watching to see if further deceleration in the manufacturing sector might develop.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

(Tickers: NYSE: DIA, NYSE: SPY, Nasdaq: QQQQ, NYSE: DOG, NYSE: SDS, NYSE: QLD, NYSE: NYX, NYSE: ICE, Nasdaq: NDAQ)

This Week: Testing the Consumer Mood

We reported on Monday's business schedule in an earlier article that you can find via this link.

Tuesday

The International Council of Shopping Centers (ICSC) is first to the wire on Tuesday with its regular Weekly Same-Store Sales Report. Last week's report covering the period ended September 18 showed sales fell 1.4% week-to-week. All weekly data points were impacted in the period due to the proximity to the Labor Day holiday. The next few weeks' data will offer a clearer view of real sales activity and the consumer mood. On a year-to-year basis, sales improved 3.3%. Redbook noted a 2.2% gain for the same period.

Redundant as it may be, the S&P Case Shiller Home Price Index is due for report at 9:00 AM ET on Tuesday. The last report, which covered the long since passed month of June, showed that the 10-City Index experienced a month-to-month price increase of 1.0%. The seasonally adjusted version showed a lesser 0.3% increase, but the measures do not adjust for the First-Time Homebuyers Tax Credit, which expired in June. The index showed prices increased 5.0% against the prior year period. The data is old, and we have seen price decline in other metrics (FHFA data & Home Sales) since, and we have also found reason to expect it from other data points.

The Conference Board will report on Consumer Confidence at 10:00 AM ET Tuesday. This September measurement of consumer mood is expected by the consensus of economists to mark 52.0, which would compare against the last reading of 53.5. Confidence is down nearly 10 points since May, and there is little reason to expect significant improvement on Tuesday.

State Street (NYSE: STT) reports on Investor Confidence at 10:00 AM. Investor Confidence fell in August, to 92.1, from 96.5. Stocks have been on the rise since the end of August, and so you can expect a better read here as well.

In DC, the Senate Budget Committee will examine the outlook for the economy and fiscal policy. This should make for an interesting political scuffle, as Republicans forget their sins of the past and point at Democrats as culprits behind recent deficits. There's a tough political debate in progress now, a fundamental struggle between fiscal prudence posturering and economic stimuli storm trooping. Meanwhile, the Senate Judiciary Committee examines ways to restore anti-fraud and anti-corruption laws post the Supreme Court decision regarding Enron's Jeffrey Skilling.

Overseas, North Korean leaders will meet in a rare gathering that some believe might offer insight into the Communist crazies succession plan.

The corporate news wire covers Hewlett-Packard's (NYSE: HPQ) analyst meeting. Barnes & Noble (NYSE: BKS) shareholders meet to vote on whether to give power to a group of directors headed by investor Ron Burkle. Look for EPS reports from Avatech Solutions (Nasdaq: AVSO), Cubic Energy (AMEX: QBC), Landec Corp. (Nasdaq: LNDC), Media Sciences International (Nasdaq: MSII), Misonix (Nasdaq: MSON), ModusLink Global Solutions (Nasdaq: MLNK), Napco Security Systems (Nasdaq: NSSC), Pro-Dex Inc. (Nasdaq: PDEX), Radiant Logistics (Nasdaq: RLGT), Sealy (NYSE: ZZ), SMSC (Nasdaq: SMSC), Sutor Tech Group (Nasdaq: SUTR) and Walgreen (NYSE: WAG).

JMP Securities LLC Healthcare Focus Conference will feature presentations by Atricure (Nasdaq: ATRC), Celgene (Nasdaq: CELG), Halozyme (Nasdaq: HALO), and Pharmerica (NYSE: PMC). The Bank of America Merrill Lynch Power & Gas Leaders Conference brings presentations by American Water Works (NYSE: AWK) and Xcel (NYSE: XEL). The Bank of America (NYSE: BAC) Merrill Lynch Banking & Insurance Conference brings presentation by the Royal Bank of Scotland (NYSE: RBS). The Telsey Advisory Group Consumer Conference brings presentations by International Game Technology (NYSE: IGT) and Jos A. Bank Clothiers (Nasdaq: JOSB). The Davidson & Co. Engineering & Construction Conference brings KBR (NYSE: KBR) to the table.

Wednesday

President Obama will make news Wednesday as he ventures to Iowa and Virginia to discuss jobs and the economy. A House Financial Services panel will convene to discuss the future of housing finance. Philadelphia Federal Reserve Bank President Charles Plosser will address the Greater Vineland Chamber of Commerce in Vineland, New Jersey on the topic of unwinding monetary stimulus.

The Mortgage Bankers Association will publish its Weekly Mortgage Applications Survey in the premarket as usual Wednesday. Last week's report covering the period ended September 17 illustrated the impact of the Labor Day holiday. The Market Composite Index of activity decreased 1.4% on a seasonally adjusted basis but increased 22.9% when unadjusted. Refinance activity decreased 0.9%, while Purchase Activity fell 3.3% on an unadjusted basis. Contracted rates on 30-year and 15-year fixed rate mortgages averaged 4.44% (down from 4.47%) and 3.88% (from 3.96%), respectively. Look for a more normal reading this time around.

In the week ending September 17, the EIA reported crude oil inventory increased by 1.0 million barrels while total motor gasoline inventory increased by 1.6 million barrels. Both crude oil and gasoline stocks stood above the upper limit of the average range for this time of year. Look for new data at 10:30 ET Wednesday.

Agricultural (farm) Prices are due for report for September at 3:00 PM ET. The report includes crop prices and livestock & produce prices, and is watched by economists for signs of inflation and its impact on the cost of living.

Overseas, the Bank of Japan publishes its tankan survey Wednesday.

In corporate news, look for EPS reports from Actuant (NYSE: ATU), American Greetings (NYSE: AM), China Precision Steel (Nasdaq: CPSL), CKE Restaurants (CKE.F), Family Dollar (NYSE: FDO), OMNOVA Solutions (NYSE: OMN), SYNNEX (NYSE: SNX), Worthington Industries (NYSE: WOR) and Xyratex (Nasdaq: XRTX).

FedEx (NYSE: FDX) meets with analysts on Wednesday. The JMP Securities LLC Financial Services and Real Estate Conference brings presentations by Amerisafe (Nasdaq: AMSF), D.R. Horton (NYSE: DHI), MFA Financial (NYSE: MFA) and Validus Holdings (NYSE: VR). The Wells Fargo Securities Consumer Conference (NYSE: WFC) brings presentations by Asbury Automotive (NYSE: ABG), Denny's (Nasdaq: DENN), Jack in the Box (Nasdaq: JACK), and Morton's Restaurant Group (NYSE: MRT). The Bank of America Merrill Lynch Banking & Insurance Conference brings news from BNP Paribus (Paris: BNP.PA) and Credit Suisse (NYSE: CS). The Bank of America Merrill Lynch Power & Gas Leaders Conference brings presentations by Exelon (NYSE: EXC) and Progress Energy (NYSE: PGN). Ford Motor Company (NYSE: F) is at the Paris Auto Show UBS Investor Conference (NYSE: UBS). The Oppenheimer & Co. Industrials Conference brings news from Kraton Performance Polymers (NYSE: KRA) and United Rentals (NYSE: URI).

Thursday

The final adjustment to second quarter GDP will be announced on Thursday at 8:30 AM ET. Economists expect no change to the data point, with growth seen at 1.6%. However, at last review, Q2 GDP was revised down from +2.4%. The GDP Price Index is also seen unchanged at +1.9%. This being the third report of GDP makes the chances of further adjustment less likely, and so what would seem like an important data point takes a back seat to other news.

The Weekly Jobless Claims data is due at its regular 8:30 reporting time. In the week ending September 18, jobless claims increased by 12,000, to 465K. Evidencing the stagnant state of labor, the four-week moving average eased by 3,250 to 463,250. Insured unemployment declined a tenth of a point to 3.5% in the week ending September 11. Economists forecast this week's claims report will measure 459K.

The Chicago Purchasing Managers Index is due for report at 9:45 AM ET. September's Business Barometer Index is seen measuring at 56.0, down from 56.7 at last report.

The EIA will report on Natural Gas Inventory at 10:30 Thursday. In the week ending September 17, natural gas inventory increased by 73 Bcf. Natural gas stocks stood 175 Bcf less than last year at this time and 195 Bcf above the 5-year average.

In corporate news, look for Sanofi-Aventis (NYSE: SNY) to hold a thematic seminar on diabetes and oncology. Dice Holdings (NYSE: DHX), LeCroy Corp. (Nasdaq: LCRY), The Advisory Board (Nasdaq: ABCO), Valassis Communications (NYSE: VCI), and Marsh & McLennan (NYSE: MMC) have investor or analyst days scheduled.

The EPS schedule includes news from Accenture (NYSE: ACN), Aehr Test Systems (Nasdaq: AEHR), AZZ Inc. (NYSE: AZZ), Charles River Associates (Nasdaq: CRAI), Christopher & Banks (NYSE: CBK), DemandTec (Nasdaq: DMAN), Lawson Software (Nasdaq: LWSN), McCormick & Company (NYSE: MKC), MSCI Inc. (Nasdaq: MSCI), Resources Global Professionals (Nasdaq: RECN) and Smart Modular Technologies (Nasdaq: SMOD).

DuPont (NYSE: DD) presents at the Oppenheimer 5th Annual Industrials Conference. O'Charleys Inc. (Nasdaq: CHUX) presents at the Wells Fargo Securities Consumer Conference.

Friday

Motor Vehicle Sales will be reported throughout the day Friday. Economists expect September Domestic Vehicle Sales will measure $8.6 million (annual rate). That would mark an increase from August's $8.3 million rate, which was down from July's $8.7 million.

Personal Income & Outlays will be reported for the month of August at 8:30 AM ET. Economists see personal spending rising 0.4%, which would match July's growth rate. The consensus sees personal income gaining 0.3% in August, a better rate than the 0.2% increase seen in July. The Fed's favored inflation gauge, the Core PCE Price Index is expected to show an increase of 0.1%.

The University of Michigan reports on Consumer Sentiment in conjunction with Reuters at 9:55 AM ET. Bloomberg's survey of economists sees this latest check up of consumer mood showing an improvement to a mark of 67.0, up from 66.6 at last check.

ISM will post its Manufacturing Index at 10:00 AM ET. Economists are looking for a September reading of 54.5, which would be down from 56.3 in August. Manufacturing is still decelerating, and so this particular metric should garner attention Friday.

Construction Spending is due at 10:00 AM as well. The latest data is expected to show a 0.4% drop for August, which would follow July's 1.0% collapse.

New York Federal Reserve Bank President William Dudley addresses the Society of American Business Editors and Writers in New York at 8:30 AM ET. Hey, I never got my invite, but I will be stealing market share away from all the folks attending.

Markets will be closed on Friday in China and Hong Kong, and Saturday marks the start of the Paris Motor Show.

The corporate news schedule highlights auto sales from Ford (NYSE: F), Toyota (NYSE: TM), Honda (NYSE: HMC), General Motors, Daimler (Nasdaq: DDAIF.PK), Nissan (Nasdaq: NSANY) and others. Liberty Media (Nasdaq: LINTA), LiveNation (NYSE: LYV) and Sunstone Hotel Investors (NYSE: SHO) present at investor days.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

New World Order Flavor this Week

Week Ahead

A New World Order flavor seems to overwhelm this latest economic and stock market schedule. Between a secretive meeting of Persian Gulf foreign ministers, Dmitry Medvedev's Global Political Forum and a group of banking officials and supervisors meeting to implement new global rules in Basel, Switzerland, something stinks this week.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

(Tickers: NYSE: DIA, NYSE: SPY, Nasdaq: QQQQ, NYSE: DOG, NYSE: SDS, NYSE: QLD, NYSE: NYX, NYSE: ICE, Nasdaq: NDAQ, NYSE: C, NYSE: JPM, NYSE: BAC, NYSE: WFC, NYSE: MS, NYSE: GS, NYSE: DB, NYSE: STD, NYSE: NBG, NYSE: BCS, NYSE: MCD, NYSE: MAN, NYSE: EMC, NYSE: KFY, NYSE: FRX, NYSE: CO, Nasdaq: GOOG, Nasdaq: DELL, Nasdaq: AAPL, Nasdaq: MSFT, NYSE: HPQ, NYSE: PEP, Nasdaq: AVAV, NYSE: PG, Nasdaq: FSLR, NYSE: MCD, NYSE: YUM, NYSE: CPB, NYSE: NSM, NYSE: SPA, NYSE: BRC, NYSE: NSA, NYSE: FBI, NYSE: CIA)

New World Order

While US and Canadian markets were closed Monday for Labor Day, the North American holiday did not have the world's population laying back with a cold one. However, you might find it chilling that Persian Gulf state foreign and finance ministers got together while we were relaxing. As the Iranian situation unfolds, we have to wonder what back-room discussions and friendly lunches might have offered interested ears in the Gulf... perhaps some new world order speak...

Sometime this week, BP (NYSE: BP) will publish the results of its internal probe into the Deepwater Horizon disaster. You can expect that a well-paid legal team will have read through and weaved the release thoroughly ahead of time though, so don't expect the whole truth and nothing but the truth here (unlike the tone of the company's PR work).

Tuesday

Tuesday offers an easy way into a new week, and we expect that's what you're looking for coming back from holiday. There are no economic reports scheduled for Tuesday. However, President Obama took advantage of the news void to break some of his own. Feeling pressure to support his Democrat comrades and keep the Congress on his side, President Obama will be making a big announcement Tuesday or Wednesday, as the Administration acts in panicked fashion to ease concern about last Friday's jobs data. Hey, I would prefer some lengthy research so that the best stimulus might be found rather than the fastest. Can you imagine how much more good could have been accomplished by the Bush Administration if it had used those early stimulus funds to halt foreclosures rather than to send every American $300?

The early word on Obama's measure is that there will be some sort of business tax incentive to inspire investment. On Saturday he declared his hope to extend $50 billion in the first of a six-year program to fix roads, railways and runways, and modernize the air-traffic control system.

There will be a bunch of important business occurring overseas Tuesday. The Bank of Japan is expected to keep its monetary policy unchanged, but the BOJ already expanded its monetary easing in an emergency meeting last week. Euro area finance ministers should approve the latest issuance of aid to Greece, via an $11.5 billion bit of help this time around. In "New World Order" flavor, banking officials will meet in Basel, Switzerland, to draw up new rules to tighten the reins on banks globally.

Back in the states, SEC Chair Mary Schapiro will address the Economic Club of New York. Also, an FDA advisory committee takes up Cerexa's (of Forest Laboratories (NYSE: FRX)) injectable antibiotic for bacterial pneumonia. A bankruptcy court in Delaware will convene to hear the case of J.P. Morgan's (NYSE: JPM) takeover of Washington Mutual.

In corporate news, Manpower (NYSE: MAN) will publish its quarterly survey of global hiring intentions. Google (Nasdaq: GOOG) CEO Erich Schmidt will address the IFA electronics fair in Berlin. The Citigroup (NYSE: C) Global Technology Conference kicks off, with presentations scheduled from EMC (NYSE: EMC), Analog Devices (NYSE: ADI) and Xerox (NYSE: XRX). Barclay's (NYSE: BCS) Back-to-School Consumer Conference should show off the wears of Pepsico (NYSE: PEP) and Campbell Soup (NYSE: CPB). Keefe, Bruyette & Woods, Inc. Insurance Conference highlights a presentation by Unum (NYSE: UNM). Look for EPS from Chesapeake Midstream Partners (Nasdaq: CHKM), Genus plc (LSE: GNS.L), Phillips-Van Heusen (NYSE: PVH), Pike Electric (Nasdaq: PIKE), Rosetta Genomics (Nasdaq: ROSG), Animal Health International (Nasdaq: AHII), Casey's General Stores (Nasdaq: CASY), Comarco (Nasdaq: CMRO), CREDO Petroleum (Nasdaq: CRED), Delta Natural Gas (Nasdaq: DGAS), DJSP Enterprises (Nasdaq: DJSP), Energy XXI (Nasdaq: EXXI), Flow International (Nasdaq: FLOW), L&L Energy (Nasdaq: LLEN), Linktone (Nasdaq: LTON), Mitcham Industries (Nasdaq: MIND), NCI Building Systems (NYSE: NCS) and Pike Electric (Nasdaq: PIKE).

Wednesday

The International Council of Shopping Centers (ICSC) will report on weekly same-store sales a day later this week, due to the holiday. Last week's data covering the period ended August 28, showed sales increased just 0.1% week-to-week. The yearly comparison showed a gain of 2.8%, which still fits the generally decelerating rate of growth we've seen trending. Redbook concurred, showing a 3.0% increase last week. Wall Street Greek has been calling attention to the easy comparables that sales matched against in the earlier part of the year. Now that sales are being matched against the results of a more normal state of affairs, the message is clear. Americans are terrified to spend money now, if they even have an extra dollar to spend freely.

Mortgage rates dipped to new historic lows since record keeping began in 1990, and so mortgage activity found some traction last week. Contracted rates on 30-year and 15-year mortgages averaged 4.43% (from 4.55%) and 3.88% (3.91%), respectively, in the period ended August 27. Thus, the Mortgage Bankers Association reported weekly mortgage applications gained. The Market Composite Index gained 2.7%, driven by a 2.8% increase in the Refinance Index. However, note that the Purchase Index also rose 1.8% in the period. It would be interesting to see if a rate level really has been reached that might support housing activity in such a weak employment market.

At 10:00 AM, look for the latest Quarterly Services Survey for the second quarter. The Census Bureau's Quarterly Services Survey focuses on information and technology-related service industries, including: information; professional, scientific and technical services; administrative & support services; and waste management and remediation services. The first quarter survey showed a quarterly increase in Information Revenue of 1.1%; the year-to-year change was +2.3%. However, recent months have shown that even technology investment is waning at corporations. It's unclear whether this will be seen yet in the services survey for Q2.

Look for the latest Beige Book at 2 PM. The Fed's latest release should prove interesting to investors looking for a fresh look into Fed insight. Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector. An overall summary of the twelve district reports is prepared by a designated Federal Reserve Bank on a rotating basis.

Look for the latest check of Consumer Credit at 3:00 PM ET. This report covering the month of July is expected by the consensus of surveyed economists to show a contraction of $3.5 billion. That will compare against the contractions of $1.3 billion in June, $5.3 billion in May and $14.9 billion in April.

The Jewish New Year begins at sundown, and many will not work through Thursday and Friday as a result. In corporate news, look for Morgan Stanley's (NYSE: MS) CEO James Gorman to appear before a German bank conference. Nestle (OTC: NSRGY.PK) Chairman Peter Brabeck-Letmathe also addresses an audience Wednesday. The Citigroup Global Technology Conference highlights presentations from Hewlett-Packard (NYSE: HPQ), Dell (Nasdaq: DELL), First Solar (Nasdaq: FSLR) and Altera (Nasdaq: ALTR). The Barclays Back-To-School Consumer Conference highlights presentations by Procter & Gamble (NYSE: PG) and Coca-Cola (NYSE: KO). Danaher (NYSE: DHR) meets with analysts and the EPS schedule includes news from Ciena (Nasdaq: CIEN), Forest City Enterprises (Nasdaq: FCEA), Hi-Tech Pharmacal (Nasdaq: HITK), Jackson Hewitt Tax Service (NYSE: JTX), Shuffle Master (Nasdaq: SHFL), Spartech (NYSE: SEH), AeroVironment (Nasdaq: AVAV), Collectors Universe (Nasdaq: CLCT), Mediware Information Systems (Nasdaq: MEDW), Men's Wearhouse (NYSE: MW), Navistar International (NYSE: NAV), Netsol Technologies (Nasdaq: NTWK), Pep Boys (NYSE: PBY), REX American Resources (NYSE: REX), RG Barry (Nasdaq: DFZ), Rural/Metro (Nasdaq: RURL), Smithfield Foods (NYSE: SFD), Streamline Health Solutions (Nasdaq: STRM), Talbots (NYSE: TLB), Titan Machinery (Nasdaq: TITN), United Natural Foods (Nasdaq: UNFI) and Verint Systems (Nasdaq: VRNT).

Thursday

The latest Weekly Jobless Claims figures showed another decrease in rate to 472K in the period ended August 28, down from 478K the week before. The four-week moving average, at 485,500, reflects the stagnant and ugly state of affairs in labor. You should never rely on this weekly forecast, but economists expect the claims figure to amount to 470K this week.

International Trade data for July is due for release at 8:30 AM ET. We covered June's deficit expansion in detail here. Economists surveyed by Bloomberg expect the deficit to narrow from June's widened divergence of $49.9 billion.

The EIA will report on Petroleum and Natural Gas on the same day this week, due to the holiday. Look for the Natural Gas report first at 10:30. Last week's data covering the period ended August 27 showed natural gas inventory increased by 54 Bcf, to 3,106 Bcf. The level stood 208 Bcf less than last year at this time and 169 Bcf above the 5-year average of 2,937 Bcf. The August 27 period Petroleum Status Report is due for 11:00 AM release. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.4 million barrels from the previous week. At 361.7 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 0.2 million barrels last week, and are above the upper limit of the average range.

The Bank of England (BOE) will make its latest monetary policy decision Thursday, and is expected to keep short-term rates steady. Russian President Dmitry Medvedev holds his global political forum; this should be interesting. We wonder if there might be some more new world order type speak coming from here as well.

The corporate wire highlights McDonald's (NYSE: MCD) August sales results release and an update from Texas Instruments (NYSE: TXN). Australian regulators will decide on National Australia Bank's $12 billion bid for Axa Asia Pacific. The UBS – Best of Americas Conference highlights a report from Yum! Brands (NYSE: YUM). Emerson Electric (NYSE: EMR) holds a conference call to discuss its Chloride Group Acquisition. Reporting EPS, look for National Semiconductor (NYSE: NSM), C&D Technologies (NYSE: CHP), Korn Ferry International (NYSE: KFY), Ocean Power Technologies (Nasdaq: OPTT), Oxygen Biotherapeutics (Nasdaq: OXBT), Smith & Wesson (Nasdaq: SWHC), Hooker Furniture (Nasdaq: HOFT), Investors Real Estate (Nasdaq: IRET), Myrexis (Nasdaq: MYRX), Peregrine Pharmaceuticals (Nasdaq: PPHM), Piedmont Natural Gas (NYSE: PNY), Shanda Games (Nasdaq: GAME), Shanda Interactive Entertainment (Nasdaq: SNDA), Sparton (NYSE: SPA), Stewart Enterprises (Nasdaq: STEI), The Descartes Systems Group (Nasdaq: DSGX) and Ulticom (Nasdaq: ULCM).

Friday

President Obama will hold a news conference on the economy. This seems to be a regular event these days.

Wholesale Trade data is due for the month of July at 10:00 AM. Inventories are expected to have increased by 0.4%, according to Barron's.

The Bank of Japan will release the meeting minutes from its August 9-10 meeting; considering a heightening level of panic in Japan, this could make for good weekend reading for interested players.

The UBS Best of America's Conference highlights the presentation of C.H. Robinson Worldwide (Nasdaq: CHRW). Deutsche Bank (NYSE: DB) holds its European Technology, Media and Telecommunications Conference, which highlights the presentation of SAP AG (NYSE: SAP) Friday. Also catch ABB's (NYSE: ABB) meeting with investors. Look for EPS from Brady Corp. (NYSE: BRC), China Cord Blood (NYSE: CO), Aceto (Nasdaq: ACET), AEP Industries (Nasdaq: AEPI), Duckwall-ALCO (Nasdaq: DUCK), lululemon (Nasdaq: LULU) and US Global Investors (Nasdaq: GROW).

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