The Greek's Week Ahead - Nov 27

Welcome back! Hope your Thanksgiving turkey was delicious and your company pleasant. Cyber Monday brought a bit of indigestion with a sharp decline in the Dow. However, retail sales for Black Friday showed strong year over year growth. Still, Wal-Mart estimated relatively weak same-store sales expectations for the current quarter compared to its historic results. Monday's market mayhem was blamed on concerns for a weakening dollar, as gold climbed higher. The drop probably had something to do with the expansion of chaos in Iraq, and Iran's sudden interest in helping to reshape the nation.

The week ahead brings several interesting bits of economic data. On Monday, most of the activity was overseas, as Americans trickled back into their offices post the holiday. Bank of Japan Governor Fukui spoke at Osaka University and the OECD issued its economic survey of Russia.

Tuesday, important economic data takes the limelight. The consumer confidence index is expected to rise to 108 in November. Also, closely watched for signs of a spiraling housing crisis, existing-home sales are expected to decline to 6.15 million from 6.18 million in September, according to a Bloomberg News survey. October durable goods sales are slated for release at 8:30 AM, with the consensus expecting a decline of 5% from a rise of 8.3% in September.

On the Fed tour, Chairman Ben Bernanke speaks Tuesday at an event sponsored by the National Italian American Foundation. Philly Fed President Charles Plosser will discuss his view of the economic outlook, in Rochester, N.Y. Chicago Fed Head Michael Moskow will speak at a Dow Jones Index event and former Fed Chairman Alan Greenspan addresses an investor conference in New York. Also, Treasury Secretary Henry Paulson will speak to the Confederation of British Industries conference.

Overseas, President Bush will attend the NATO summit in Riga, Latvia. Also, the OECD will present its economic outlook in Paris.

Anheuser-Busch will host a regional investor presentation, while Dress Barn Inc., Chico's Inc., and Semtech Corp. report earnings Tuesday.

Wednesday welcomes the revised GDP number for the third quarter, with a consensus expectation for a 1.8% rise versus a 1.6% increase in the second quarter. Also, the Fed's Beige Book will be released, highlighting regional economic activity.

More housing data Wednesday could feed further market concern, with October new home sales scheduled for 10 AM release. Bloomberg's survey shows consensus expectations at 1.05 million, versus 1.08 million in September. Mortgage application data released last week seems to point toward a greater decrease in home sales overall.

New York Fed President Timothy Geithner will contribute to an AICPA panel on financial stability and counterparty risk management.

Marathon Oil and EOG Resources will meet with analysts Wednesday, while Tiffany & Company, Aeropostale, and Synopsys report earnings.

Consumer health will once again come into focus Thursday when personal income and spending results are posted. Citigroup expects that an increase in wages and disbursements helped personal income and personal spending to rise 0.5% and 0.2%, respectively, in October. The November Chicago Purchasing Managers Index is expected to have been impacted by auto sales, but Bloomberg's consensus indicates it could rise to 54.0 from 53.5 in October.

The New York Society of Security Analysts meets for its alternative energy conference Thursday. Brinker International splits 3 for 2 at the close, while Lucent's merger with Alcatel is expected to close. Reporting earnings are Brown Forman Corp., Smithfield Foods Inc., HJ Heinz Co., Kellwood Co., Cheesecake Factory, H&R Block and Mcdata Corp.

Friday brings the Institute of Supply Management's November Index. Consensus sees the ISM at 51.8 versus 51.2 in October. Vehicle sales will also be released Friday, and October construction spending, which is seen by consensus falling 0.4% versus a 0.3% decline in September, will be announced.

Fed Chairman Ben Bernanke will open the International Research Forum on Monetary Policy in Washington Friday. Importantly, overseas, Mexico's presidential inauguration Friday and Venezuela's presidential election Sunday are likely to grab some spotlight, as anti-American sentiment seems to be driving political change in Latin America. We hope you find our weekly article useful to your preparation process, and look forward to publishing again Sunday evening. (disclosure)