History Remembers Kings Not Soldiers

By The Greek:

The old adage goes, history remembers kings, not soldiers. Well, on one particular week in August, history will always remember a King and a soldier.

This past week will forever be remembered for its historical significance. On the same day of Martin Luther King's "I Have a Dream" speech of 25 years ago, Barack Obama became the first American of African descent to accept a major party nomination for the office of President of the United States of America. Then, on the following day, John McCain, a soldier, made Alaska Governor Sarah Palin the first female Republican nominee for Vice President in history.

(Article interests NYSE: SNP, NYSE: DHT, NYSE: DCI, NYSE: HOV, NYSE: TOL, NYSE: NSM, NYSE: NYX, Nasdaq: TTWO, Nasdaq: SCMR, Nasdaq: JOYG, Nasdaq: QQQQ, AMEX: DIA, AMEX: DOG, AMEX: SDS, AMEX: SPY, AMEX: QLD.)

To Be Swiftly Forgotten

What will be forgotten is the week's heavy flow of positive economic data that stood in stark contrast to most economists' economic outlook. Two key housing reports turned the spigot on the week's positive data flow. While not offering any sign of improvement, deterioration was also absent from the new and existing home sales data. That lack of deteriorating data was enough to allow the market to exhale, and as the week progressed, the economic data only grew stronger.

Durable Goods Orders increased 1.3% in July, against expectations for just 0.1%. This marked only the second month this year in which orders increased, the first being June. Then on Thursday, the best news of all arrived, as interpreted by the stock market's favorable reaction. Second Quarter GDP (Preliminary Report) was noted at a solid 3.3%, exceeding expectations for 2.7% and above its advance report of 1.9%.

Even the financial crises of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) seemed to settle a bit, as both companies were able to raise capital last week. FNM rose 37%, and FRE soared 60.5%, but both declined sharply on Friday. We still wouldn't recommend buying either of them actually. Friday illustrated the market's concern, which is that over any given weekend your good old government might decide to take the firms private, leaving shareholders left with nothing. I believe this is more likely than not at this point, so I would leave the shares alone.

The good news didn't end there either. On Friday, the Reuters/University of Michigan Consumer Sentiment Index was reported at its highest point in five months. Sentiment measured 63.0, up from July's 61.2 and ahead of the expected 62.0. Personal Spending came in as was forecast, at +0.2%, but income declined more than expected, falling 0.7%.

Why We Still Worry

Despite all the good news, there remains plenty of reason for concern. For instance, income levels decreased partly due to the end of fiscal stimulus distribution and partly because of decreased worker hours at companies across the country. That's not a good thing. Also, GDP benefited because of the widening difference between the change in exports and imports. Imports, for that matter, are not growing like they had in the past thanks to the weak dollar and decreased overall spending here at home. Consumers are strapped for cash, and you don't need me to tell you that anymore. Meanwhile, exports continued to do well overseas, since suffering consumers in Europe are flocking to cheaper American goods. However, that demand looks to wane as well, since Europe and Japan appear to be entering recession, and even Indian and Chinese growth is slowing.

Despite the still solid GDP data, economists see tough times ahead here at home, as gas remains relatively high, unemployment continues to rise and fiscal stimulus funds are exhausted. The government might consider a second round of aid shortly though, especially because of the election year driver pushing each political party to do the most they can to help Americans.

The Week Ahead

Next week is abbreviated, thanks to the Labor Day holiday. Investors will return to face more stress than just that brought on by their return to school schedule. The week contains all the important monthly employment reports, and these are not likely to present the positive surprises we saw in this past week's data. On top of that, we expect to hear economic concerns voiced by the ECB on Thursday, which will likely worry the market more about global economic decline. India already reported softer than expected Q2 GDP data last week. You'll also want to look for Chain Store Sales data on Thursday.

The earnings schedule is light, but includes: Monday – China Petroleum and Chemical (NYSE: SNP); Tuesday – DHT Maritime (NYSE: DHT), Donaldson (NYSE: DCI); Wednesday – Hovnanian Enterprises (NYSE: HOV), Joy Global (Nasdaq: JOYG); Thursday – Take-Two Interactive (Nasdaq: TTWO), Toll Brothers (NYSE: TOL); Friday – National Semiconductor (NYSE: NSM) and Sycamore Networks (Nasdaq: SCMR).


Remember, we invite you to comment to each and every article, and we hope you will visit the site and find the "Discuss Topic" link below the article. Please see our disclosure at the Wall Street Greek website.

Sarah Palin, John McCain's Choice for VP

John McCain chose Sarah Palin to be his Vice Presidential running mate. "America's Hottest Governor," God bless em! Jest we may, but clearly she's much more than just a pretty face, and her accomplishments speak to that.

While this will certainly raise concerns about the strain on John's old and wise heart, along with all his potential presidential responsibilities, we're more concerned with how you feel about this decision.

I think Obama chose the perfect complementary VP running mate in Biden, and it appears McCain has done the same by choosing Palin. Let's use this opportunity to discuss the decision, and to compare the two tickets, now that they are complete.



Topic of Debate Archive

Article interests (AMEX: DIA, SPY, SDS, DOG, QLD), (Nasdaq: QQQQ, AAPL, YHOO, MSFT, AMZN, GOOG, INTC, DELL, SIRI, COST), (NYSE: NYX, WMT, HD, TGT, TOL, LMT, ATK, COL, NOC).

Dell News (Nasdaq: DELL) Ahead of EPS

By The Greek:

Dell (Nasdaq: DELL) reports its earnings news tonight. Often times here at "The Greek," we discuss the art of investing. Well, today I came across a good example of a possible point of interest, where the "art" of investing could prove as important to profit creation as the "science" of it.

Article interests (AMEX: DIA, SPY, SDS, DOG, QLD), (Nasdaq: AAPL, DELL, HPQ, QQQQ), (NYSE: NYX)

Running around the office here on the Upper East, we caught an interesting analyst interview on Bloomberg radio. Unfortunately, I did not catch the analyst's name or firm name (feel free to update me with that). However, we found the content of his discussion interesting and enlightening, and more importantly actionable.

Now, I must qualify my statement here, by noting that I have not been following the Dell story for a good year now. So, I was unaware of some of the important notes the analyst made. I should also note that the analyst has a buy rating on DELL, and so he has reason to hope for the shares to rise today and tomorrow. But, it's also within this reasoning that we find our own reason to pay attention.

The Art of Investing

Having been an analyst, but more importantly, having witnessed the tendencies of the average analyst (actually the majority), I can make observations regarding analyst actions. For an analyst to come out and take part in a highly public interview just hours ahead of a company's earnings report is not a common event. It's usually in the hours before these make-or-break moments that analysts pull out the bottle of Jack hidden in their bottom drawer (not really), or otherwise keep their head low and hope the Director of Research forgets about their position or the report itself. Of course, if the news fits his outlook, he would be in that same Director's office within minutes to let him know of the favorable result, OR hiding in a bathroom stall until the Director leaves for home otherwise.

Now, there would be a couple instances when an analyst might otherwise take the interview. First, he could be a proven success who can bear a hit or two, and cherishes the publicity. Secondly, he could be possessed by blind bravado or otherwise naive. Thirdly, he might not receive calls for interviews often, and it being two days before the Labor Day holiday, all the other analysts at major firms may already be stationed at their satellite offices in the Hamptons, making him the only guy available for Bloomberg to call. Also, if there ever was a time to take a chance, it would be two days ahead of the long weekend in late August (around lunchtime mind you), when hardly anybody is paying attention, especially to a radio interview that is not archived and hard to track down after the few minutes of its occurrence.

"In life, the guys who play it safe, keep their jobs and collect a pension some day, but the guys who take chances, they create things and they make a difference."

The Other Scenario - Guts and Conviction

During my time at Mickey Mouse Inc., I was well-known for making gutsy calls and making them right. Oh, over the seven years of taking chances, I was wrong once or twice (actually three times, and I can cite each of them for you). I made gutsy calls because I had confidence in the due diligence I had put into each of my recommendations. And, I just plain had guts, something a lot guys could use a bit of. In life, the guys who play it safe keep their jobs and collect a pension, but the guys who take chances, they create things and they make a difference. I view life as a one-time opportunity, and I've never been one to play it safe.

The other scenario here is that this analyst really believes in DELL. He noted that his call has already proven successful (having initiated it some 5 points ago), and a lot of times this is just the reinforcement a man needs to speak his mind. But, the context of his interview also spoke for DELL, and my mind is an analytical one. What I mean is, I'm not easy to convince.

I often interviewed CEOs who were certain I was going to start their stock with a sell recommendation, only to see I recommended the shares upon initiation. You have to play devil's advocate as an analyst, and that left a lot of CEOs sweating. Not really, because I was always some young kid to them who they were sure knew very little; they never sweat a drop unless the interview was over the phone.

Anyway, I suspect this analyst really believed in DELL, and a lot. He pointed out a catalyst that the market is already aware of with DELL, margin expansion. He noted some $70 the company is saving on one product by restructuring its supply chain and process, and the much more significant improvement to gross margin on that product. He noted that Dell was in process of doing this across the company, and that the shares' improvement from their nascent bottom probably did not reflect that change yet.

Now, at this point, I would study the numbers a bit, and I would never buy the stock until after I had done that. I've found that my own judgment is usually much more important to the success of my decisions than that of any other analyst. But, given that we're close to market close, I'll leave that to you. The shares are down 1.8% today, after a rise yesterday. Whether you buy into the DELL story depends on your own conviction. But, at least pay attention to the economics detailed in the report, and if the financials are seriously benefiting and economic value is being created, then, also after making sure that there would not be a major impact to product reliability from the restructuring of process, then consider DELL. I'll take a closer look after the report, and let you know how I feel about the shares over the longer-term.


Please see our disclosure at the Wall Street Greek website.

Dispelling Kuwaiti Alert Rumor

By Yal - Middle Eastern Affairs:
(Contributed to by Daniel P.)

Article interests (AMEX: GAF, DIA, SPY, DOG, SDS, QLD), (Nasdaq: ISRQ, ISRX, GULF, QQQQ, AMDEX, AMDAX, XISLX, AMDCX, TRAMX, TRIAX), (NYSE: NYX, LMT, COL, NOC, ATK, GD)

Reports have been circulating since early August that Kuwait is at a heightened level of alert. Some even went as far as saying "NUCLEAR ARMADA ON ITS WAY TO IRAN." Sources cited that the USS Theodore Roosevelt was already on its way to the Gulf and that the USS Ronald Reagan and its Carrier Strike Group Seven - the USS Iwo Jima as well as French and British ships were reportedly following close behind.

The Iranian press picked up the story and repeated it all over again and again - from there it was copied to many websites around the world.

What caused those reports on a pending attack is unknown. We wonder if there was a connection to massive oil futures contracts that were unwinding at the time.

The Truth
The USS Theodore Roosevelt is still at Norfolk until Sep 8th. Our sources indicate that there is no unusual activity anywhere in the Gulf and that the only activity in Kuwait is related to its preparation for Ramadan, which starts next month. Folks, it is Ramadan - Nobody would attack Iran during Ramadan, when religious feelings are at their peak. Any attack on a Muslim nation during this time may undermine stability throughout the regimens of the ME. Ramadan runs from September 1st through the 30th, with Id el-Fiter in early October.

Daniel Adds - (Daniel is slated to pick up global affairs coverage for "The Greek" shortly)
Other sources indicate the U.S. has two Air Carrier Groups and one Marine Expeditionary Group (read 3 aircraft carriers) in the Indian Ocean. The two Air Carrier Groups would comprise some 40 ships and 6 submarines, more or less. The Marine Group comprises about 12 ships. It is a sizable contingent even without the assets currently in the Gulf region itself.

Yal Notes Anecdotal Hints...
The only counter indication to our argument is that Israel's Minister of Defense, Ehud Barak, has put his Tel-Aviv penthouse up for sale (listed at $17M in case you are interested) - does he think that property values in Tel-Aviv are about to go down? They might for various reasons that have nothing to do with any security situation...





Please see our disclosure at the Wall Street Greek website and Yal's at his bio page on our site.

Investing Like a Marine

By Ryan Delany - Personal Finance & Investing:

When times are the worst is when investors need to be at their best. We're in a bear market, and these are stressful times for stock market investors. However, for those who keep their composure, this market presents some excellent opportunities.

Article interests (AMEX: DIA, SPY, SDS, DOG, QLD), (NYSE: LMT, GD, HON, NOC, COL, GR, ATK, ERJ, DRS, SPR, CGT, CW, TDY), (Nasdaq: QQQQ, ESLT, BEAV, SWHC, KAMN)

For marines, discipline is a sacred word. During boot camp, Drill Instructors work like dogs to instill discipline into teenagers -- a monumental task. Throughout boot camp the new recruits are intentionally stressed, and through this stress their discipline is tempered. When recruits finally graduate into marines, their discipline is their pride.

Marines need discipline because during combat, we cannot let our emotions take control. Specifically, fear will try to take control when bullets are flying and bombs are exploding. Losing control during combat gets marines killed.

At my blog, Semper Finance, I advise Marines and servicemen to use the skills they learned in the military to become successful investors -- and discipline is one of their greatest assets. Civilian investors don't need to go to boot camp to understand discipline, they just need to understand their fears.

The investor's biggest enemy is not a bear market, it is his own fear. There is risk to investing in the stock market, and you may even lose money, but investors should know that from the get-go. An investor who can stay disciplined will make money. In "The Intelligent Investor," the venerable Ben Graham writes, "the investor's chief problem--and even his worst enemy--is likely to be himself... We have seen much more money made and kept (emphasis his) by 'ordinary people' who were temperamentally well-suited for the investment process, than by those who lacked this quality, even though they had an extensive knowledge of finance, accounting, and stock market lore." Take a lesson from Ben Graham; he may not have been a marine, but he wrote the book on discipline.

Discipline Served Me Well

The discipline I learned in boot camp and training served me well during stressful times. I was in an anti-terrorism unit when I was in the Corps, and shortly after 9/11 we were sent to Afghanistan. Our mission was to defend the US Embassy and the civilian personnel in Kabul. One night, when the embassy was attacked, I was able to see the juxtaposition between marine and civilian very clearly. I remember seeing the civilians running panicked towards the shelters, and the marines running calmly in the opposite direction, to meet the threat.

"We accepted that there was risk, looked for opportunity, and exploited it to our advantage."

Since marines keep their composure in stressful situations like the embassy attack, we were able to successfully assess and defeat the threat. We accepted that there was risk, looked for opportunity, and exploited it to our advantage. If the marines had run away with the civilians, we all could have been killed.

Keep Your Composure - Invest Like a Marine

There will always be scary news in the stock market, and doomsayers will always be advising investors to run for shelters like precious metals or government bonds. However, the calm and composed investor will not panic and hide, he will seek opportunity and overcome.

Please see our disclosure at the Wall Street Greek website, and Ryan's individual disclosure at his bio page.

This Week: Financial Crises Outnumber Hurricanes

By "The Greek"

The National Financial Crisis Center (read Fed) forecasts a record number of named crises this year. This in, just as Storm Fannie Freddie (NYSE: FNM, FRE) prepares to make landfall.

Article interests Democrats, Republicans, Independents and (AMEX: DIA, SPY, SDS, DOG, QLD), (NYSE: NYX, CHS), (Nasdaq: QQQQ, DELL).

Hurricane Fannie-Freddie is on tap to shake things up this week. Hope those levees hold, but fear not, as Fannie-Freddie has been deemed too big to fail. Only the equity holders, who thought "government sponsored" meant their money was safe, stand to be flooded out. Meanwhile, forming in the Atlantic, off the coast of North Africa, Tropical Depression Lehman Brothers (NYSE: LEH).

After unsettling inflation figures in the PPI data last week, the Fed Chief still managed to quell market concern with simple words stating that the contrary was more likely. On that inspirational statement, the market managed a week saving rally on Friday, if you could call it a rally.

This Week

The economic slate is a busy one this time around, with reports covering the entire spectrum of possibility. However, it's also the week of the Democratic National Convention, so expect politics and Democratic Party policy to outweigh all other news. It will be interesting indeed to watch how the market reacts to the new Democratic persona of change, versus the Democratic stigma of tax hike and capital gains rate increase.

Monday

The DNC kicked off in Denver, Colorado, with Michelle Obama's uplifting speech on Monday night. The lone economic report due for the day was the Existing Home Sales Report offered up by the National Association of Realtors. The 10:00 AM reporting for the month of July was seen by Bloomberg's consensus of economists running at an annual pace of 4.94 million. The actual result of 5.0 million was a nice, modest surprise. This compared against June's rate of 4.85 million, and offers perhaps further confirmation that the bottom for housing is here or at least near.

Earnings Announcements for Monday, August 25 Company Symbol Time A-Power Energy Generation Systems, Ltd. APWR Before Market Open ADVANCED SEMICONDUCTOR MANUFACTURING CORP 3355.HK 12:00 am ET AIR NEW ZEALAND AIR.NZ 5:15 pm ET AMADEUS ENERGY LTD ADUEF.PK 12:00 am ET ANHUI TONGDU COPPER CO LTD AHUIF.PK Time Not Supplied AUSTAL LIMITED ASB.AX After Market Close AUSTEREO GROUP AEO.AX Time Not Supplied AV TECH CORPORATION AVTHF.PK Time Not Supplied AVICHINA INDUSTRY & TECHNOLOGY 2357.HK Time Not Supplied BEIQI FOTON MOTOR CO. LTD. 600166.SS Time Not Supplied BIO TREAT TECHNOLOGY LIMITED BOTRF.PK After Market Close BIOTA HOLDINGS BTAHY.PK Time Not Supplied CHALLENGER FINL SERVICES GROUP CGF.AX Time Not Supplied CHARTER HALL GROUP CTOUF.PK 03:00 am ET CHENGDE XINXIN VANADIUM 600357.SS Time Not Supplied CHICONY ELECTRONICS CO LTD CCNYF.PK 03:00 am ET CHINA CONSTRUCTION BANK CICHF.PK Time Not Supplied China Netcom Group Corp. CN Time Not Supplied CHINA RESOURCES LOGIC 1193.HK Time Not Supplied China Unicom Limited 600050.SS Time Not Supplied CHONGQING TAIJI IND 600129.SS Time Not Supplied COSCO PACIFIC 1199.HK Time Not Supplied CPI Corporation CPY After Market Close DATONG COAL INDUSTRY CO DTNGF.PK After Market Close DIN BOSTAD SVERIGE AB DIN.ST Time Not Supplied ETRON TECHNOLOGY INC 5351.TWO After Market Close Formula Systems FORTY Time Not Supplied GALILEO JAPAN TRUST GLLOF.PK After Market Close GAMANIA DIGITAL ENTERTAINMENT CO 6180.TWO After Market Close GANSU JIU STEEL GP HONGXING IRON&ST 600307.SS Time Not Supplied GIANT MANUFACTURING CO 9921.TW Time Not Supplied Gilat Satellite Networks Ltd GILT Time Not Supplied GOODMAN FIELDER LTD GFF.AX Time Not Supplied GUANGDONG GOLDEN DRAGON DEVELOPMENT 000712.SZ Time Not Supplied GUANGZHOU DONGFANG HOTEL 000524.SZ Time Not Supplied GUANGZHOU DONGHUA ENTERPRISE CO 600393.SS Time Not Supplied GUIZHOU YIBAI PHARMACEUTICAL CO 600594.SS Before Market Open HAITIAN INTERNATIONAL HOLDINGS LTD 1882.HK Time Not Supplied HUAFA INDUSTRIAL SHARE CO 600325.SS Time Not Supplied IBA HEALTH LTD IBA.AX Time Not Supplied INFORTREND TECHNOLOGY INC 2495.TW After Market Close ING OFFICE FUND IOF.AX Time Not Supplied JIANGSU EXPRESSWAY CO LTD JEXYF.PK Time Not Supplied JIANGSU GAOCHUN CERAMICS CO 600562.SS Time Not Supplied JIANGXI GANNENG CO 000899.SZ Time Not Supplied JILIN FOREST INDUSTRY CO 600189.SS Time Not Supplied Jinpan JST Time Not Supplied KINGBOARD LAMINATES HOLDINGS LTD 1888.HK Time Not Supplied LINGYUN INDUSTRIAL CORPORATION 600480.SS Time Not Supplied LONGJIAN ROAD & BRIDGE CO. LTD 600853.SS Time Not Supplied MEDICAL DEVELOPMENT INTL MVP.AX Time Not Supplied MOSEL VITELIC INC 2342.TW After Market Close NAN YA PRINTED CIRCUIT BOARD CORP 8046.TW Time Not Supplied NANJING CENTRAL EMPORIUM CO 600280.SS Time Not Supplied NKT Holding A/S NKT.CO Time Not Supplied PIHSIANG MACHINERY MFG CO 1729.TW After Market Close Plazacorp Retail Properties Ltd PLZ.V Time Not Supplied QINGDAO HAIER CO 600690.SS Time Not Supplied RAMSAY HEALTH CARE LTD RHC RHC.AX Time Not Supplied REGAL REAL ESTATE INV TR 1881.HK After Market Close RESVERLOGIX CORP RVX.TO Time Not Supplied RIDLEY CORPORATION LTD RIC.AX After Market Close ROC OIL COMPANY LIMITED ROC.AX Time Not Supplied SHAANXI BROADCAST & TV NETWORK 600831.SS Time Not Supplied SHANGDONG GOLD MINING CO LTD SGOLF.PK Time Not Supplied Shanghai Municipal Raw Water Co Ltd SIRWF.PK Before Market Open SHANGHAI SANMAO TEXTILE ENTERPRISE 900922.SS Before Market Open SHANGHAI XINHUA MEDIA CO. LTD. 600825.SS Before Market Open SHENZHEN KINGDOM SCI-TECH CO. LTD. 600446.SS Time Not Supplied SILEX SYSTEMS LIMITED SLX.AX After Market Close SKYCITY Entertainment Group Ltd SKC.NZ Time Not Supplied SMS MANAGEMENT & TECHNOLOGY LIMITED SMX.AX 12:00 am ET SOYEA TECHNOLOGY 000909.SZ Before Market Open SPOTLESS GROUP LIMITED SPT.AX Time Not Supplied SUNCORP METWAY LIMITED SUN.AX 8:30 pm ET Surgutneftegas JSUGF.PK Time Not Supplied TAVEX ALGODONERA SA TVXAF.PK Time Not Supplied TRANSFIELD SERVICES LIMITED TSE.AX After Market Close TXC CORPN 3042.TW After Market Close WIDE BAY AUSTRALIA LTD WBB.AX After Market Close XIANDAI INVEST CO 000900.SZ Time Not Supplied XINJIANG HOPS 600090.SS Before Market Open XUZHOU VV FOOD BEVERAGE CO 600300.SS Before Market Open Yanzhou Coal Mining Company Limited YZC Time Not Supplied

Tuesday

Tuesday's DNC speaker will be Senator Hillary Clinton. We're not going to get wrapped up in the semantics of political infighting, at least not in this article, but there's plenty of debate on how Hillary really feels about being left off the ticket, despite her very team-oriented outward expressions.

More real estate market data is due on Tuesday, including S&P/Case Shiller's Home-Price Index. As of May, prices had fallen 15.8% year-to-year, and there is little reason to believe prices did not decline a little more in June, since foreclosures make up a sizable portion of sales. Also, I believe existing home owners are finally capitulating on price in instances where a sale is necessary. In other words, initially, as home builders saw the need to cut prices, I believe existing owners were tied to the figures they knew of the recent past, and fixated to the prices their neighbors got; this played a role in their price setting and acceptance behavior. At this point, I believe they have accepted reality.

July New Home Sales are due at 10:00, with the consensus expecting annual sales to have run at a pace of 525K. That will compare against a measure of 530K in June. The Conference Board's Consumer Confidence measure is due at 10:00 also. Bloomberg's consensus sees a weak reading of 53.0 this time around, versus a weaker 51.9 last time out. The improvement probably has as much to do with the drastic point of last measure, as it does to improved oil and gasoline prices and a stronger dollar.

The regular ICSC-UBS Same-Store Sales Report checks in at the height of "back to school" season, so we are looking for week-to-week improvement matched against year-over-year softing growth. Last week, the ICSC report showed a 0.1% week-to-week increase and 2.4% year-over-year rise. That yearly rise represented a pullback from recently stronger growth; government money is running dry.

At 2:00 PM, look for the Federal Reserve's release of its August 5th meeting minutes. As seen on Friday, following the speech by Ben Bernanke in Jackson Hole, the market is currently very sensitive to inflation speak and the Fed's take on it. If we could sit the market down and have an interview with it, I expect it would express its feelings this way. It would say, "well, I would like to see the Fed wait a while yet before starting to raise interest rates. At the same time, I hope data is not as dramatically bearish as last week's PPI report." The housing market needs inflation expectations to ease, so that long-term rates might back up a bit and allow some support for borrowers.

Industry conference activity picks up each quarter post earnings season, and thus offers analysts a chance to see sunlight and breath a bit of fresh air. Morgan Stanley's (NYSE: MS) Semiconductor Conference starts on Tuesday in Chicago. The earnings schedule follows below.

Earnings Announcements for Tuesday, August 26 Company Symbol Time ACHENG RELAY 000922.SZ Time Not Supplied ACOTEL GROUP S.P.A ACO.MI Time Not Supplied Aggreko plc AGK.L Before Market Open AIR CHINA LTD AICAF.PK Time Not Supplied American Eagle Outfitters Inc AEO Before Market Open ANHUI HELI CO LTD AHUHF.PK Time Not Supplied ANHUI HUAMAO TEXTILE CO 000850.SZ Time Not Supplied APA GROUP APA.AX Time Not Supplied APEX BIOTECHNOLOGY CORP 1733.TW After Market Close Applied Signal Technology APSG After Market Close Axon Group plc AXO.L Before Market Open BABCOCK & BROWN INFRASTRUCTURE BBI.AX Time Not Supplied Banca Popolare di Milano PMI.MI Time Not Supplied BANK OF COMMUNICATIONS CO. LTD 3328.HK Time Not Supplied Bank Of Montreal BMO Time Not Supplied Bank of Nova Scotia BNS Time Not Supplied BANQUE CANTONALE DU VALAIS BNQEF.PK Time Not Supplied BAOJI DEPARTMENT STORE 000796.SZ Time Not Supplied BATM Advanced Communications BVC.L Time Not Supplied BECTON PROPERTY GROUP LTD BEC.AX Time Not Supplied BEIJING DHC DIGITAL TECHNOLOGY CO 002065.SZ Time Not Supplied BEIJING HUAYE REALESTATE CO. LTD 600240.SS Time Not Supplied BEIJING ZHONGCHUANG TELECOM TEST CO 600485.SS Time Not Supplied BENDIGO MINING LTD BDG.AX Time Not Supplied Big Lots, Inc. BIG Before Market Open BOART LONGYEAR LIMITED BLY.AX Time Not Supplied Bonifiche Ferraresi S.p.A BF.MI Time Not Supplied Borders Group Inc. BGP After Market Close Bovis Homes Group PLC BVS.L Before Market Open Cairn Energy plc CNE.L Time Not Supplied CATHAY FINL HLDG LTD 2882.TW Time Not Supplied CBH RESOURCES LIMITED CBH.AX Time Not Supplied CELEBRITIES REAL ESTATE DEVELOPMENT 000667.SZ Time Not Supplied Chico's FAS, Inc. CHS Before Market Open CHINA COSCO HLDGS CO LTD CICOF.PK After Market Close CHINA DONGFANGHONG SPACESAT COLTD 600118.SS Time Not Supplied CHINA LIFE INSURANCE CO LTD LFC Time Not Supplied CHINA MINSHENG BK CORP LT 600016.SS Time Not Supplied CHINA YURUN FOOD GRP LTD 1068.HK Time Not Supplied CHONGQING DONGYUAN STEEL CO 000656.SZ After Market Close CITIC OFFSHORE HELICOPTER CO CTCOF.PK After Market Close COFCO PROPERTY (GROUP) CO LTD 000031.SZ After Market Close Corinthian Colleges COCO Before Market Open CRH plc CRH Time Not Supplied Daktronics DAKT Before Market Open DAYE SPECIAL STEEL CO 000708.SZ Time Not Supplied DFDS A/S DFDS.CO 07:00 am ET Dmatek Ltd DTK.L Before Market Open DONG E E JIAO CO LTD SHANGDONG DEEJF.PK Time Not Supplied Dycom Industries DY After Market Close EM.Sport Media AG ETV.F Time Not Supplied ENERGY DEVELOPMENTS LTD ENE ENE.AX Time Not Supplied FENG TAY ENTERPRISE 9910.TW Time Not Supplied FENGHUA ADVANCE TECHNOLOGY HLDG 000636.SZ After Market Close FLIGHT CENTRE LIMITED FLT.AX Time Not Supplied FORNIX BIOSCIENCES NV FORBI.AS Time Not Supplied FOSTER'S GROUP FGL.AX Time Not Supplied FUJIAN CEMENT CO. LID 600802.SS Time Not Supplied GANSU QILIANSHAN CO LTD GASUF.PK Time Not Supplied GEODYNAMICS LIMITED GDYMF.PK Time Not Supplied GT SOLAR INTERNATIONAL INC SOLR After Market Close GUANGDONG KANGMEI PHARMACEUTICAL 600518.SS Time Not Supplied GUANGDONG XINHUI MEDIA NYLON CO 000782.SZ Time Not Supplied GUANGZHOU DEVELOPMENT INDUSTRY GZDVF.PK Time Not Supplied GUANGZHOU FRIENDSHIP CO LTD GZHFF.PK Time Not Supplied GUOMAI TECHNOLOGIES INC. 002093.SZ Time Not Supplied Hain Celestial Group HAIN Time Not Supplied HARBIN DONGAN AUTO ENGINE CO LTD 600178.SS Time Not Supplied HUNAN ZHENGHONG SCI & TECH DEV CO. 000702.SZ Time Not Supplied INNER MONGOLIA BAOTOU STEEL RARE-EA 600111.SS Time Not Supplied J. Crew Group, Inc. JCG After Market Close JIANGSU HENGTONG PHOTOELECTRIC STOC 600487.SS Time Not Supplied JIANGSU HOLLY CORP 600128.SS Time Not Supplied JIANGSU SANFANGXIANG INDUSTRY CO 600370.SS Time Not Supplied JIANGXI CHANGE AUTOMOBILE 600372.SS Time Not Supplied JIANGXI HONGDU AVIATION INDS JNXIF.PK Time Not Supplied JINLING PHARMACEUTICAL 000919.SZ Time Not Supplied LIUZHOU LIANGMIANZHEN CO 600249.SS Time Not Supplied LTX Corporation LTXX Before Market Open MACQUARIE CAPITAL ALLIANCE GROUP MCQ.AX 9:00 pm ET Macquarie Communications Infrastructure Group MCG.AX Time Not Supplied MACQUARIE COUNTRYWIDE TRUST MCW.AX 8:00 pm ET MACQUARIE MEDIA GROUP MMG.AX 7:00 pm ET MCPHERSONS LTD MCP.AX Time Not Supplied Meliorbanca MEL.MI Time Not Supplied MGP Ingredients MGPI Before Market Open MIRVAC GROUP MGR.AX Time Not Supplied MIRVAC INDUSTRIAL TRUST MVIDF.PK Time Not Supplied Montefibre MF.MI Time Not Supplied Neue Sentimental Film AG NF7.F Time Not Supplied NEWAYS ELECTRONICS INTERNATIONAL NEWAY.AS Time Not Supplied NINGBO MARINE CO. LTD. 600798.SS Time Not Supplied NINGBO THERMAL POWER CO.LTD 600982.SS Time Not Supplied Oerlikon Corporation AG OERL.VX Time Not Supplied OUDH SUGAR MILLS LTD OUDHF.PK Time Not Supplied PRIMARY HEALTH CARE LIMITED PRY.AX Time Not Supplied Rio Tinto plc RTP Before Market Open Sanderson Farms SAFM Before Market Open SANY HEAVY INDUSTRY CO LTD 600031.SS Time Not Supplied Schiapparelli 1824 SCH.MI Time Not Supplied Sears Canada Inc. SCC.TO Time Not Supplied SECHE ENVIRONEMENT SA CHANGE SCHP.PA After Market Close SHANDONG HUALU HENG CHEM IND SHCIF.PK Time Not Supplied SHANGHAI CONSTRUCTION 600170.SS Time Not Supplied SHANGHAI HAINIAO ENTERPRISE DEV CO 600634.SS Before Market Open SHANGHAI HAIXIN GROUP 900917.SS Time Not Supplied SHANGHAI INTL PRT GROUP CO LTD SIPGF.PK Time Not Supplied SHANGHAI JINLING CO 600621.SS Before Market Open SHANGHAI ZIJIANG ENTERPRISE GROUP 600210.SS Before Market Open SHANTOU ELECTRIC POWER DEVELOPMENT 000534.SZ Before Market Open SHANXI COKING CO 600740.SS Time Not Supplied SHANXI GUANLU CO 000831.SZ Time Not Supplied SHANXI ZHANGZE ELECTRIC POWER 000767.SZ Time Not Supplied SHENZHEN GUANGJU ENERGY 000096.SZ Time Not Supplied SHENZHEN NEPTUNUS BIOENGINEERING 000078.SZ Time Not Supplied SICHUAN HAITE HIGH-TECH CO. LTD 002023.SZ Before Market Open SIME DARBY BHD NEW 4197.KL Time Not Supplied SINOPEC YIZHENG CHEMICAL FIBRE 600871.SS Time Not Supplied Smithfield Foods SFD Before Market Open SORIN SPA MILANO SRN.MI Time Not Supplied Streamline Health Solutions, Inc. STRM After Market Close Synnove Finden ASA SFM.OL Time Not Supplied Tenon Ltd. TEN.NZ Time Not Supplied Thornburg Mortgage, Inc. TMA Before Market Open TIANJIN DEP STORE CO LTD TNJNF.PK Time Not Supplied TIBET TIANLU CO. LTD. 600326.SS Time Not Supplied TOLL HOLDINGS LIMITED TOL.AX Time Not Supplied Topdanmark A/S TOP.CO Time Not Supplied Tuesday Morning Corporation TUES Before Market Open Unione di Banche Italiane Spa UBI.MI Time Not Supplied UTV Media PLC UTV.L Before Market Open VALAD PROPERTY GROUP VPG.AX Time Not Supplied Versant VSNT Time Not Supplied WELLINGTON DRIVE TECH WDT.NZ Time Not Supplied WOOLWORTHS LIMITED WOW.AX Time Not Supplied XIAN MINSHENG GROUP 000564.SZ Time Not Supplied ZHENGZHOU YUTONG BUS CO. LTD. 600066.SS Time Not Supplied

Wednesday

Durable Goods Orders headlines the schedule on Wednesday. At 8:30 in the pre-market, economists anticipate the July reading of Durable Goods Orders will post an increase of 0.1%. Orders rose 0.8% in June, marking the first rise for the entire year. Also look for Atlanta Fed President Dennis Lockhart's address on inflation to potentially move markets.

Mortgage Activity has not been as inactive as it is now in a century according to some measures, as reported by Barron's over the weekend. We need inflation concern to settle, banks to settle up on risky debts and free themselves from the burden of those they still hold, and unemployment and economic growth to turn the corner. Not a small task... We'll get a fresh look at mortgage activity with the regular Purchase Applications Report from the Mortgage Bankers Association in the early AM on Wednesday.

The EIA Petroleum Status Report is due at 10:30. Last week, while oil inventories increased and are in the sweet spot of their average range for this time of year, gasoline inventories declined dramatically and are well short of normal. Meanwhile, on Monday, gasoline was reported down 15 cents over the past two weeks... Is there no mercy for gasoline refiners!?

Earnings Announcements for Wednesday, August 27 Company Symbol Time 1ST DENTAL LABORATORIES FDT.L Time Not Supplied ABACUS PROPERTY GROUP ABP.AX Time Not Supplied ABC LEARNING CENTRES ABS.AX Time Not Supplied ALLIED FARMERS ALF.NZ Time Not Supplied Angeion Corp ANGN 4:00 pm ET ANTICHI PELLETTIERI S P A ANPEF.PK Time Not Supplied AUSTRALIAN VINTAGE LIMITED AVG AUVGF.PK Time Not Supplied AUSTRALIAN WEALTH MGT LTD AUW.AX Time Not Supplied Autogrill SpA AGL.MI Time Not Supplied Axis-Shield plc ASD.L Before Market Open Banca Popolare Etruria-Lazio PEL.MI Time Not Supplied BANK LEUMI LE ISRAEL TEL AVIV LUMI.TA Before Market Open BEIJING NEW BUILDING MATERIALS 000786.SZ Time Not Supplied Benihana Inc. BNHNA After Market Close BONG LJUNGDAHL AB BONG.ST Time Not Supplied Brit Insurance Holdings PLC BRE.L Before Market Open Brown Shoe Company, Inc. BWS Before Market Open BURE EQUITY AB BURE.ST Time Not Supplied CALAN HEALTHCARE PPTYS TRUST DHN.BE Time Not Supplied CAMEO COMMUNICATIONS INC 6142.TW Time Not Supplied Canadian Imperial Bank of Commerce CM Time Not Supplied Candover Investments plc CDI.L Before Market Open CASH STORE FINL SVCS INC CSF.TO After Market Close Cattolica Assicurazioni CASS.MI Time Not Supplied CEC CORECAST CORPORATION LIMITED 600764.SS Time Not Supplied Charming Shoppes CHRS Before Market Open China Eastern Airlines CEA Time Not Supplied CHINA GREATWALL COMPUTER SHENZHEN 000066.SZ Time Not Supplied China Mobile CHLKF.PK Time Not Supplied China National Offshore Oil Corporation CEO Time Not Supplied CHINA NATIONAL SOFTWARE& SERVICE CO 600536.SS Time Not Supplied China Nepstar Chain Drugstore Ltd. NPD Before Market Open CHINA SHIP CONTAINER LINES CO CITAF.PK Time Not Supplied CHINA-KINWA HIGH TECHNOLOGY CO. LTD 600110.SS After Market Close CHONGQING GANGJIU 600279.SS After Market Close CHONGQING IRON & STEEL CO LTD CGQNF.PK Time Not Supplied Coldwater Creek CWTR Time Not Supplied Communisis PLC CMS.L Before Market Open CONNECTEAST GROUP CEU.AX Time Not Supplied Credito Artigiano CRA.MI Time Not Supplied DATANG INTL PWR GENERATN LTD DIPGF.PK Time Not Supplied Day Software Holding AG DAYN.SW 01:00 am ET Dollar Tree Stores DLTR Time Not Supplied DONGFENG MOTOR CORP DGFGF.PK After Market Close eLong Inc LONG Time Not Supplied ENVESTRA LIMITED EVSRF.PK Time Not Supplied Foxconn Intl Hldg Ltd 2038.HK Time Not Supplied FRESHTEL HLDGS LTD FRE.AX Time Not Supplied FuelCell Energy FCEL After Market Close FUSHUN SPECIAL STEEL 600399.SS Time Not Supplied G4S plc GFS.L Before Market Open Gander Mountain Co. GMTN Before Market Open Genmab A/S GNMSF.PK Time Not Supplied Gericom AG GRO.F Time Not Supplied Gewiss S.p.A. GEW.MI Time Not Supplied GIANT INTERACTIVE GROUP INC GA After Market Close Glanbia plc GLB.L Before Market Open GLOBE INTERNATIONAL LTD GLB.AX Time Not Supplied GLOUCESTER COAL LTD GCL.AX Time Not Supplied GRD Limited GRD.AX Time Not Supplied Greif Brothers GEF After Market Close GRIFOLS SA GRF.MC Time Not Supplied GUOYUAN SECURITIES CO. LTD. 000728.SZ Time Not Supplied HASTIE GROUP LIMITED HST.AX Time Not Supplied HEICO HEI After Market Close Heineken N.V. HEIA.AS 01:00 am ET HJELLEGJERDE ASA HJE.OL Time Not Supplied HUNAN LIUYANG FIREWORKS CO. LTD. 600599.SS Time Not Supplied Immobiliare Lombarda IML.MI Time Not Supplied ING INDUSTRIAL FUND IIF.AX Time Not Supplied IOOF HOLDINGS LTD IFL.AX Time Not Supplied Irish Life and Permanent Plc IPM.L Before Market Open Isagro S.p.A. ISG.MI Time Not Supplied IT Holding S.p.A. ITH.MI Time Not Supplied Jensen & Moller Invest A/S JMI.CO Time Not Supplied Jo-Ann Stores, Inc. JAS After Market Close Johnston Press plc JPR.L Before Market Open Kingspan Group plc KGP.L Before Market Open LifeCycle Pharma, Inc LFCYF.PK Time Not Supplied LOOKERS LOOK.L Time Not Supplied MACQUARIE DDR TRUST MDT.AX 7:00 pm ET MARCH NETWORKS CORP MN.TO After Market Close Mediterranea Acque MEA.MI Time Not Supplied Men's Wearhouse MW After Market Close MMC CORP BHD MCPNF.PK Time Not Supplied MONEYSUPERMARKET.COM GROUP PLC MONY.L Before Market Open MULTIPLEX ACUMEN PROPERTY FUND MPF.AX Time Not Supplied NATIONAL HIRE GROUP NHR.AX Time Not Supplied NeuroSearch A/S NEUR.CO Time Not Supplied OFFSHORE OIL ENGINEERING CO OFHOF.PK Time Not Supplied Olidata OLI.MI Time Not Supplied ORIGIN AGRITECH LIMITED SEED After Market Close ORIGIN ENERGY LTD ORG.AX 7:00 pm ET OSI Systems OSIS Before Market Open PetroChina Company Limited PTR Time Not Supplied Petrofac Limited PFC.L Before Market Open PETROJACK AS JACK.OL Before Market Open PETROLIA DRILLING PDR.OL Before Market Open PHISON ELECTRONICS CORP PISNF.PK Time Not Supplied Prysmian Cables & Systems PRY.MI Time Not Supplied Reno De Medici S.p.A RDM.MC Time Not Supplied RESORTS WORLD BHD RSWSY.PK Time Not Supplied RIVERCITY MOTORWAY GROUP RCY.AX Time Not Supplied SAIZEN REAL ESTATE INVESTMENT TRUST DZ8U.SI Time Not Supplied SEB S.A. SK.PA After Market Close SEGRO plc SGRO.L Before Market Open Serco Group plc SRP.L Before Market Open SHANDONG PHARMACEUTICAL GLASS SDGPF.PK Time Not Supplied SHANGHAI ZHENHUA PORT MACHY CP SZPAF.PK Before Market Open SICHUAN HONGDA CHEMICAL INDUSTRY CO SIHAF.PK Time Not Supplied SOFT COMPUTING SFT.PA Time Not Supplied Solarfun Power Holdings Co. Ltd. SOLF Before Market Open SOLERA HOLDINGS INC SLH After Market Close Spirax-Sarco Engineering SPX.L Before Market Open SPORT SUPPLY GROUP INC DEL RBI Before Market Open Standex International Corp. SXI Before Market Open SUNTIME INTERNATIONAL ECONOMIC-TRAD 600084.SS Time Not Supplied SWS Group, Inc. SWS After Market Close Synovis Life Technologies, Inc. SYNO Before Market Open Talbots TLB Time Not Supplied Taylor Nelson Sofres plc TNS.L Before Market Open TIANJIN FAW XIALI AUTOMOBILE CO 000927.SZ Time Not Supplied TIANJIN GUANGYU DEVELOPMENT CO 000537.SZ Time Not Supplied TIANJIN QUANYE BAZAAR (GP) CO. LTD 600821.SS Time Not Supplied TITAN PETROCHEMICALS GRP LTD TPGFF.PK Time Not Supplied TIVO INC TIVO After Market Close TRANSPACIFIC INDUSTRIES GROUP LTD TPI.AX Time Not Supplied Tullow Oil plc TLW.L Before Market Open VECTOR VCT.NZ Time Not Supplied Vitec Group PLC VTC.L Before Market Open WEIFU HIGH-TECHNOLOGY CO 200581.SZ Time Not Supplied WESTFIELD GROUP WDC.AX Time Not Supplied WOLONG ELECTRIC GROUP CO LTD 600580.SS Time Not Supplied Woodside Petroleum WPL.AX Time Not Supplied WOTIF.COM HOLDINGS LTD WTIFF.PK Time Not Supplied XETA Technologies XETA After Market Close YANTAI CHANGYU PIONEER WINE YCPAF.PK Time Not Supplied Yule Catto & Company plc YULC.L Before Market Open

"Just when you thought Graham was an old crack, he turns out to be a cracker..."

Thursday

The country will be split into two camps on Thursday, not Democrat and Republican though. Remember the senator (Graham) who said we're all whiners cause there is no recession? Well, we bet you'll remember him on Thursday when the Preliminary GDP Report is released for Q2. The Advanced Report of GDP offered 1.9% growth, but the revised and vibrant preliminary copy is expected to show GDP actually rose 2.7%! Just when you thought Graham was an old crack, he turns out to be a cracker (Don't ask me what I mean here, because I'm not sure even I know). Before you get too excited, the reason for the big number is in part due to weaker imports (not because American goods are more competitive at home, but because we can't afford anything anymore). At the same time, exports continued to find hungry foreign interest, thanks to that so called strong dollar policy (read weak dollar). Corporate Profits, a component of the GDP data, is due at the same time.

Weekly Jobless Claims has got your favorite Greek up early on Thursdays, as evidenced by our back to back topic specific articles on this report the past two weeks. The consensus is looking for a measure of 427K this time around, after last week's 432K. With consensus almost useless on this data point, what clearly matters most here is direction and the four-week moving average, both of which have been deteriorating. By the way, we promise the third article will be the charm. Look for Natural Gas data at 10:30.

Earnings Announcements for Thursday, August 28 Company Symbol Time 888 Holdings plc 888.L Before Market Open Accor SA AC.PA Before Market Open ACEGAS SPA AEG.MI Time Not Supplied ACQUE POTABILI ACP.MI Time Not Supplied Aegis Group plc AGS.L Before Market Open Aer Lingus PLC AERL.L 02:00 am ET AEROPORTO DI VENEZIA MARCO POLO SPA (SAVE) SAVE.MI Time Not Supplied Air Berlin PLC AB1.F Before Market Open Alea Group ALEA.L Time Not Supplied ALLREAL HLDG AG ZUG ALRHF.PK Time Not Supplied AMEC plc AMEC.L Before Market Open AMP LIMITED AMP.AX Time Not Supplied AMP LIMITED AMP.AX Time Not Supplied ANGLO-EASTERN PLANTATIONS AEPLF.PK Time Not Supplied ARISTOCRAT LEISURE ALL.AX Time Not Supplied Aruba Networks, Inc. ARUN After Market Close ATA Inc. ATAI Time Not Supplied Avis Europe plc AVE.L Time Not Supplied BABCOCK & BROWN CAPITAL LIMITED BCM.AX Time Not Supplied BABCOCK & BROWN WIND PARTNER BBW.AX Time Not Supplied Banca Monte Dei Paschi Di Siena BMPS.MI Time Not Supplied Banca Popolare di Intra PIN.MI Time Not Supplied Banca Popolare di Spoleto BAOPF.PK Time Not Supplied Banca Profilo S.p.A. PRO.MI Time Not Supplied Banco Di Desio Brianza SpA BDB.MI Time Not Supplied Bank Hapoalim POLI.TA Time Not Supplied BATENBURG BEHEER NV BATEN.AS Time Not Supplied BBA Aviation Plc BBA.L Time Not Supplied Bouygues S.A. EN.PA 11:45 am ET BUREAU VERITAS BVI.PA Time Not Supplied C & O PHARMACEUTICAL TECH HLDG CPMRF.PK 12:00 am ET Cairo Communication S.p.A CAI.MI Time Not Supplied Carbone-Lorraine SA CRL.PA Time Not Supplied Carraro S.p.A CARR.MI Time Not Supplied Casino Guichard-Perrachon S.A. CO.PA Before Market Open Cattles plc CTT.L Before Market Open Cembre S.p.A CMB.MI Time Not Supplied CENTRO PROPERTIES GROUP CEOPF.PK Time Not Supplied Charter plc CHTR.L Time Not Supplied Chaucer Holdings PLC CHU.L Before Market Open CHINA FINANCE ONLINE CO JRJC After Market Close CHONGQING JIULONG ELECTRIC POWER 600292.SS After Market Close CHUNGHWA TELECOM CO LTD CHT After Market Close Class Editori S.p.A. CLE.MI Time Not Supplied CNHTC JINAN TRUCK CO. LTD. 000951.SZ After Market Close COFFEY INTERNATIONAL LTD COF COF.AX Time Not Supplied COLLECTION HOUSE LIMITED CLH.AX Time Not Supplied Computacenter plc CCC.L Before Market Open Conn's, Inc. CONN Before Market Open Corin Group plc CRG.L Before Market Open Credit Agricole ACA.PA 01:00 am ET Credito Bergamasco S.p.A CB.MI Time Not Supplied Credito Valtellinese CVAL.MI Time Not Supplied CTAC NV CTAC.AS Time Not Supplied CTS EVENTIM AG EVD.F Time Not Supplied DAQIN RAILWAY CO LTD DAQIF.PK Time Not Supplied DE LONGHI DLG.MI Time Not Supplied Del Monte Foods DLM Time Not Supplied dELiA's Inc. DLIA After Market Close Dell, Inc. DELL After Market Close DFI 2397.TW Time Not Supplied Diageo PLC DGE.L 02:00 am ET DIGITAL MULTIMEDIA TECH SPA LI DMT.MI Time Not Supplied DISTRIGAS DIST.BR Time Not Supplied Dollar Financial Corp. DLLR Time Not Supplied EIDSIVA REDERI ASA EID.OL Time Not Supplied EIFFAGE FGR.PA After Market Close Energy Conversion Devices ENER Before Market Open Essilor International EF.PA Time Not Supplied Esterline Technologies ESL After Market Close ETAM DEVELOPPEMENT TAM.PA After Market Close Eurazeo EUZOF.PK Time Not Supplied EVA AIRWAYS 2618.TW Time Not Supplied EVN AG EVN.VI Time Not Supplied FASTPARTNER AB FPAR.ST Time Not Supplied FEELGOOD SVENSKA FEEL.ST Time Not Supplied FELIX RESOURCES LTD FLX.AX Time Not Supplied FERREXPO PLC FXPO.L Before Market Open FIDIA SPA FDA.MI Time Not Supplied Fielmann AG FIE.F Time Not Supplied Filtrona plc FLTR.L Time Not Supplied FKP LTD FKP.AX Time Not Supplied Fleetwood Enterprises, Inc. FLE Time Not Supplied Forth Ports PLC FPT.L Time Not Supplied FOSHAN PLASTIC GROUP CO 000973.SZ Time Not Supplied Fred's FRED Time Not Supplied FULLSIX SPA FUL.MI Time Not Supplied GALP ENERGIA SGPS GLPEF.PK Time Not Supplied Genesco GCO Before Market Open GENTING BERHAD GEBHY.PK Time Not Supplied Gerber Scientific GRB Before Market Open GFK AG GFK.F Before Market Open Goldenport Holdings Inc GPRT.L Before Market Open GOODTECH ASA GOD.OL Time Not Supplied Gottschalks Inc. GOT After Market Close GranitiFiandre GRF.MI Time Not Supplied GREE ELECTRICAL APP INC OF ZHUHAI 000651.SZ Time Not Supplied GRUPO CATALANA OCCIDENTE SA GCNJF.PK Time Not Supplied GUANGDONG RONGTAI IND CO 600589.SS Time Not Supplied GUANGZHOU BAIYUN INTL AIRPORT GZBYF.PK Time Not Supplied GUNNS LIMITED GNS.AX Time Not Supplied Hedegaard A/S PDPHF.PK Time Not Supplied HELLABY HOLDINGS LTD HBY.NZ Time Not Supplied Hellenic Telecommunications OTE Time Not Supplied Henderson Group plc HGI.L Before Market Open HERITAGE OIL CORP HOX.L Time Not Supplied HIKMA PHARMACEUTICALS PLC HKMPF.PK Before Market Open Huaneng Power International HNP Time Not Supplied HUBEI GOLDEN RING 000615.SZ Time Not Supplied Hunting PLC HTG.L Before Market Open ILIAD ILD.PA Before Market Open IMI plc IMI.L Before Market Open Immsi S.p.A. IMS.MI Time Not Supplied Impala Platinum Holdings Limited IMPUF.PK Before Market Open Impregilo IPG.MI Time Not Supplied IMS(INTERNATIONAL METAL SERVICE) IMS.PA After Market Close IntesaBci SpA ISP.MI Time Not Supplied IP GROUP IPO.L Time Not Supplied Jamba Juice JMBA After Market Close KAS ASSOCIATE NV CERT VAN AAND KA.AS Before Market Open Kazakhmys plc KAZ.L Before Market Open KINGS TOWN CONSTRUCTION CO 2524.TW Time Not Supplied KINGSOFT CORP 3888.HK Time Not Supplied Kirkland's, Inc. KIRK Before Market Open KONINKLIJKE BAM GROEP NV BAMNB.AS Before Market Open KWEICHOW MOUTAI 600519.SS Time Not Supplied KYE SYSTEM CORP 2365.TW Time Not Supplied La Doria S.p.A LD.MI Time Not Supplied LaBarge, Inc. LB Before Market Open Lagardere SCA MMB.PA Time Not Supplied Lavorwash S.p.A LAV.MI Time Not Supplied Layne Christensen LAYN Time Not Supplied LINKTONE LTON After Market Close MACARTHUR COAL LTD MCC.AX 7:30 pm ET MACINTOSH RETAIL GROUP NV MACIN.AS Before Market Open Maffei S.p.A MAF.MI Time Not Supplied Magma Design Automation, Inc. LAVA After Market Close Mariella Burani S.p.A MBFG.MI Time Not Supplied Marvell Technology Group Ltd. MRVL Time Not Supplied MEDIACONTECH MCH.MI Time Not Supplied MELROSE RESOURCES MRS.L Time Not Supplied MICROS System MCRS After Market Close Mirato MRT.MI Time Not Supplied Monrif S.p.A MON.MI Time Not Supplied MOSAID Technologies MSD.TO After Market Close MUHIBBAH ENGINEERING BHD MUHBF.PK After Market Close NAMSOS TRAFIKKSELSKAB NAM.OL Time Not Supplied National Bank of Canada NA.TO Time Not Supplied National Bank of Greece SA NBG 10:00 am ET Natixis NTXFF.PK Before Market Open NET 1 UEPS TECHNOLOGIES INC UEPS After Market Close NETEZZA CORP NZ Before Market Open New World Resources BV NWR.L Time Not Supplied Novell, Inc. NOVL After Market Close NUPLEX INDUSTRIES NPX.NZ Time Not Supplied OLAM INTERNATIONAL LTD OLMIF.PK After Market Close Omega Pharma N.V. OME.BR 11:45 am ET Omnivision Technologies OVTI After Market Close ON TRACK INNOVATION LTD OTIV Before Market Open Orco Property Group ORC.PA Time Not Supplied PARIS RE Holdings Limited PRI.PA 01:30 am ET Parity Group plc PTY.L Before Market Open Parmalat SPA PRF.MI Time Not Supplied Pendragon PLC PDG.L Before Market Open PETSEC ENERGY LIMITED PSJ Time Not Supplied PetSmart PETM After Market Close PREMAFIN FINANZIARIA - S.p.A PF.MI Time Not Supplied Premier Foods plc PFD.L Before Market Open Premier Oil plc PMO.L Before Market Open PRIMA INDUSTRIE SPA PRI.MI Time Not Supplied Prosafe ASA PRS.OL 02:30 am ET Quanex NX Time Not Supplied Royal Bank Of Canada RY Time Not Supplied SAES Getters SG.MI Time Not Supplied SAFT GROUPE SA SAFT.PA Time Not Supplied Savills plc SVS.L Before Market Open SEADRILL LIMITED SDRLF.PK Time Not Supplied Sears Holdings Corp SHLD Before Market Open SELECT VACCINES LIMITED SLT.AX Time Not Supplied SGI SGIC After Market Close SHANGHAI INTERNATIONAL AIRPORT CO 600009.SS Time Not Supplied SHANGHAI JINJIANG INTL HTL DEV SJHOF.PK Before Market Open SHANGHAI PHARMACEUTICAL CO 600849.SS Time Not Supplied Sigma Designs SIGM After Market Close Silicon Sensor International SIS.F Time Not Supplied SIMAC TECHNIEK NV SIMAC.AS Before Market Open Skanditek Industriforvaltning AB STEK.ST 03:00 am ET SMG PLC SMG.L Before Market Open Smurfit Sisa SMU.MI Time Not Supplied SOL SOL.MI Time Not Supplied SourceForge, Inc. LNUX After Market Close Sparbank Vest A/S SPB.CO Time Not Supplied SPRING SOFT SYSTEMS CO LTD 2473.TW Time Not Supplied ST SHINE OPTICAL STSHF.PK Time Not Supplied STERN GROEP NV STRN.AS Time Not Supplied SUPER CHEAP AUTO GROUP LIMITED SUL.AX Time Not Supplied SWORD GROUP SWDGF.PK After Market Close TAINAN SPINNING 1440.TW After Market Close TAS(TECNOLOGIA AVANZATA SISTEMI) TAS.MI Time Not Supplied TATTERSALLS LTD TTS.AX Time Not Supplied TECHNOLOGY NEXUS AB NEXU.ST Time Not Supplied Telvent TLVT Before Market Open Tiffany & Co. TIF Before Market Open TOD S GROUP SPA TOD.MI Time Not Supplied Toronto Dominion Bank TD Before Market Open TUNDRA SEMICONDUCTOR CORP TUN.TO After Market Close Uni Land SpA UNL.MI Time Not Supplied UNIVERSAL SCIENTIFIC INDUSTRIAL 2350.TW Time Not Supplied Urologix, Inc. ULGX Time Not Supplied UXC LIMITED UXC.AX Time Not Supplied VALARTIS GROUP AG OZHDF.PK Time Not Supplied VENTRACOR LIMITED VCR.AX Time Not Supplied Venture Production plc VPC.L Before Market Open Vernalis Group plc VER.L Before Market Open Vimpel Communications VIP Before Market Open Wendel MF.PA After Market Close Williams-Sonoma WSM Time Not Supplied Wimm-Bill-Dann Foods OJSC WBD Time Not Supplied Wind River Systems WIND After Market Close Zale Corporation ZLC Before Market Open

Friday

Hey hey, "The Greek's" little brother celebrates a birthday today. Problem is, I haven't known what to get him since he outgrew Star Wars and G.I. Joe. Any ideas? I'm thinking a potato. Every once in a while, I check to see if anybody is really reading...

Of slightly more interest to you, Personal Income and Outlays are due for the month of July at 8:30 in the AM. Income is seen declining by 0.2%, something that would actually be pleasing to the Fed as they keep an eye on the efforts of inflation to embed. The Fed actually prefers the terms "anchor" and "unanchored" while the ECB prefers "embed" and "embedding." You say potAto, I say Potato... Here's the caveat: income should decline on fewer hours worked, which would have little to do with deflation and more to do with, well, less hours worked.

"Even good news is bad news these days."

Consumer Spending is expected to increase 0.3%. Three words, "back to school." Also, this would compare with a 0.6% rise the month before. So, relatively speaking, bad news here. Even good news is bad news these days...

The Chicagoland manufacturing take, also known as the National Association of Purchasing Managers - Chicago, is seen ranking at 49.8 in August, thus teetering between expansion and contraction. The NAPM figure somehow managed 50.8 in July.

Reuters/Michigan Consumer Sentiment is seen at 62.0 for August, comparing against 61.7 when last checked. We might see a greater improvement on factors like lower gasoline prices and heat exhaustion. Look for Farm Prices at 3:00 PM, and get lost to some beach somewhere, while I tend to things around here. Fixed income markets close early (2:00 PM) ahead of the long Labor Day weekend. Save a burger for me.

Earnings Announcements for Friday, August 29 Company Symbol Time 104 CORP OFRCF.PK Time Not Supplied ACTELIOS ACT.MI Time Not Supplied ACTEOS EOS.PA Time Not Supplied AEROPORTO DI FIRENZE ADF SPA AFI.MI Time Not Supplied Aeroports de Paris ADP.PA Before Market Open AGA Foodservice Group plc AGA.L Time Not Supplied AGR GROUP ASA AGR.OL Time Not Supplied ALLCO FINANCE GROUP LIMITED AFG.AX Time Not Supplied Anglo Pacific Group plc APF.L Before Market Open ARCADIA METAL INDS C ROKAS SA AZZGF.PK Time Not Supplied Arena SpA ARE.MI Time Not Supplied Areva CI ARVCF.PK After Market Close ARIMA COMPUTER CORP. 2381.TW After Market Close Artè S.p.A. YAE.MU 05:00 am ET BABCOCK & BROWN POWER BBP.AX Time Not Supplied Banca Carige SpA CRG.MI Time Not Supplied Banca Italease BIL.MI Time Not Supplied Beghelli S.p.A. BE.MI Time Not Supplied Benetton Group BNGPY.PK Time Not Supplied BETER BED HOLDING NV UDEN BBED.AS Before Market Open Bien-Zenker AG BIE.F Time Not Supplied BONE MEDICAL LIMITED BNE.AX Time Not Supplied Bradford & Bingley plc BB.L Before Market Open BRAMMER BRAM.L Time Not Supplied Brembo SPA BRE.MI Time Not Supplied Brioschi Finanziaria BRI.MI Time Not Supplied BRUNEL INTERNATIONAL BRNL.AS Time Not Supplied Buongiorno Vitaminic SpA BNG.MI Time Not Supplied C.A.T. OIL AG O2C.F Time Not Supplied CAMPOFRIO ALIMENTACION SA CPF.MC Time Not Supplied Carrefour S.A. CRERF.PK Time Not Supplied CATHAY REAL ESTATE DEVELOPMENT COMPANY LIMITED 2501.TW After Market Close CAVALIER CORP CAV.NZ Time Not Supplied Centrale del Latte di Torino & C. S.p.A. CLT.MI Time Not Supplied CENTRO RETAIL TRUST CER.AX Time Not Supplied Ceramiche Ricchetti RIC.MI Time Not Supplied CHARGEURS CRI.PA Time Not Supplied CHARLES TAYLOR CONSULTING CTR.L Time Not Supplied CHINA AIR LINES 2610.TW Time Not Supplied CHINA SINOMA INTL ENGINEERING CO. L SNMGF.PK Time Not Supplied CHINA WUYI 000797.SZ After Market Close CHONGQING SWELL HOLDING (GROUP) CO 600145.SS After Market Close CHONGQING YUKAIFA CO 000514.SZ After Market Close CITYCHAMP DARTONG CO LTD 600067.SS After Market Close CLARINS SA CLR.PA Time Not Supplied Crespi LG5.F Time Not Supplied CTT SYSTEMS CTT.ST Time Not Supplied D'ieteren DIE.BR 01:30 am ET D/S ORION ORION.CO Time Not Supplied DAHENG NEW EPOCH TECHNOLOGY INC 600288.SS After Market Close Dana Petroleum plc DNPXF.PK Before Market Open Data Service DAS.MI Time Not Supplied DeA Capital S.p.A. DEA.MI Time Not Supplied Development Securities PLC DSC.L Before Market Open Dexia DEXB.BR 01:00 am ET Dicentia A/S DICENT.CO Time Not Supplied DOMSTEIN ASA DOM.OL Time Not Supplied DONG FENG AUTOMOBILE 600006.SS Time Not Supplied EDF ENERGIES NOUVELLES EDFEF.PK Time Not Supplied Egnsbank Han Herred A/S EBH.CO Time Not Supplied El.En. SPA ELESF.PK Time Not Supplied ELEC-TECH INTERNATIONAL CO 002005.SZ After Market Close Elia System Operator SA ELIS.BR Time Not Supplied Engineering Ingegneria Informatica ENG.MI Time Not Supplied EUROCOMMERCIAL PPTY NV EUCMF.PK Before Market Open EUROFINS SCIENTIFIC ERF.PA Time Not Supplied Eutelia S.p.A. EUT.MI Time Not Supplied EVERGREEN INTL STORAGE TRANSPORT CO 2607.TW After Market Close EVRAZ GROUP S A EVGPF.PK Time Not Supplied GEZHOUBA COMPANY LTD GZHBF.PK Time Not Supplied Grafton Group plc GFTU.L Time Not Supplied Greentech Energy Systems A/S GES.CO Time Not Supplied GROUP STERIA VELIZY VILLACOUBL SRIAF.PK Time Not Supplied GUYENNE ET GASCOGNE SA GG.PA Time Not Supplied HARVEY NORMAN HOLDINGS LTD HVN.AX Time Not Supplied Hera S.p.A. HER.MI Time Not Supplied ICT AUTOMATISERING ICT.AS Time Not Supplied IFG GROUP PLC IFGPF.PK Before Market Open Ifil Finanziaria Di Partecipazioni SPA IFL.MI Time Not Supplied Independence Group NL IGO.AX Time Not Supplied INDO INTERNACIONAL SA IDO.MC Time Not Supplied Indus-Holding AG INH.F Time Not Supplied INFOTEL INF.PA Time Not Supplied INNATE PHARMA IPH.PA Time Not Supplied IPSEN S A IPSNY.PK 01:30 am ET IRIDE SPA IRDEF.PK Time Not Supplied IT LINK ITL.PA Time Not Supplied ITESOFT ITE.PA Time Not Supplied JKX OIL & GAS JKX.L Before Market Open John B. Sanfilippo & Son JBSS Time Not Supplied K LASER TECHNOLOGY INC 2461.TW Time Not Supplied KINEPOLIS GROUP KIN.BR 02:00 am ET Knightsbridge VLCCF Time Not Supplied KVERNELAND ASA KVE.OL Before Market Open Laboratorios Farmaceuticos Rovi SA ROVI.MC Time Not Supplied Lavendon Group PLC LVD.L Time Not Supplied LIVING CELL TECHNOLOGIES LTD LVCLF.PK Time Not Supplied Marshalls plc MSLH.L Before Market Open MAUREL ET PROM(ETABL.) MAU.PA Time Not Supplied Mueller Die Lila Logistik AG MLL.F Time Not Supplied NETONNET AB NON.ST Time Not Supplied NEW ZEALAND OIL & GAS NZO.NZ Time Not Supplied NICOLAS CORREA SA NEA.MC Time Not Supplied Norddeutsche Affinerie AG NDA.F Time Not Supplied OMNIA NETWORK SPA ONT.MI Time Not Supplied PartyGaming Plc PRTY.L Before Market Open PERILYA LIMITED PEM.AX Time Not Supplied Permasteelisa PMS.MI Time Not Supplied PHARMAUST LIMITED PAA.AX Time Not Supplied PPR (ex. Pinault Printemps Redoute) PP.PA 01:00 am ET PSI GROUP ASA PSI.OL Before Market Open QUANTA STORAGE 6188.TWO After Market Close RADIALL SA RLL.PA Time Not Supplied RALLYE RAL.PA Time Not Supplied Ratti S.p.A RAT.MI 04:00 am ET Regus Group plc RGU.L Before Market Open RIBER RIB.PA 11:40 am ET RIGHTMOVE PLC RMV.L Before Market Open RISANAMENTO S.p.A. RN.MI Time Not Supplied ROBERT WALTERS RWA.L Before Market Open RUBICON AMERICA TRUST RAT.AX Time Not Supplied RUBICON EUROPE TRUST GRP RUEUF.PK Time Not Supplied RUBICON LIMITED RBC.NZ Time Not Supplied SHANXI TAIGANG STAINLESS STEEL CO 000825.SZ Time Not Supplied SIMS GROUP LIMITED SGM.AX Time Not Supplied SNAI S.p.A SNA.MI Time Not Supplied Socotherm S.p.A. SCT.MI Time Not Supplied SOLAR APPLIED MTRLS TECH CORP SOPLF.PK Time Not Supplied SOPRA GROUP SOP.PA After Market Close SPYKER CARS NV SPYKR.AS Time Not Supplied Stanelco PLC SEO.L Time Not Supplied STIRLING PRODUCTS LIMITED STI.AX Time Not Supplied SVG Capital SVI.L Before Market Open TAIWAN LIFE INS 2833.TW After Market Close The Davis Service Group Plc DVSG.L Time Not Supplied The Restaurant Group plc RTN.L Time Not Supplied TIEN LAING BIOTECH CO LTD TILBF.PK Time Not Supplied TKH Group NV TWEKA.AS Time Not Supplied Trafficmaster TFC.L Before Market Open Trevi Finanziaria Industriale S.p.A TVFZF.PK Time Not Supplied TXT E-SOLUTIONS SPA TXT.MI Time Not Supplied Uniqa Versicherungen AG UQA.VI Time Not Supplied Vemer Siber Group EVE.MI Time Not Supplied VINCI DG.PA Time Not Supplied Vitesse Semiconductor VTSS.PK After Market Close YOUNGOR GROUP CO YGRUF.PK Time Not Supplied YUEN FOONG YU PAPER MNFCTRG CO 1907.TW Time Not Supplied

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