Week Ahead - Capital Flows Driving Stocks

"The Greek's Week Ahead" has been engineered to provide investors with a reference tool for the week's upcoming economic reports and other market-moving events, including earnings reports.

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

Back when I was just a tadpole meandering through financial market experiences and making mistakes, I would have been dumbfounded by the stock market's rally since July 15th. However, now that I'm a wise toad, I understand that while fundamentals move stocks over the long-term, in shorter periods, capital flows often play an even more important role.

Unemployment moves upward to 5.7%, weekly initial jobless claims begin to take off (last week hitting 455,000), and corporate news from Merrill Lynch (NYSE: MER) to AIG (NYSE: AIG) to Wal-Mart (NYSE: WMT) all seem to imply there's more trouble ahead. Yet, the broader stock market rose last week, and the most since April -- on the Dow Jones Industrials chart anyhow. The Dow jumped 3.6% last week, while the S&P 500 moved 2.9% higher and Nasdaq rocketed 4.5%.

"Greek," you're saying, "it was the FOMC meeting man... the boys indicated they would leave rates unchanged (and stocks unhampered) for a while longer... and investors are enthused about softening oil prices." Yes, of course these fundamental positives are playing a role, but we also know consumer spending should tail off through the rest of this year and unemployment is rising. So why are stocks psyched then? If there was just one factor we could look toward, which would it be then...

I think it's the dollar, more than anything else, that is driving the machine these days. The Fed's next move is expected to be a hike, and the stock market has given its approval for it since nobody wants to see inflation weigh on the backs of everything. Meanwhile, Jean-Claude Trichet and the rest of the gang over there had to back track a bit last week. European economies have deteriorated significantly since the ECB's muscle flexing move to raise interest rates a quarter point. Last week, Jeannie had to hold key rates steady, as did the Bank of England, in light of rapidly deteriorating euro zone economies, and a similarly crashing housing market in the U.K. On an aside, congrats to Barclay's (NYSE: BCS) for putting in a decent showing; keep your eye on BCS, as it may be eyeing up an American asset on the cheap.

Back to topic... the dollar. Momentum took the euro/dollar exchange rate so far, that as the fundamentals shift, capital is unwinding out of the trade in a hurry. And with the dollar tied to oil prices, the same goes for the crude pit. As a result of this and new fears of global economic decline, the commodity bubble is now confirmed to be bursting. That said, we found ourselves shaking our head in agreement with an oil trader who is viewable within our weekly video piece, "Georgia Russia War Overshadows Olympics." He insisted that momentum seems to be running from crude now, but at any moment, a geopolitical event could change everything.

All that capital has to find a place to go, and if U.S. rates are rising, and institutions like General Motors (NYSE: GM), Ford (NYSE: F) and others are projected to go under (by one analysts' estimate last week), well then, bonds wouldn't look too hot an option either. So, money is flowing into equities it seems.

Money flow, folks, drives price. It's the old supply/demand lecture we all fell asleep through while working on our undergraduate degrees, and it's playing out in living color before our eyes; it ain't so boring in the real world is it...

Here's the problem... According to AMG Data Services, money moved out of equity funds, into money market, taxable bond and municipal bond funds over the four weeks ended last Wednesday. The chart seems to indicate that last week was no different. "Why Greek?,"
I ask myself.

My conclusion is (besides that I need to stop talking to myself), that there's no inconsistency here. Money may have moved out of those funds, but that's because it takes the retail investor and retirement saver some time to catch up to the new trend. Meanwhile, portfolio managers and institutions are likely shifting capital destinations out of crude and commodities, and related stocks, and into bargain priced equities. The money is flowing, that's for certain, and stocks are rising while other investments lose value. Thus, I believe my argument is based in truth.

The Week Ahead

This coming week is not heavy on economic reports, but sports a good deal of retail industry earnings reports. Outside of the capital flow theme that we couldn't pass on, the week really has a retail focus.

Monday

The illegal activities that Russia is engaged with in the Republic of Georgia, under the premise of "protection of Russian citizens," is likely to dominate non-Olympics related news on Monday. While Russian aircraft terrorize civilians and Georgian forces indiscriminately, representatives from North and South Ossetia are expected to hold a news conference on Monday. That seems to imply some sort of declaration of independence as a "free" nation, actually operated by Russia, but then again, why would Russia set themselves up for future trouble like that.

With attention nearly completely focused on China these days, the nation's trade report on Monday should only intensify that focus. China's trade surplus is expected to move lower in July, year-to-year.

Verizon (NYSE: VZ) averted a strike, keeping many web publishers on the air... Your earnings schedule follows:

Earnings Announcements for Monday, August 11 Company Symbol Time 4Kids Entertainment KDE Before Market Open A.C. Moore Arts & Crafts ACMR Before Market Open Aastra Technologies Inc. AAH.TO After Market Close Abraxas Petroleum AXAS After Market Close Acusphere Inc. ACUS Time Not Supplied Advanced Photonix API After Market Close AirMedia Group Inc. AMCN Time Not Supplied American Apparel APP Time Not Supplied American Defense Systems Inc EAG Before Market Open AMERICAN ORIENTAL BIOENGR INC AOB After Market Close American Science and Engineering ASEI After Market Close Anchor BanCorp Wisconsin ABCW Time Not Supplied Applied Energetics, Inc. AERG Before Market Open AQUILINE RES INC AQI.TO Before Market Open ArQule, Inc. ARQL Before Market Open Array BioPharma Inc. ARRY After Market Close ARROWHEAD RESH CORP ARWR Time Not Supplied Artes Medical, Inc. ARTE After Market Close AURORA OIL & GAS CORP AOG Time Not Supplied AUSTRALIAN EDUCATION TRUST AEU.AX Time Not Supplied AVI BioPharma AVII Time Not Supplied BANPU PUBLIC CO LTD BPFF.F Time Not Supplied BANRO CORP BAA Time Not Supplied BASIN WATER INC BWTR After Market Close BBVA Banco Frances BFR After Market Close BearingPoint, Inc. BE Time Not Supplied BioMimetic Therapeutics BMTI After Market Close Black Hills Corporation BKH Time Not Supplied BMP Sunstone Corporation BJGP Before Market Open Bowne & Co BNE After Market Close BRADKEN LIMITED BKN.AX 8:00 pm ET Breitburn Energy Partners LP BBEP After Market Close Buckeye Technologies Inc. BKI After Market Close Calpine Corporation CPN Before Market Open Capstone Turbine CPST After Market Close Carmike Cinemas, Inc. CKEC After Market Close CASCAL N.V. HOO After Market Close Century Casinos CNTY 09:30 am ET CHARIOT RES LTD CHD.TO Time Not Supplied CHINA COM INC CCHMF.PK After Market Close CK LIFE SCIENCES INTL HLDG 8222.HK After Market Close Clear Channel Outdoor Holdings, Inc. CCO 07:00 am ET Clearfield, Inc CLFD Time Not Supplied Companhia Energetica de Minas Gerais (CEMIG) CIG After Market Close Compania Anonima Nacional Teléfonos de Venezuela (CANTV) CANUY.PK Time Not Supplied COMPASS DIV HOLDINGS CODI Before Market Open CONCHO RES INC CXO After Market Close Conseco, Inc. CNO Before Market Open Consolidated Water CWCO Time Not Supplied Cousins Properties Incorporated CUZ After Market Close CRANE GROUP LIMITED CRG.AX Time Not Supplied CREW ENERGY INC CR.TO Time Not Supplied Critical Therapeutics, Inc. CRTX Time Not Supplied CRYSTAL RIV CAP INC CRZ Before Market Open Cumulus Media Inc. CMLS After Market Close D&E Communications DECC 4:00 pm ET Datascope Corp. DSCP After Market Close DealerTrack Holdings, Inc. TRAK Time Not Supplied Deerfield Capital Corp DFR Time Not Supplied Diebold DBD Before Market Open Douglas Holdings AG DOU.F Time Not Supplied Dune Energy, Inc. DNE Before Market Open Dyckerhoff DYK.F Time Not Supplied Edge Petroleum EPEX Time Not Supplied Emisphere Technologies, Inc. EMIS Time Not Supplied Energy Transfer Partners ETP After Market Close Ensign Energy Services Inc. ESI.TO Before Market Open ENTERPRISE GP HLDGS L P EPE Before Market Open EQUITY TRUSTEES LTD EQTYF.PK Time Not Supplied EURO RESSOURCES S A EUR.TO Time Not Supplied EV ENERGY PARTNERS LP EVEP After Market Close Excel Maritime Carriers Ltd. EXM Before Market Open FAR WEST MNG LTD FWM.TO Time Not Supplied First Citizens Banc Corp FCZA Time Not Supplied FirstCity Financial FCFC Before Market Open Fluor Corporation FLR Time Not Supplied FRONTEER DEV GROUP INC FRG Time Not Supplied FRONTIER REAL ESTATE INV TOKYO FOTRF.PK 03:00 am ET Fuel Tech, Inc. FTEK Before Market Open FUYAO GROUP GLASS INDUSTRIES CO. LT 600660.SS Time Not Supplied GASTAR EXPL LTD YGA.TO After Market Close Genius Products, Inc. GNPI.OB After Market Close GeoMet, Inc GMET Before Market Open GLACIER MEDIA INC GVC.TO Time Not Supplied Global Cash Access GCA After Market Close Globalstar, Inc. GSAT After Market Close Goldleaf Financial Solutions, Inc. GFSI After Market Close GRAN TIERRA ENERGY INC GTE Before Market Open Greenfield Online Inc. SRVY Before Market Open GSE Systems GVP Time Not Supplied GTC REAL ESTATE GTC.TA After Market Close Hana Biosciences, Inc. HNAB Before Market Open Harvard Bioscience, Inc. HBIO After Market Close HARVEST ENERGY TR HTE Time Not Supplied Henan Zhongpin Food Share Co. Ltd HOGS Before Market Open Heska Corporation HSKA Time Not Supplied Home Inns & Hotels Management Inc. HMIN After Market Close Hospitality Properties Trust HPT After Market Close Houston Wire & Cable Company HWCC Time Not Supplied Hydrogenics Corp HYGS Before Market Open Hypercom Corporation HYC Time Not Supplied Hythiam, Inc. HYTM After Market Close INERGY HLDGS LLC NRGP Time Not Supplied INERGY HLDGS LLC NRGP Time Not Supplied INFORMATION SERVICES GROUP INC III 4:30 pm ET InnerWorkings, Inc. INWK After Market Close INNOTEK LIMITED M14.SI Time Not Supplied Innotrac INOC After Market Close Insight Enterprises, Inc. NSIT After Market Close InSite Vision Incorporated ISV After Market Close Inspire Pharmaceuticals ISPH Before Market Open Integrated Electrical Services, Inc. IESC After Market Close Inter Parfums, Inc. IPAR After Market Close INTERMAP TECHNOLOGIES CORPORATION IMP.TO After Market Close INTERSECTIONS INC INTX Time Not Supplied ISCO International, Inc. ISO Time Not Supplied Jaguar Mining Inc. JAG.TO After Market Close John Bean Technologies Corporation JBT After Market Close JUMPTV INC JTV.TO Time Not Supplied Keryx Biopharmaceuticals, Inc. KERX Before Market Open Knology, Inc. KNOL Time Not Supplied Kowabunga! Inc. THK After Market Close Lawson Products LAWS Time Not Supplied LDK Solar Co., Ltd. LDK After Market Close Liberty Media Corporation LINTA Before Market Open LIFESTYLE INTL HLDGS LTD LFSYF.PK Time Not Supplied Loral Space&Communications LORL After Market Close Manitoba Telecom Services MBT.TO Time Not Supplied MannKind MNKD After Market Close MarkWest Energy Partners LP MWE Time Not Supplied McDermott International Inc. MDR After Market Close MCF Corporation MERR After Market Close Medis Technologies Ltd. MDTL Before Market Open Medivation, Inc. MDVN After Market Close Merge Technologies Incorporated MRGE After Market Close Metabolix, Inc MBLX After Market Close MFS TECHNOLOGY 5BM.SI After Market Close MIVA Inc. MIVA After Market Close Motorcar Parts of America, Inc. MPAA Time Not Supplied Napster NAPS After Market Close Natural Resource Partners L.P. NRP Before Market Open Neenah Paper, Inc. NP After Market Close Nelnet NNI After Market Close Newcastle Investment Corp. NCT Before Market Open NIPPONKOA INSURANCE CO NPPKF.PK 02:00 am ET Nuance Communications, Inc. NUAN After Market Close NutraCea NTRZ.OB After Market Close NYFIX NYFX After Market Close OBAGI MEDICAL PRODUCTS INC OMPI Before Market Open OMRIX BIOPHARMACEUTICALS OMRI After Market Close ORBCOMM INC ORBC Time Not Supplied Pacific Ethanol, Inc. PEIX Before Market Open PAION AG PA8.F Time Not Supplied Park-Ohio Holdings Corp. PKOH After Market Close Parkervision, Inc. PRKR After Market Close PDL BioPharma PDLI After Market Close Pepco Holdings, Inc. POM Time Not Supplied PET VALU CDA INC PVC.TO Time Not Supplied PETROBANK ENERGY & RES LTD PBG.TO Time Not Supplied Petrobras PBR Time Not Supplied Pfleiderer AG PFD4.F Time Not Supplied Pfleiderer AG PFD4.F 04:30 am ET PHYSICIANS FORMULA HOLDINGS INC FACE After Market Close PINNACLE AIRLINES CORP PNCL Before Market Open PNM Resources PNM After Market Close Point Blank Solutions, Inc. PBSO.PK After Market Close Progressive Gaming International PGIC After Market Close Proliance Intl. PLI Before Market Open QSC AG QSC.F Before Market Open Radian Group RDN Before Market Open RADNET INC RDNT Time Not Supplied RED BACK MINING INC RBI.TO After Market Close REGENCY ENERGY PARTNERS L P RGNC Before Market Open Rentech Incorporated RTK Time Not Supplied Repros Therapeutics, Inc. RPRX Time Not Supplied San Juan Basin Royalty Trust SJT Time Not Supplied SANDERS MORRIS HARRIS GROUP SMHG Before Market Open Smurfit Kappa Group PLC SKG.L 02:00 am ET SNU PRECISION CO LTD SNUPF.PK Time Not Supplied Sonus Networks SONS After Market Close SouthWest Water SWWC Before Market Open SSCP CO LTD SSCPF.PK Time Not Supplied Stamford Industrial Group, Inc STMF.PK Time Not Supplied Steak n' Shake SNS Time Not Supplied Sterling Construction Company, Inc. STRL Before Market Open Stifel Financial SF After Market Close STONEMOR PARTNERS LP STON Before Market Open SunOpta Inc. STKL Before Market Open Syncora Holdings Ltd. SCA After Market Close SYSCO Corporation SYY Time Not Supplied TARGA RESOURCES PARTNERS LP NGLS Before Market Open Tarragon Corp TARR Time Not Supplied TECHNO RYOWA LTD TYROF.PK 01:00 am ET Telik, Inc. TELK After Market Close Telkonet, Inc. TKO After Market Close Terremark Worldwide, Inc. TMRK Time Not Supplied The Orchard Enterprises, Inc. ORCD Time Not Supplied Thermage THRM After Market Close TICC CAPITAL CORP TICC Time Not Supplied Tokio Marine Holdings, Inc. TKOMY.PK 02:30 am ET TravelCenters of America TA After Market Close TriStar Oil & Gas Ltd. TOG.TO Time Not Supplied Turbochef OVEN After Market Close Unigene Laboratories, Inc. UGNE.OB After Market Close UNITED GROUP LIMITED UGL.AX Time Not Supplied Universal Power Group UPG Before Market Open Uranium Resources URRE Before Market Open VAALCO ENERGY INC EGY After Market Close Valeant Pharmaceuticals International VRX Time Not Supplied Valspar VAL Time Not Supplied VASTE WAARDEN NEDERLAND VWN NV VWAAF.PK Before Market Open Vicor VICR After Market Close VISION GROUP HOLDINGS LIMITED VGH.AX Time Not Supplied Wave Systems Corporation WAVX After Market Close WESDOME GOLD MINES LTD WDO.TO Time Not Supplied WUHAN IRON & STEEL CO LTD 600005.SS Time Not Supplied Xenos Group, Inc. XNS.TO Before Market Open ZCL COMPOSITES INC ZCL.TO Time Not Supplied

Tuesday

Last week, we offered insight into the ICSC-UBS Weekly Same-Store Sales Report. The headline that most press, if any, focused on was the 2.9% year-over-year growth. This was the strongest such growth in quite some time, and so was easy to attribute to economic stimulus checks. However, just a slightly closer look at the report offers important insight. On a week-to-week basis, sales were unchanged, and in light of the fact that stimulus has been distributed, we believe this indicates the stimulus related consumer spending boost is fading. This portends a tough second half of the year for retail and the consumer discretionary sector.

By the way, consumer discretionary stocks moved furthest as a group last week, rising 7.5%. At the same time, soft guidance from Wal-Mart impacted the shares of the retail giant and dampened broader hope. We think you can expect more soft guidance this week from a few of the industry's reports. Noteables reporting earnings include Wal-Mart (NYSE: WMT), Abercrombie & Fitch (NYSE: ANF), JC Penney (NYSE: JCP), Kohl's (NYSE: KSS), Macy's (NYSE: M) and TJX (NYSE: TJX).

We noted previously that China was set to report trade activity. Well, in the U.S., perhaps a market you are more interested in (maybe not), economists see a widened deficit for the month of June. Data will be released on Tuesday, and Bloomberg's consensus of economists is projecting the deficit will expand to $61.5 billion, from $59.8 billion in May. The deficit actually narrowed back in May, thanks to stronger export growth and weakened import growth on a soft dollar. But it looks like all that is about to change. The Treasury Budget is also set for report on Monday. Bloomberg's consensus sees an expansion of the budget deficit to $97.0 billion.

"Greed beats regulatory concern, rock, paper and scissors."

The SEC's naked short-selling rule is set to expire on Tuesday; remember, it had been extended once already, and regulators may view markets stable enough now to return to normal free market activity and standards. Notice has been effectively served to market participants, and perhaps will have longer lasting impact as a result... I doubt it though. Greed beats regulatory concern, rock, paper and scissors.

The International Energy Agency is set to report its monthly oil market report. Just returned from Beijing, President Bush is scheduled to meet with the Coalition for Affordable Energy. Overseas, China will report Consumer Price Inflation, which is seen easing some in July. In India, July Industrial Output is set for release.

Earnings Announcements for Tuesday, August 12 Company Symbol Time 3SBIO INC SSRX After Market Close Aareal Bank AG ARL.F Time Not Supplied ABSOLUTE SOFTWARE CORP ABT.TO Before Market Open ACCORDIA GOLF CO LTD ACGFF.PK 02:00 am ET ACCRETE ENERGY INC GZ.TO Time Not Supplied Achillion Pharmaceuticals Inc. ACHN Time Not Supplied ACI Worldwide, Inc. ACIW Time Not Supplied ACME Communications ACME After Market Close ActivIdentity ACTI Time Not Supplied ADVENTRX PHARMACEUTICALS INC ANX Time Not Supplied Aeterna Zentaris Inc. AEZS After Market Close Agria Corporation GRO Time Not Supplied Air Transport Services Group, Inc. ATSG Time Not Supplied ALBERTA CLIPPER ENERGY INC ACN.TO Time Not Supplied ALLOT COMMUNICATIONS LTD ALLT Time Not Supplied American Bio Medica ABMC After Market Close American DG Energy Inc. ADGE.OB 12:00 pm ET American Medical Alert AMAC Time Not Supplied AMERICAN PUBLIC EDUCATION INC APEI After Market Close AMIL PARTICIPACOES SA AMIL3.SA After Market Close ANVIL MINING LTD AVM.TO Time Not Supplied Apex Silver Mines Limited SIL Before Market Open APN News & Media Limited APN.AX Time Not Supplied Applied Materials AMAT Time Not Supplied Arotech Corporation ARTX After Market Close AUSTRALIAN AGRICULTURAL CO LTD AAC.AX Time Not Supplied AWD Holding AG AWD.F Time Not Supplied AZURE DYNAMICS CORP AZD.TO Time Not Supplied Baytex EnergyTrust BTE Before Market Open Bimini Capital Management, Inc. BMNM.PK Before Market Open BIOSENSORS INTERNATIONAL GROUP B20.SI Time Not Supplied BIRCHCLIFF ENERGY LTD NEW BIR.TO After Market Close Bob Evans Farms BOBE After Market Close Buzzi Unicem SPA BZU.MI Time Not Supplied BWAY Holding Company BWY Time Not Supplied Camtek CAMT Time Not Supplied CARE INVESTMENT TRUST INC CRE Before Market Open Chartwell Seniors Housing REIT CSH-UN.TO Time Not Supplied CHEROKEE INTL CORP CHRK Before Market Open CHINA AGRITECH INC CAGC.OB After Market Close CI Financial Income Fund CIX-UN.TO Time Not Supplied CLP Holdings Limited CLPHY.PK Time Not Supplied COCHLEAR LIMITED COH.AX 12:00 am ET Communication Intelligence CICI.OB Before Market Open COMPANHIA DE CONCESSOES RODOVIARIAS CCRO3.SA Before Market Open Composite Technology Corporation CPTC.OB Time Not Supplied Compton Petroleum CMZ Before Market Open COMVERGE INC COMV Before Market Open CONNACHER OIL & GAS LTD CLL.TO Time Not Supplied CONNORS BROS INCOME FD CBF-UN.TO After Market Close CONSTANT CONTACT INC CTCT Before Market Open CPFL Energia CPL After Market Close CPI Aerostructures CVU Before Market Open Cree Inc. CREE Time Not Supplied Curanum AG BHS.F Time Not Supplied CURASAN AG CUR.F Time Not Supplied Dendreon DNDN Time Not Supplied Denison Mines Corp. DML.TO After Market Close DENTSU INC DNTUY.PK 02:30 am ET DURATEX SA DURA3.SA Before Market Open Elbit Systems ESLT Before Market Open Eletrobras-Centrais Electricas Brasileiras S.A. CAIGY.PK Time Not Supplied ENERGY RECOVERY INC ERII After Market Close ETTEPLAN OYJ ETTPF.PK Time Not Supplied Finning International Incorporated FTT.TO 1:00 pm ET FIRST NICKEL INC FNI.TO Time Not Supplied First Quantum Minerals Ltd. FM.TO Time Not Supplied Fortress International Group Inc. FIGI Time Not Supplied FORTUNET INC FNET Time Not Supplied Fossil, Inc. FOSL Before Market Open FUJISASH CO LTD FJHLF.PK 02:00 am ET Funkwerk AG FEW.F Time Not Supplied G&K Services GKSR Before Market Open GBS Gold International Inc. GBS.TO Time Not Supplied Geberit AG GEBN.VX 01:00 am ET GigaMedia Limited GIGM Before Market Open Global Options GLOI Before Market Open GOL LINHAS AEREASINTELIGENTES GOLL4.SA Before Market Open Haltec Corp HLTCF.PK 02:00 am ET HearUsa EAR Time Not Supplied HemaCare Corporation HEMA.OB Time Not Supplied HILLENBRAND INC HI Before Market Open Hong Kong Highpower Tech Inc HPJ After Market Close Hunter Douglas N.V. HDG.AS 02:00 am ET Iam Gold Corporation IAG Before Market Open Icahn Enterprises L.P. IEP Time Not Supplied ICOP DIGITAL INC ICOP Time Not Supplied Image Entertainment DISK After Market Close Inhibitex, Inc. INHX Time Not Supplied INSULET CORPORATION PODD After Market Close Intelli-Check IDN Before Market Open InterContinental Hotels Group IHG.L Before Market Open IPC THE HOSPITALIST COMPANY INC IPCM After Market Close IRIDEX IRIX After Market Close ITURAN LOCATION & CONTROL ITRN Before Market Open JA Solar Holdings Co., Ltd. JASO Before Market Open Kinross Gold KGC After Market Close LAENNEN TEHTAAT LNTTF.PK Time Not Supplied Langer GAIT Time Not Supplied LEON'S FURNITURE LTD LNF.TO Time Not Supplied Leoni AG LEO.F Time Not Supplied LEROY SEAFOOD GROUP ASA LSG.OL Before Market Open Limelight Networks, Inc. LLNW Time Not Supplied LONGTOP FINL TECHNOLOGIES LTD LFT After Market Close LPP SA GDANSK LPGDF.PK Time Not Supplied LUZHOU LAO JIAO CO 000568.SZ Time Not Supplied Magellan Aerospace MAL.TO Before Market Open Meadow Valley MVCO Before Market Open Medion AG MDN.F Time Not Supplied Microfluidics International Corporation MFIC.OB Before Market Open Mobile Telesystems MBT 07:00 am ET MonoGen, Inc. MOG.TO After Market Close MULTIQ INTERNATIONAL AB MULQ.ST Time Not Supplied NEO MATERIAL TECHNOLOGIES INC NEM.TO Time Not Supplied NETREVELATION AB NETR.ST Time Not Supplied NEVSUN RES LTD NSU Time Not Supplied Norse Energy Corp. ASA NEC.OL 02:30 am ET Northcore Technologies Inc. NTI.TO After Market Close NUCRYST PHARMACEUTICALS CORP NCST After Market Close Nventa NVN.TO Time Not Supplied NVIDIA Corporation NVDA After Market Close P&F Industries PFIN Before Market Open PETROFALCON CORP PFC.TO Time Not Supplied Pharmathene PIP Time Not Supplied Phoenix Footwear Group PXG After Market Close QUEST RESOURCE CORP QRCP Before Market Open RAILPOWER TECHNOLOGIES CORP P.TO Time Not Supplied Rational AG RAA.F Time Not Supplied Ready Mix, Inc. RMX Before Market Open RENEWABLE ENERGY CORP AS RNWEF.PK 01:00 am ET RESPONSE GENETICS INC RGDX After Market Close Rheinmetall AG RHM.F Time Not Supplied RODMAN & RENSHAW CAP GP INC RODM Before Market Open RONA Inc RON.TO Time Not Supplied ROTHMANS INC ROC.TO Time Not Supplied ROYAL HOST REAL ESTATE INVT TR RYL-UN.TO Time Not Supplied SatCon Technology Corp. SATC After Market Close Schiff Nutrition International, Inc. WNI Time Not Supplied SEMAFO INC SMF.TO After Market Close SENORX INC SENO Before Market Open SHIMANO INC SHMDF.PK 02:30 am ET SIGA Technologies SIGA Before Market Open SINO FST CORP TRE.TO Before Market Open Sonic Solutions SNIC After Market Close SpareBank 1 Nord-Norge NONG.OL Time Not Supplied Spectrum Pharmaceuticals Inc SPPI Time Not Supplied SRA International, Inc. SRX After Market Close STARPHARMA HLDGS LTD SPHRF.PK Time Not Supplied Stillwater Mining Company SWC Time Not Supplied STRAITS TRADING CO S20.SI Time Not Supplied STYLIFE CORP TOKYO SYLFF.PK Time Not Supplied Suess Microtec AG SMH.F Time Not Supplied Suess Microtec AG SMH.F Time Not Supplied Superconductor Technologies SCON Before Market Open Supreme Industries STS Before Market Open Sydbank A/S SYDB.CO Time Not Supplied SYGNIS Pharma AG LIO.F Time Not Supplied Taseko Mines TGB After Market Close The TJX Companies, Inc. TJX Before Market Open Thomson Reuters Corporation TRI Time Not Supplied Time Warner Telecom TWTC Time Not Supplied Titan Pharmaceuticals TTP Before Market Open Towerstream Corporation TWER Before Market Open TRI-S SECURITY CORP TRIS After Market Close TRINIDAD DRILLING LTD TDG.TO Before Market Open TUCOWS INC TCX Time Not Supplied UBS UBS Time Not Supplied ULTRAPETROL BAHAMAS LTD ULTR After Market Close UNIVERSAL ENERGY GROUP LTD UEG.TO Time Not Supplied VANGUARD NATURAL RESOURCES LLC VNR Before Market Open VeraSun Energy Corp. VSE Before Market Open VERENEX ENERGY INC VNX.TO Before Market Open Vestfyns Bank A/S VEFY.CO Time Not Supplied Watson Wyatt Worldwide WW Before Market Open Weir Group plc WEIR.L Before Market Open WorleyParsons Ltd. WOR.AX Time Not Supplied Zapata Corporation ZAP After Market Close

Wednesday

The most important news of the week might arrive on Wednesday in the Retail Sales Report for July. The economists' consensus sees no change in monthly sales, but when excluding the big ticket AND distressed auto sector, sales are seen increasing 0.5%. Sales that included autos rose just 0.1% in June, but auto weakness should play a significant role in the figure this time around.

We heard a retail analyst interviewed on Friday say something silly. She said that she thought consumers may have stashed their stimulus checks away, and that they might spend the money when needed most, like during the "back to school" shopping season. We view "back to school" as a clear seasonal factor that will drive August stronger than the months heading into it. We think this has nothing to do with the stashing away of cash, but more to do with parents' views regarding the purchase of necessary tools for their childrens' education. That said, we anticipate less money will be spent for apparel this year than might have been spent otherwise. Still, don't forget that the population has grown, and so there is natural growth to be offset by the impact of economic softness.

Import Prices are expected to have risen a full percentage point in July, clearly impacted by oil prices. We should have something to look forward to in August though, as commodity prices, especially oil, have thus far eased sharply. July's increase would already prove significantly off the June price increase of 2.6%, if it meets economists' forecast.

Each time we discuss inventory reports, we note that the sales relative to inventories ratio is much more important. Business Inventories for June are due on Wednesday, and expected to increase 0.5%. We do not have a forecast for the ratio to sales, but we can compare to May, which posted an inventory increase of 0.3%.

Wednesday produces two regular weekly reports that we should note here; those being: the Mortgage Bankers Association Purchase Applications, noting weekly mortgage activity; and
the EIA Petroleum Status Report, which is currently much more likely to move the market. Last week's reported inventory build of 1.7 million barrels of oil, despite a recent draw in gasoline stores, only supported the move in oil lower through the end of the week.

Overseas, Japanese Q2 GDP is expected to contract by 0.6%, according to Barron's. Your earnings schedule includes:

Earnings Announcements for Wednesday, August 13 Company Symbol Time Abraxis Biosciences, Inc. ABII Before Market Open ACRODEA INC TOKYO ACDEF.PK Time Not Supplied Acta Holding ASA ACTA.OL Before Market Open Advanced Info Service PLC AVIFY.PK After Market Close AEGEAN MARINE PETROLEUM NETWORK INC ANW After Market Close ALLEN VANGUARD CORP VRS.TO Time Not Supplied Amsterdam Molecular Therapeutics AMT.AS Time Not Supplied Amtech Systems ASYS After Market Close ANGANG STEEL CO LTD ANGGF.PK Time Not Supplied APPTIX ASA APP.OL Time Not Supplied Arcandor AG ARO.F Time Not Supplied ARYx Therapeutics ARYX Time Not Supplied ATS Automation Tooling Systems Inc ATA.TO Before Market Open Avalon Pharmaceuticals AVRX Time Not Supplied Axel Springer AG SPR.F Time Not Supplied AXS-One Inc AXSO.OB After Market Close Babcock & Brown Air Ltd FLY Before Market Open Balfour Beatty plc BBY.L Time Not Supplied BEAUTY CHINA HOLDINGS LIMITED BTYCF.PK Before Market Open BERENS ENERGY LTD BEN.TO Before Market Open Biovail Corporation BVF Time Not Supplied Bluefly BFLY After Market Close BOOM LOGISTICS LTD BOL.AX Time Not Supplied British Energy Group plc BGY.L Before Market Open Brocade Communications Systems, Inc. BRCD Before Market Open CACI International CAI After Market Close CAE CGT Time Not Supplied Canadian Solar Inc. CSIQ Before Market Open CardioTech International CTE Before Market Open CELLCOM ISRAEL LTD CEL Before Market Open CHINA GRENTECH CORP LTD GRRF After Market Close CHINA INFORMATION SEC TECH INC CPBY Time Not Supplied CHINA SHIPPING DVLPMNT CO LMTD 1138.HK Time Not Supplied CIPHER PHARMACEUTICALS INC DND.TO Before Market Open City Developments Limited CDEVY.PK 10:30 pm ET CLEAN ENERGY FUELS CORP CLNE After Market Close CombiMatrix Corporation CBMX After Market Close Commonwealth Bank of Australia CBA.AX Time Not Supplied Companhia Paranaense de Energia (Copel) ELP Time Not Supplied COMPUTERSHARE LTD CPU.AX Time Not Supplied CORRIDOR RES INC CDH.TO After Market Close CORRIENTE RES INC ETQ Time Not Supplied Crew Gold Corporation CRUGF.PK Before Market Open Ctrip.com International, Ltd. CTRP After Market Close CVR ENERGY INC CVI After Market Close Deere & Company DE Time Not Supplied Deutz AG DEZ.F Time Not Supplied DOM DEVELOPMENT SA DMDVF.PK Time Not Supplied Dr Pepper Snapple Group, Inc. DPS Before Market Open DUVERNAY OIL CORP DDV.TO After Market Close East Asiatic Company Ltd A/S EAC.CO Time Not Supplied EASYHOME LTD EH.TO After Market Close ELIXIR GAMING TECHNOLOGIES INC EGT Before Market Open Elmos Semiconductor AG ELG.F Time Not Supplied ENDEAVOUR SILVER CORP EDR.TO 4:00 pm ET Entorian Technologies Inc. ENTN After Market Close ERG SpA ERG.MI Time Not Supplied Fletcher Building Limited FRCEF.PK Time Not Supplied Full House Resorts FLL After Market Close GALAXY NUTRITIONAL FOODS INC GXYF.OB Before Market Open GEOEYE INC GEOY Before Market Open Gildan Activewear GIL Before Market Open Gold Eagle Mines Ltd. GEA.TO Time Not Supplied Great Basin Gold GBN Before Market Open GronlandsBANKEN A/S GRLA.CO Time Not Supplied GVI Security Solutions Inc. GVSS.OB Time Not Supplied H. Lundbeck A/S LUN.CO Time Not Supplied Hang Lung Group Limited HNLGY.PK Time Not Supplied HAW PAR CORP LTD H02.SI Time Not Supplied HIGASHI NIPPON BANK LTD HGGFF.PK 03:00 am ET Holmen AB HOLMA.ST Time Not Supplied Hypo Real Estate Holdings AG HREHF.PK Time Not Supplied IGNIS ASA IGNIS.OL Before Market Open ING Canada IIC.TO Before Market Open ING Groep NV ING 01:30 am ET Interleukin Genetics ILI Time Not Supplied Interlink Electronics LINK.PK Time Not Supplied Interoil Corp. IOC After Market Close Interserve plc IRV.L Before Market Open inTEST Corporation INTT After Market Close Intrusion, Inc. INTZ.OB After Market Close K+S AG SDF.F Time Not Supplied KHD HUMBOLDT WEDAG INTL LTD KHD Before Market Open Korea Electric Power KEP Time Not Supplied Liz Claiborne LIZ Before Market Open LUNDIN PETROLEUM AB LNDNF.PK Time Not Supplied Macy's, Inc. M Before Market Open Magnetek MAG Before Market Open MDU COMMUNICATIONS INTL IN MDTV.OB Time Not Supplied MEDICAL FACILITIES CORP DR-UN.TO Before Market Open Memory Pharmaceuticals Corp. MEMY Before Market Open MIPS Technologies MIPS Time Not Supplied MLP AG MLP.F Time Not Supplied Mullen Group Income Fund Trust MTL-UN.TO 08:30 am ET Munters AB MTRS.ST 02:00 am ET NetApp, Inc. NTAP Time Not Supplied NetEase.com Inc NTES After Market Close Odfjell ASA ODF.OL Before Market Open Onex Corp. OCX.TO Time Not Supplied Orkla ASA ORK.OL 01:00 am ET PAETEC Holding Corp. PAET After Market Close Pan American Silver PAAS 05:00 am ET PARKWAY HOLDINGS P27.SI Time Not Supplied Peco II, Inc. PIII Before Market Open PEOPLE'S LIBERATION INC PPLB.OB After Market Close PEOPLES FOOD HLDGS PFDHF.PK Time Not Supplied PETRA FOODS LTD PEFDF.PK Time Not Supplied Photronics PLAB Before Market Open Power Medical Intervention, Inc. PMII After Market Close Proxim Wireless Corporation PRXM After Market Close PURE ENERGY SVCS LTD PSV.TO Before Market Open Quixote QUIX Time Not Supplied Relm Wireless Corporation RWC After Market Close Ruecker AG RUK.F Time Not Supplied SALMAR ASA SALM.OL 02:00 am ET SBS TRANSITLTD S61.SI After Market Close SILVERCORP METALS INC SVM.TO After Market Close SINOVAC BIOTECH LTD SVA Time Not Supplied SKIENS AKTIEMOLLE SKI.OL Before Market Open SMTC Corporation SMTX Time Not Supplied Specialty Fashion Group SFH.AX Time Not Supplied Spire SPIR Time Not Supplied Spreadtrum Communications SPRD After Market Close Stada Arzneimittel AG SAZ.F Time Not Supplied Storebrand ASA STB.OL 02:00 am ET Technology Solutions Company TSCC After Market Close TechTarget, Inc. TTGT After Market Close TECNOMEN OYJ TEOYF.PK Time Not Supplied Tegal Corporation TGAL After Market Close THIELERT AG HAMBURG THLRF.PK Time Not Supplied Track Data TRAC Time Not Supplied Tribune TXA Time Not Supplied Uranium One Inc. UUU.TO Before Market Open Uruguay Mineral Exploration, Inc. UME.V Time Not Supplied WEBZEN INC WZEN Time Not Supplied WESTERN CANADIAN COAL CORP WTN.TO After Market Close WESTERN GAS PARTNERS LP WES Time Not Supplied WNS Holdings Ltd. WNS Time Not Supplied WuXi PharmaTech Co., Ltd. WX After Market Close Xenonics Holdings, Inc. XNN Before Market Open Zurich Financial Services ZFSVF.PK Time Not Supplied

Thursday

Thursday offers two power packed reports, more than making up for the light overall data load. Weekly Initial Jobless Claims jumped last week to 455K, and has been running much hotter lately. Recent data seems to indicate that companies have done their best to limit worker hours, but have stretched that tool to the limit. This means more layoffs could be in store for the months ahead; this is because public companies are under shareholder pressure to maximize shareholder return, i.e. earnings.

The Consumer Price Index is due for release for the month of July. Inflation seems to be falling right into the hands of Ben Bernanke, with the whole economic scenario painting him a genius. We have not decided if he would be an accidental genius or pure one, but we have to admit, the situation seems to be playing out as he noted it should. The Headline CPI is seen rising 0.4%, with the core (ex-food and energy) expected to increase 0.2%. In June, prices rose 1.1% and 0.3%, respectively.

The Fed President of Minneapolis, Gary Stern, is set to address a group on the topic of "Repercussions from the Financial Shock." The EIA Natural Gas Report is due at the regular 10:30 report time. Your earnings schedule includes:

Earnings Announcements for Thursday, August 14 Company Symbol Time A.D.A.M., Inc. ADAM Before Market Open A.P. Pharma Inc. APPA Before Market Open ACCA NETWORKS CO LTD TOKYO ACNWF.PK 02:00 am ET ACCENTIA BIOPHARMACEUTICALS ABPI Time Not Supplied ACTION PRODS INTL INC APII Time Not Supplied ADVANCE RESIDENCE INVT CORP AVREF.PK 02:00 am ET Advanced Life Sciences Inc. ADLS Before Market Open Agilent Technologies Inc. A After Market Close Algonquin Power Income Fund APF-UN.TO Time Not Supplied Alseres Pharmaceuticals ALSE Before Market Open AmBev - Companhia de Bebidas Das Americas ABV Time Not Supplied ANATOLIA MINERALS DEV LTD ALIAF.PK Time Not Supplied Antares Pharma, Inc. AIS Before Market Open ARGYLE SECURITY INC ARGL.OB Before Market Open ART ADVANCED RESH TECH INC NEW ARA.TO After Market Close ASX LTD ASXFF.PK Time Not Supplied Autodesk, Inc. ADSK Time Not Supplied BANKERS PETROLEUM LTD BNK.TO Time Not Supplied Banks Com Inc BNX Time Not Supplied Beate Uhse USE.F Time Not Supplied Bechtle AG BC8.F Time Not Supplied Beru AG BZL.F Time Not Supplied Birner Dental Management Services BDMS Time Not Supplied BlackRock World Mining Trust PLC BRWM.L Before Market Open Blonder Tongue Laboratories BDR Time Not Supplied Boardwalk Equities BEI-UN.TO Time Not Supplied Briggs & Stratton Corporation BGG Before Market Open Broadridge Financial Solutions, Inc. BR Before Market Open Building Materials Holding Corporation BLG Time Not Supplied Cameco CCJ Before Market Open Canadian Hydro Developers, Inc. KHD.TO 1:00 pm ET CASTLE BRANDS INC ROX After Market Close CENTRAL PATTANA PUBLIC CO LTD CPPQF.PK Time Not Supplied CENTROTEC Sustainable AG CEV.F Time Not Supplied CENTROTHERM-PV CTN.F Time Not Supplied CHALLENGER DIVERSIFIED PPTY CLDUF.PK Time Not Supplied Constar, Inc. CNST Before Market Open COPA HOLDINGS SA CPA Before Market Open CORETRONICS CORP 5371.TWO Time Not Supplied Craft Brewers Alliance, Inc. HOOK Time Not Supplied CRUSADER ENERGY GROUP INC KRU Before Market Open CSE GLOBAL LTD 544.SI Time Not Supplied D Logistics AG LOI.F Time Not Supplied D+S europe AG DSJ.F Time Not Supplied Delphax Technologies DLPX.PK Before Market Open Derma Sciences DSCI.OB Before Market Open Deutsche Euroshop AG DEQ.F Time Not Supplied DeVry DV After Market Close DPAC Technologies Corp. DPAC.OB Time Not Supplied EASTERN PLATINUM LTD ELR.TO Before Market Open Elizabeth Arden RDEN Before Market Open Ener1, Inc. HEV Before Market Open Enerflex Systems Ltd. EFXFF.PK After Market Close ENERGEM RES INC ENM.TO Time Not Supplied ErSol Solar Energy AG ES6.F Time Not Supplied EUROPEAN GOLDFIELDS LTD EGU.TO Before Market Open EXXARO RES LTD EXXAF.PK Before Market Open FIRST PHILIPPINE HOLDINGS CORP FPHHF.PK Time Not Supplied FJA AG FJH.F Time Not Supplied Flowers Foods FLO Before Market Open Focus Enhancements FCSE After Market Close FUBON FINANCIAL HOLDING CO. LTD. 2881.TW Time Not Supplied Fundtech Corporation FNDT Before Market Open FUTURIS CORP FCL.AX Time Not Supplied GAFISA S A GFA After Market Close GeoPharma, Inc. GORX After Market Close GLOBAL SOURCES LIMITED GSOL Before Market Open Glowpoint, Inc. GLOW.OB After Market Close GOLAR LNG LTD BERMUDA GLNG Before Market Open GOLDEN MEDITECH COMPANY LTD GMDTF.PK Time Not Supplied Grande Cache Coal Corp. GCE.TO Time Not Supplied GROUPE AEROPLAN INC AER.TO Before Market Open H&R WASAG AG WAS.F Time Not Supplied Hanover Capital Mortgage Holdings HCM Time Not Supplied Harman International Industries HAR Time Not Supplied Hauppauge Digital HAUP Time Not Supplied Head NV HEDYY.PK Time Not Supplied HEARTWARE LTD HTW.AX Time Not Supplied Henry Bros. Electronics, Inc. HBE Time Not Supplied HIGH RIVER GOLD MINES LTD HRG.TO After Market Close Hochtief AG HOT.F Time Not Supplied HOTEL GRAND CENTRAL LTD HOGLF.PK Time Not Supplied HTL INTERNATIONAL HOLDINGS H64.SI Time Not Supplied I / O Magic Corporation IOMG.OB Time Not Supplied iLinc Communications ILC Before Market Open Inbev INB.BR 01:00 am ET InfoSonics Corporation IFON Time Not Supplied init innovation in traffic systems AG IXX.F Time Not Supplied Integralis AG AAGN.F Time Not Supplied INTER CARS SA ICRSF.PK Time Not Supplied INTERNATIONAL ROYALTY CORP ROY Time Not Supplied ISB CORPORATION ISBPF.PK Time Not Supplied IVERNIA INC IVW.TO Time Not Supplied IVG Holding AG IVGHF.PK Time Not Supplied J. M. Smucker Company SJM Before Market Open Jacada Ltd. JCDA Before Market Open JINSHAN GOLD MINES INC JIN.TO Time Not Supplied Jungheinrich AG JUN3.F Time Not Supplied KIT DIGITAL INC KITD.OB Before Market Open Koenig & Bauer AG SKB.F Time Not Supplied Kohls Corporation KSS After Market Close Kongsberg Gruppen ASA KOG.OL Time Not Supplied KONGZHONG CORP KONG After Market Close Landesbank Berlin Holding AG BEB2.F Time Not Supplied LEIGHTON HOLDINGS LTD LEI.AX Time Not Supplied Linamar Corp. LNR.TO Before Market Open Logica Plc LOG.L Before Market Open LPath, Inc. LPTN.OB Time Not Supplied MAXIM Power Corp. MXG.TO Time Not Supplied Mega Bloks Inc. M3H.BE Before Market Open Mega Brands Inc. MB.TO Before Market Open MINEFINDERS LTD MFN Time Not Supplied MINRAD INTL INC BUF Time Not Supplied MONDO TV SPA MTV.MI Time Not Supplied NANOSPHERE INC NSPH After Market Close NEW GOLD INC CDA NGD Time Not Supplied New Horizons Worldwide, Inc. NEWH.OB Time Not Supplied NEXTECH CORP TOKYO NXCCF.PK 02:00 am ET NIHON SEIMA CO LTD NHSCF.PK 02:00 am ET Nordstrom JWN After Market Close North American Energy Partners Inc. NOA Time Not Supplied Northern Dynasty Minerals Ltd. NAK After Market Close Northfield Labs NFLD Time Not Supplied Novozymes A/S NVZMF.PK Time Not Supplied Oplink Communications OPLK After Market Close Orix Corporation IX 02:30 am ET PET DRX CORPORATION VETS After Market Close Pharmacyclics PCYC After Market Close PMP LIMITED PMP.AX Time Not Supplied Pressure BioSciences PBIO Time Not Supplied PROTECTIVE PRODS AMER INC PPA.TO Time Not Supplied Psion plc PON.L 02:00 am ET Q FREE ASA QFR.OL Time Not Supplied QUADRA MINING LTD QUA.TO Before Market Open RAND LOGISTICS INC RLOG Before Market Open Red Robin Gourmet Burgers, Inc. RRGB Time Not Supplied Renegy Holdings, Inc. RNGY After Market Close REpower Systems AG RPW.F Time Not Supplied Rick's Cabaret Int'l, Inc RICK Time Not Supplied RIEBER & SON ASA RIE.OL 01:30 am ET Ringkjobing Bank A/S RIBA.CO Time Not Supplied ROYAL GOLD INC RGLD Before Market Open RSDB NV RSDB.AS 02:30 am ET SAI GLOBAL LIMITED SAI.AX Before Market Open Salzgitter AG SZG.F Time Not Supplied Sao Paulo Alpargatas ALPA3.SA After Market Close SAS AB SAS.ST 02:00 am ET SCANA INDUSTRIER ASA SCI.OL Time Not Supplied Secunet Security Networks AG YSN.F Time Not Supplied Selectica SLTC After Market Close SHIN CORPORATION SHNZY.PK Time Not Supplied Sixt AG SIX2.F Time Not Supplied Skjern Bank A/S SKJE.CO Time Not Supplied Sociedad Quimica y Minera de Chile SA SQM Time Not Supplied Solarworld AG SWV.F Time Not Supplied SRA HOLDINGS INC TOKYO SRHLF.PK 03:00 am ET ST GALLER KANTONALBANK SGKBF.PK Time Not Supplied STEEL & TUBE HLDGS STU.NZ Time Not Supplied STELLA JONES INC SJ.TO Before Market Open Stockland Trust Group SGP.AX Time Not Supplied STORM EXPLORATION INC SEO.TO Time Not Supplied STW COMMUNICATIONS GROUP LIMITED SGN.AX Time Not Supplied Sucampo Pharmaceuticals, Inc SCMP Time Not Supplied Syneron Medical Ltd. ELOS Before Market Open TAM S.A. TAM Time Not Supplied TANGANYIKA OIL COMPANY LTD TYK.V Time Not Supplied Telanetix, Inc. TNXI.OB Time Not Supplied TELECOM EGYPT TEGPF.PK Time Not Supplied TELECOMPUTING ASA TCO.OL Before Market Open THAI RUNG UNION CAR PUB CO LTD THUUF.PK Time Not Supplied The Estée Lauder Companies Inc. EL Before Market Open ThyssenKrupp AG TKA.F Time Not Supplied TONG REN TANG TECHNOLOGIES CO 8069.HK Time Not Supplied Totalbanken A/S TOTA.CO Time Not Supplied Tractebel Energia S.A. TBLEY.PK After Market Close TUI AG TUY.F Before Market Open U S-China Industrial Ex. CHDX Before Market Open UMS United Medical Sys Intl AG UMS.F Time Not Supplied Urban Outfitters URBN Before Market Open USIMINAS- Usinas Siderurgicas de Minas Gerais S/A USNZY.PK Before Market Open VanceInfo Technologies Inc. VIT Time Not Supplied VEIDEKKE VEI.OL Time Not Supplied Versatel AG VTW.F Time Not Supplied Vivacon AG VIA.F Time Not Supplied Vordingborg Bank A/S VORD.CO Time Not Supplied Wal-Mart Stores Inc. WMT Time Not Supplied WidePoint WYY Time Not Supplied WILMAR INTL LTD WLMIF.PK Time Not Supplied WMH WALTER MEIER HLDG AG STAEF WMHMF.PK Time Not Supplied Young Broadcasting YBTVA Before Market Open ZYGO ZIGO After Market Close

Friday

Chicago Fed President Charles Evans reaches an audience Friday, as he discusses the economic outlook. Before the market open, look for July's Industrial Production Report. Production is expected unchanged, while capacity utilization is seen slipping to 79.8%, from 79.9% in the prior month.

The Empire State Manufacturing Survey, which measures New York area manufacturing health, is expected by economists to read negative 2.8. In July, the metric read minus 4.9. As is clearly implied by the arithmetic sign, a negative number is bad news. Consumer Sentiment, via the University of Michigan/Reuters, is actually expected to improve slightly to 62.0, from 56.6 in July. Closing the week out, Treasury International Capital will measure the demand for U.S. assets.

Markets will be closed in India and South Korea, but earnings in the U.S. include the following:

Earnings Announcements for Friday, August 15 Company Symbol Time Abercrombie & Fitch Co. ANF Before Market Open AURORA ENERGY RES INC AXU.TO After Market Close AXCESS INTL INC AXSI.OB Time Not Supplied BIRKA LINE SQC.BE Time Not Supplied Capital Properties CPI Time Not Supplied CHINA-BIOTICS INC CHBT.OB Time Not Supplied Delta Apparel Inc. DLA Before Market Open Ekornes ASA EKO.OL Time Not Supplied F. VAN LANSCHOT BANKIERS NV LANS.AS 01:30 am ET GENTRY RES LTD GNY.TO Time Not Supplied Global Unichip Corp 3443.TW Time Not Supplied HUBWOO.COM HBW.PA Time Not Supplied INSTITUTE OF DRUG TECH AUSTRAL IDT.AX Time Not Supplied INTERNATIONAL STEM CELL CORP ISCO.OB Time Not Supplied JCPenney JCP Before Market Open KITRON ASA KIT.OL Time Not Supplied Level 8 Systems CICN.OB Time Not Supplied LPKF Laser & Electronics AG LPK.F 02:00 am ET Marine Harvest ASA MHG.OL Time Not Supplied Masterflex AG MZX.F Time Not Supplied MUEHLHAN AG M4N.F Time Not Supplied New York & Company Inc. NWY Before Market Open PhotoCure ASA PHO.OL Time Not Supplied PINNACLE GAS RESOURCES INC PINN Time Not Supplied PT BERLIAN LAJU TANKER TBK PBLJF.PK Time Not Supplied QGX LTD QGX.TO Time Not Supplied RegeneRx Biopharmaceuticals, Inc. RGN Time Not Supplied RIZAL COMMERCIAL BANKING CORP RZLCF.PK Time Not Supplied Schibsted ASA SCH.OL 01:00 am ET SEDONA Corporation SDNA.OB Time Not Supplied ShengdaTech Inc. SDTH Time Not Supplied TelePlus World, Corp TLPE.OB Time Not Supplied TRX INC TRXI Before Market Open Vestas Wind Systems A/S VWS.CO Time Not Supplied WSP Holdings Ltd WH Time Not Supplied ZAPF Creation AG ZPF.F Time Not Supplied

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