Wall Street Greek: Week Ahead: 9/11 Remembered

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9/11 Remembered

wall street the greek personal experience of 911

The close of this week will be a solemn one as we remember the tragedy of eight years ago. No economic report, no earnings release could play more importantly this week than our sad memories from that surreal morning. It scarred every one of us Wall Streeters for life, and it will live on with us for the rest of our days.

If you know someone who was impacted by the horror of that day, the witnesses of the wicked unveiling, do us a favor and help us through the day. It's never going to be easy for us, because we will never be able to wipe those horrid memories away. We will never get that smell of jet fuel and ash out from our noses. We will never heal the blisters from the bottom of our feet. We will never get the image of our brothers and sisters out of our minds, who chose jumping to their certain death over the excruciating pain of that unnatural hell fire. Please bear with us, as no number of years will heal our wounds completely, since they are torn open again each year. You can read "The Greek's" account of 9/11 via the link here.

God bless the innocent, heal the wounds of the witnesses; let him bring peace to the families and justice to the wicked.

The Week Ahead

Monday

While markets were closed in the US and Canada for the celebration of Labor Day, central bank heads from important industrialized and emerging nations met in Switzerland to discuss global economic issues. Also, the World Nuclear Association held its annual gathering in London.

Tuesday

Business resumes on Tuesday with the International Council of Shopping Centers' (ICSC) Weekly Same-Store Sales data release. In the most recent reading for the period ended on August 29, week-over-week sales fell 0.5%, compared to the 0.6% increase reported in the week just prior. The year-over-year change in sales amounted to -0.7%, versus a 0.2% decline in the prior year period. This data is supposedly adjusted for calendar shifts, like that for Labor Day and the start of the school season (read "back to school" shopping implication), but judging by the steep weekly change just seen, we're not so sure the ICSC has covered for it completely. With Labor Day falling at the latest possible time this year, more shopping might have been pushed forward a week to this coming week's data. The proof will be in the pudding, so look for a rise in the numbers this week if so.

Later in the day, the World Economic Forum is expected to publish its Global Competitiveness Report. At 3:00 PM, the Federal Reserve releases its monthly Consumer Credit Report for July. This measure of consumer credit outstanding is expected to show further contraction. This trend has extended from the fourth quarter of 2008 through Q2 2009. Economists are looking for a $4.0 billion cut back in July, versus the $10.3 billion contraction seen in June.

General Motors (NYSE: GM) is scheduled to meet to discuss the potential sale of Opel. Baker Hughes issues its August international rig count, and the earnings per share schedule includes news from Aerovironment (Nasdaq: AVAV), Alloy (Nasdaq: ALOY), C&D Technologies (NYSE: CHP), Casey's General Stores (Nasdaq: CASY), Flow International (Nasdaq: FLOW), FuelCell Energy (Nasdaq: FCEL), Mitcham Industries (Nasdaq: MIND), Nobel Learning (Nasdaq: NLCI), Palatin Technologies (AMEX: PTN), Pep Boys (NYSE: PBY), Rosetta Genomics (Nasdaq: ROSG), Smithfield Foods (NYSE: SFD) and Xinyuan Real Estate (NYSE: XIN).

Wednesday

President Obama will address Congress on the topic of health care reform. This could prove a good opportunity for the President to bring attention to his rivals who stand against it. A Massachusetts committee hears testimony regarding a plan to choose an interim replacement for Ted Kennedy's seat in the US Senate.

Three reports are due on Wednesday, starting with the regular Mortgage Applications data in the pre-market. The Mortgage Bankers Association's Weekly Applications Survey was last reported on September 2nd for the week ended August 28. The MBA publication indicated activity eased slightly in the last measured period. The Market Composite Index retraced ground by 2.2%, as the Purchase Index fell 1.0% from the prior week's tally. The Refinance Index decreased a more significant 3.1%, despite a more attractive average contract interest rate on 30-year fixed rate mortgages. 30-year rates fell to 5.15% that week, from 5.24%, and the average contract rate on 15-year fixed rate mortgages fell slightly to 4.57%.

Q2's Quarterly Services Survey is due at 10:00 a.m. In Q1 2009, Information revenue fell 0.9% against the prior quarter, and 3.2% when compared to the prior year condition.

The Fed's Beige Book for August is due at its usual 2:00 p.m. report time. The latest report for the FOMC meeting of early August showed a generally stabilizing economy, though still soft retail, commercial real estate and labor markets. Generally following an FOMC meeting, Fed presidents go on parade, so to speak. Pay attention to what they say, because much can be gleaned about the collective Fed's mindset. Chicago Fed President Charles Evans is slated to talk about inflation before the Council on Foreign Relations. Also, Dallas Fed Boss Richard Fisher will address a group in Texas on Wednesday.

OPEC is meeting to discuss production output, but the general feel is that the group will keep rates of flow steady. The EIA's Petroleum Status Report will be moved to Thursday this week, due to the Labor Day holiday.

The FDA will consider GlaxoSmithKline's (NYSE: GSK) vaccine against HPV in females. Apple (Nasdaq: AAPL) may introduce a new iPod Touch and Nanos with cameras on this day, while Texas Instruments (NYSE: TXN), Newfield Exploration (NYSE: NFX) and Owens Corning (NYSE: OC) hold shareholder meetings. At the same time, McDonald's (NYSE: MCD) will report on its August sales.

The EPS schedule includes Globecomm Systems (Nasdaq: GCOM), Hi-Tech Pharmacal (Nasdaq: HITK), Investors Real Estate (Nasdaq: IRET), K12 Inc. (NYSE: LRN), Korn Ferry Int'l (NYSE: KFY), Lakeland Industries (Nasdaq: LAKE), Luna Innovations (Nasdaq: LUNA), Mediware Information Systems (Nasdaq: MEDW), Men's Wearhouse (NYSE: MW), NCI Building Systems (NYSE: NCS), Ocean Power Technologies (Nasdaq: OPTT), Rex Stores (NYSE: RSC), Rural/Metro (Nasdaq: RURL), Shuffle Master (Nasdaq: SHFL), Signet Jewelers (NYSE: SIG), Smith & Wesson Holding Corp. (Nasdaq: SWHC), Spartech (NYSE: SEH), Streamline Health Solutions (Nasdaq: STRM), Talbots (NYSE: TLB), Titan Machinery (Nasdaq: TITN), United Natural Foods (Nasdaq: UNFI) and Zale Corporation (NYSE: ZLC).

Thursday

Weekly Initial Jobless Claims have eased off of the year's highs, but have since steadied in still troubling territory. Last week, the government reported weekly jobless claims at 570K, still hefty but slightly lower than the prior week. For this week's data, economists are forecasting 565K new claims filers lined up for benefits.

Also at 8:30, the International Trade Report for July is due. Economists see the trade deficit expanding to $28 billion, from $27 billion in June. The deficit also expanded in June, on higher petroleum prices. The Bank of England will decide on its key rates, as will the Bank of Canada on this day.

For the week ending August 28, the EIA reports crude oil inventory decreased by 0.4 million barrels and gasoline stocks shrank by 3.0 million barrels last week. Fresh data from the EIA is set for 10:30 reporting on Thursday. Also look for the Natural Gas Inventory Report around that time. Nat Gas in storage increased by 65 Bcf last week. The IEA will publish its monthly oil market report on Thursday.

The Fed's Balance Sheet is due for release at 4:30 p.m. Atlanta Fed President Dennis Lockhart will address a group on US and global economic interactions. Former Fed #2, Fred Mishkin is slated to address the National Association for Business Economics in New York. Meanwhile, Treasury Secretary Geithner will testify before an oversight panel on the subject of TARP.

Cowen is holding a clean-energy conference today. Meanwhile, Motorola (NYSE: MOT) is expected to introduce its Android-driven Smartphone. Covidien (NYSE: COV) and Hartford Financial (NYSE: HIG) hold shareholder conferences today. The EPS schedule includes news from AEP Industries (Nasdaq: AEPI), Bakers Footwear (Nasdaq: BKRS), Comarco (Nasdaq: CMRO), Finisar (Nasdaq: FNSR), Global Traffic Network (Nasdaq: GNET), Hooker Furniture (Nasdaq: HOFT), Lantronix (Nasdaq: LTRX), lululemon (Nasdaq: LULU), MDS Inc (NYSE: MDZ), Medical Nutrition (Nasdaq: MDNU), MGP Ingredients (Nasdaq: MGPI), National Semiconductor (NYSE: NSM), Navistar Int'l (NYSE: NAV), Nevada Gold & Casinos (AMEX: UWN), Stewart Enterprises (Nasdaq: STEI), The Descartes Systems Group (Nasdaq: DSGX), Volt Information Sciences (NYSE: VOL) and more.

Friday

It's September 11th, and we remember once again our fallen colleagues and heroes who lost their lives eight years ago in Downtown Manhattan's Financial District. We here at Wall Street Greek will never forget them nor the tragedy of the day, and we wish their families peace.

Import & Export Prices for the month of August should be reported on Friday morning. July's data showed import prices decreased at a greater rate than export prices through the month and compared to the prior year's tally. Petroleum pricing played an integral role in the month's change.

University of Michigan/Reuters Consumer Sentiment is due at 9:55 a.m. Bloomberg's consensus of economists sees sentiment improved to 67.0 in September, up from 65.7 at last check. The consumer is being closely watched and critically scrutinized now, and so you would be wise to pay attention to the trend here.

Wholesale Trade data is due for reporting at 10:00 a.m. Barron's consensus sees a 1.0% decline in Wholesale Inventories in July. That would compare against the prior month's 1.7% drop.

The Treasury Budget is due for reporting at 2:00 p.m. The consensus sees another big monthly deficit in store, as economists expect a -$140 billion deficit, versus the $180.7 billion reported in the prior month's data.

Friday's EPS schedule includes Aceto (Nasdaq: ACET), Brady Corp. (NYSE: BRC), Campbell Soup (NYSE: CPB), US Global Investors (Nasdaq: GROW) and a few others.