Wall Street Greek: This Week

This week, the market’s focus will shift from earnings data back to macro- economic drivers of stocks. As earnings report volume relaxes, economic reports hit overdrive this week. And the news will not only come from the U.S., with a very important GDP report due from Europe too this week. U.S. economic data will push on every button and sector of the American economy, and so in one way or another affect every corporation, touching on manufacturing, housing, consumer activity, pricing and employment.

Index ETF	Week Ending August 9	Year-to-Date
SPDR S&P 500 (NYSE: SPY)	-1.0%	+18.8%
SPDR Dow Jones (NYSE: DIA)	-1.3%	+18.0%
PowerShares QQQ (Nasdaq: QQQ)	-0.6%	+17.5%

Stocks posted their worst week since June last week, I propose largely on the raised terror alert level in the U.S. and against western interests abroad. However, after the bust in Yemen of terrorists planning to attack energy facilities, perhaps some pressure will be released this week.

Economic Events

THIS WEEK’S ECONOMIC REPORT SCHEDULE
Economic Data Point	Prior	Expected
MONDAY
Treasury Budget	$116.5 B	-$96.0 B
Secretary Kerry in Colombia for Trade Talks
Germany, France & Italy Hold Debt Auctions
TUESDAY
NFIB Small Business Optimism Index	93.5	94.5
Retail Sales	+0.4%	+0.3%
-Sales Less Autos & Gasoline	-0.1%	+0.4%
ICSC Store Sales	+0.3%
Import/Export Prices
-Export Prices	-0.1%	+0.2%
-Import Prices	-0.2%	+0.9%
Business Inventories	+0.1%	+0.2%
Atlanta Fed’s Lockhart Speaks
Bank of Japan Publishes Meeting Minutes
WEDNESDAY
Euro-Zone Q2 GDP Report
Producer Price Index	+0.8%	+0.3%
-Core PPI	+0.2%	+0.2%
Mortgage Activity	+0.2%
EIA Petroleum Status
-Crude Oil Inventory	-1.3 M
-Gasoline Inventory	+0.1 M
Atlanta Fed Business Inflation Expectations
St. Louis Fed’s Bullard Speaks
THURSDAY
Consumer Price Index	+0.5%	+0.2%
-Core CPI	+0.2%	+0.2%
Bloomberg Consumer Comfort	+3.5
Weekly Jobless Claims	333K	330K
EIA Natural Gas Report	+96 Bcf
Empire State Manufacturing Survey	9.46	10.0
Industrial Production	+0.3%	+0.3%
Housing Market Index	57	56
Philly Fed Survey	19.8	15.0
TIC Report (Foreign Demand US LT Sec.)	-$27.2 B
E-Commerce Retail Sales
FRIDAY
Housing Starts	836K	900K
-Housing Permits	911K	935K
Productivity	+0.5%	+0.6%
-Costs	-4.3%	+1.0%
Reuters/Michigan Consumer Sentiment	85.1	85.5

This week’s data will have a key area of focus, the consumer. Retail sales will be reported, along with E-Commerce Sales data. We will also get a new look at consumer sentiment, and several major retailers are reporting earnings results this week, including behemoth Wal-Mart (NYSE: WMT). Wal-Mart carries a ton of weight as America’s largest retailer.

Normally, at least in the recent past, there would not be much interest in the pricing data found in the Producer and Consumer Price Indexes, but given the Fed’s planned “tapering,” any sort of spurt in prices would raise concern about the possibility of a not too far off interest rate increase. That’s not a pill investors are prepared to swallow today, and so it would be bad for stocks broadly. Core CPI and PPI are each expected to increase by 0.2% this month, which is acceptable to this market, but a slightly higher reading would hurt us here.

American producers of goods of all sorts will have a keen eye on the slew of data pertaining to their industries this week, as will we. The list of data-points includes Industrial Production, Productivity & Costs, and the Philly and NY Fed reads on manufacturing.

The real estate market comes back into focus this week, with the measure of homebuilder sentiment due along with housing starts. Some good news here would be helpful to the recently beaten down housing sector, but due to seasonal issues, it is not likely.

Corporate Events

The week’s earnings reporters have a critical focus on retail, with several mainstays due to report results. Look for Wal-Mart (WMT), Macy’s (M), Kohl’s (KSS), Dick’s Sporting Goods (DKS), Nordstrom (JWN) and more.

HIGHLIGHTED EPS REPORTS
Company	Ticker
MONDAY
American Apparel	NYSE: APP
Cover-All Technologies	Nasdaq: COVR
Dick’s Sporting Goods	NYSE: DKS
Euroseas	Nasdaq: ESEA
Fortegra Financial	NYSE: FRF
FriendFinder Networks	Nasdaq: FFNT
Investors Capital	NYSE: ICH
LGL Group	NYSE: LGL
New York & Co.	NYSE: NWY
Nordic American Tanker	NYSE: NAT
Perry Ellis	Nasdaq: PERY
Sina Corp.	Nasdaq: SINA
Sysco	NYSE: SYY
TUESDAY
American Midstream Partners	Nasdaq: AMID
Brocade Communications	Nasdaq: BRCD
Cache	Nasdaq: CACH
Cree Inc.	Nasdaq: CREE
ECA Marcellus Trust	NYSE: ECT
Flowers Foods	NYSE: FLO
JDS Uniphase	Nasdaq: JDSU
Myriad Genetics	Nasdaq: MYGN
Valspar	NYSE: VAL
ZaZa Energy	Nasdaq: ZAZA
WEDNESDAY
Blonder Tongue Laboratories	NYSE: BDR
Chimera Investment	NYSE: CIM
Deere	NYSE: DE
Global Ship Lease	NYSE: GSL
JinkoSolar	NYSE: JKS
Macy’s	NYSE: M
Pinnacle Foods	NYSE: PF
Sorl Auto Parts	Nasdaq: SORL
Spanish Broadcasting	Nasdaq: SBSA
YOU on Demand	NYSE: YOD
THURSDAY
Applied Materials	Nasdaq: AMAT
Bally Technologies	NYSE: BYI
Estee Lauder	NYSE: EL
Kohl’s	NYSE: KSS
Nordstrom	NYSE: JWN
Wal-Mart	NYSE: WMT
Zygo	Nasdaq: ZIGO
ReneSola	NYSE: SOL
Cosi	Nasdaq: COSI
Briggs & Stratton	NYSE: BGG
FRIDAY
American Shared Hospital	NYSE: AMS
Charm Communications	Nasdaq: CHRM
China Education Alliance	Nasdaq: CEAI
E-House China Holdings	NYSE: EJ
Electro Rent	Nasdaq: ELRC
Looksmart	Nasdaq: LOOK
Medallion Financial	Nasdaq: TAXI
TransCoastal	Nasdaq: CLAID
UTStarcom	Nasdaq: UTSI
Volt Information Sciences	Nasdaq: VISI

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