THIS WEEK: Risk Off as Putin Crosses the Line

After an anxious buildup to it, the market started the week lower, with the S&P 500 falling 0.7% Monday on the obvious driver. We warned in a weekend article that risk had to come off this week, because the situation in the Ukraine would (and will) likely deteriorate. Vladimir Putin operates by his own rules and only applies reason when it works in his favor; otherwise, he constructs a reason to get his way (read lies). Actions already enacted by Russia, Russian communications to the world community and to the Russian people; and geopolitical logic dictate the unstable geopolitical situation will get worse. So, while we called for investors to sell stocks, we also said to look to safe havens, specifically gold and the SPDR Gold Trust (NYSE: GLD). The GLD closed up 2.1% Monday.

Sector Security	Last Wk	YTD	Last 12 M
SPDR S&P 500 (NYSE: SPY)	+1.3%	+0.9%	+22.5%
SPDR Dow Jones (NYSE: DIA)	+1.4%	-1.5%	+15.8%
PowerShares QQQ (Nasdaq: QQQ)	+0.9%	+2.7%	+34.1%
SPDR Gold Trust (NYSE: GLD)	+0.03%	+9.9%	-16.3%
PIMCO Total Return (Nasdaq: BOND)	+0.04%	+1.7%	-2.9%
United States Oil (NYSE: USO)	+0.1%	+4.0%	+12.2%

Stocks were hardly affected last week by the quickly evolving events overseas. That was mainly due to supportive economic data, and some good news from housing - especially in the New Home Sales gain reported. We also saw individual retailers calming concerns about the retail sector, with solid earnings reports from Target (NYSE: TGT) and Sears (Nasdaq: SHLD).

Economic Events

THIS WEEK’S ECONOMIC REPORT SCHEDULE
Economic Data Point	Prior	Expected
MONDAY
Personal Income & Outlays (Income)	+0.0%	+0.3% A
-Spending	+0.1%	+0.4% A
-Core PCE Price Index	+0.1%	+0.1% A
ISM Manufacturing Index	51.3	53.2 A
PMI Manufacturing Index	53.7	57.1 A
Construction Spending	+0.1%	+0.1% A
Gallup US Consumer Spending	78	87
Motor Vehicle Sales	12.1 M	12.3 M
TUESDAY
Gallup US ECI
ICSC Weekly Store Sales	-0.6%
-Year-to-Year Pace	+1.4%
Redbook Store Sales	+2.9%
Jeffrey Lacker
WEDNESDAY
ADP Employment Report	+175K	+150K
ISM Non-Manufacturing	54.0	53.5
PMI Services Index
Beige Book
Gallup US Job Creation
Mortgage Activity	-8.5%
EIA Petroleum Status
-Crude Oil Inventory	+0.1 MB
-Gasoline Inventory	-2.8 MB
John Williams
Richard Fisher
THURSDAY
Challenger Job-Cuts	45,107
Weekly Jobless Claims	348K	338K
Gallup US Payroll to Pop.
Nonfarm Productivity	+3.2%	+2.4%
-Unit Labor Costs	-1.6%	-0.5%
Bloomberg Consumer Comfort	-28.6
Chain Store Sales
Factory Orders	-1.5%	-0.5%
EIA Natural Gas Report	-95 Bcf
Lockhart Speech
FRIDAY
Employment Situation Report
-Unemployment Rate	6.6%	6.6%
-Nonfarm Payrolls	+113K	+150K
-Private Payrolls	+142K	+165K
International Trade	$-38.7 B	$-39.0 B
Consumer Credit	+$18.8 B	+$14.0 B
William Dudley Speech

This week’s reports are likewise expected to show improved economic conditions, especially along the manufacturing front. Still, the focus of the investment community will rightfully fall to the Friday reporting of the Employment Situation. Economists see job growth improving, but to a pace that is still inadequate. The unemployment rate is seen holding steady. If we get that sort of news, investors will likely celebrate it. It’s hard to say what the report will bring, but if it is poor, the news will continue to be blamed on the weather, and for good reason. We may have to wait until March’s report to see clearly through the snowflakes and frozen breath.

Corporate Events

Daily earnings flow is finally easing, but there remain a good amount of companies reporting this week. We believe we have the full list here for you.

HIGHLIGHTED EPS REPORTS
Company	Ticker
MONDAY
Accretive Health	NYSE: AH
AcelRx Pharmaceuticals	Nasdaq: ACRX
Achillion Pharmaceuticals	Nasdaq: ACHN
Acura Pharmaceuticals	Nasdaq: ACUR
Almost Family	Nasdaq: AFAM
Ambac Financial	Nasdaq: AMBC
American Apparel	NYSE: APP
Ampio Pharmaceuticals	Nasdaq: AMPE
AngioDynamics	Nasdaq: ANGO
Anthera Pharmaceuticals	Nasdaq: ANTH
Ascena Retail	Nasdaq: ASNA
Banc of California	Nasdaq: BANC
Black Diamond	NYSE: BDE
Cantel Medical	NYSE: CMN
CAS Medical Systems	Nasdaq: CASM
Celldex Therapeutics	Nasdaq: CLDX
Chelsea Therapeutics	Nasdaq: CHTP
Contango Oil & Gas	NYSE: MCF
Core-Mark	Nasdaq: CORE
Daegis	Nasdaq: DAEG
Dendreon	Nasdaq: DNDN
Depomed	Nasdaq: DEPO
Descartes Systems	Nasdaq: DSGX
Document Security Systems	NYSE: DSS
Dolan	Nasdaq: DOLN
DryShips	Nasdaq: DRYS
DXP Enterprises	Nasdaq: DXPE
Enstar Group	Nasdaq: ESGR
Entertainment Gaming Asia	NYSE: EGT
EV Energy Partners	Nasdaq: EVEP
Exlservice	Nasdaq: EXLS
Ferrellgas Partners	NYSE: FGP
First Bancorp	Nasdaq: FNLC
First United	Nasdaq: FUNC
Five Star Quality Care	NYSE: FVE
Flamel Technologies	Nasdaq: FLML
Full House Resorts	NYSE: FLL
Gasco Energy	Nasdaq: GSXN
Gevo	Nasdaq: GEVO
Global Geophysical	NYSE: GGS
Guidewire Software	Nasdaq: GWRE
Handy & Harman	NYSE: HNH
Hertz Global	NYSE: HTZ
Heska	Nasdaq: HSKA
Hickory Tech	Nasdaq: HTCO
HKN Inc.	Nasdaq: HKNI
Hugoton Royalty	NYSE: HGT
Icahn Enterprises	NYSE: IEP
ImmunoCellular Therapeutics	Nasdaq: IMUC
Independence Holding	NYSE: IHC
InSite Vision	Nasdaq: INSV
Institutional Financial Markets	Nasdaq: IFMI
James River Coal	Nasdaq: JRCC
JinkoSolar	NYSE: JKS
Kayne Anderson MLP	NYSE: KYN
Lakeland Financial	Nasdaq: LKFN
Loral Space & Communications	Nasdaq: LORL
Mack-Cali Realty	NYSE: CLI
Magellan Health	Nasdaq: MGLN
MagnaChip Semiconductor	NYSE: MX
MBIA Inc.	NYSE: MBI
McDermott Int’l	NYSE: MDR
Mecox Lane	Nasdaq: MCOX
MiMedx Group	Nasdaq: MDXG
Mindray Medical	NYSE: MR
Molycorp	NYSE: MCP
National Beverage	Nasdaq: FIZZ
National Western Life	Nasdaq: NWLI
Navistar International	NYSE: NAV
NeoPhotonics	Nasdaq: NPTN
New Mountain Finance	Nasdaq: NMFC
NewLink Genetics	Nasdaq: NLNK
Nortech Systems	Nasdaq: NSYS
NU Skin Enterprises	NYSE: NUS
NuVasive	Nasdaq: NUVA
OFS Capital	NYSE: OFS
Orthofix	Nasdaq: OFIX
Pacific Mercantile Bancorp	Nasdaq: PMBC
PDL BioPharma	Nasdaq: PDLI
Pengrowth Energy	NYSE: PGH
Perion Network	Nasdaq: PERI
PICO Holdings	Nasdaq: PICO
PostRock Energy	Nasdaq: PSTR
QR Energy	NYSE: QRE
Quality Distribution	Nasdaq: QLTY
Qualstar	Nasdaq: QBAK
RadNet	Nasdaq: RDNT
Regional Management	NYSE: RM
Reis	Nasdaq: REIS
RELM Wireless	NYSE: RWC
Renewable Energy	Nasdaq: REGI
Rockwood Holdings	NYSE: ROC
San Juan Basin Royalty Trust	NYSE: SJT
Saul Centers	NYSE: BFS
SEACOR	NYSE: CKH
Seaspan	NYSE: SSW
Southwest Bancorp	Nasdaq: OKSB
SP Bancorp	Nasdaq: SPBC
Stillwater Mining	NYSE: SWC
Stratasys	Nasdaq: SSYS
Sun Hydraulics	Nasdaq: SNHY
Superior Industries	NYSE: SUP
Synageva Biopharma	Nasdaq: GEVA
Tech Data	Nasdaq: TECD
Tejon Ranch	NYSE: TRC
Threshold Pharmaceuticals	Nasdaq: THLD
Universal Insurance	NYSE: UVE
URS	NYSE: URS
Urstadt Biddle	NYSE: UBA
Vector Group	NYSE: VGR
Veracyte	Nasdaq: VCYT
Verso Paper	NYSE: VRS
Vipshop	Nasdaq: VIPS
VirnetX	NYSE: VHC
Winland Electronics	Nasdaq: WELX
Winthrop Realty Trust	NYSE: FUR
York Water	Nasdaq: YORW
Zalicus	Nasdaq: ZLCS
ZipRealty	Nasdaq: ZIPR
TUESDAY
ABM Industries	NYSE: ABM
AeroVironment	Nasdaq: AVAV
Alon USA Partners	Nasdaq: ALDW
American Electric Technologies	Nasdaq: AETI
Autozone	NYSE: AZO
Bazaarvoice	NYSE: BV
Bio-Reference Laboratories	Nasdaq: BRLI
Bob Evans Farms	Nasdaq: BOBE
Cal Dive	NYSE: DVR
Carmike Cinemas	Nasdaq: CKEC
Cell Therapeutics	Nasdaq: CTIC
Cumberland Pharmaceuticals	Nasdaq: CPIX
E.W. Scripps	NYSE: SSP
FairPoint Communications	NYSE: FRP
Gentiva Health Services	Nasdaq: GTIV
Getty Realty	NYSE: GTY
GTX Inc.	Nasdaq: GTXI
HCI Group	NYSE: HCI
HFF	NYSE: HF
Hilltop Holdings	NYSE: HTH
Ignite Restaurant Group	NYSE: IRG
John Bean Technologies	NYSE: JBT
Journal Communications	NYSE: JRN
Mid-Con Energy	Nasdaq: MCEP
Midstates Petroleum	NYSE: MPO
NACCO	NYSE: NC
New York Mortgage Trust	Nasdaq: NYMT
Park-Ohio	Nasdaq: PKOH
PCTEL	Nasdaq; PCTI
RadioShack	NYSE: RSH
Scorpio Bulkers	Nasdaq: SALT
Smith & Wesson	Nasdaq: SWHC
Systemax	NYSE: SYX
Tecumseh Products	Nasdaq: TECUA
The Chefs’ Warehouse	Nasdaq: CHEF
Trinity Biotech	Nasdaq: TRIB
Veeva Systems	Nasdaq: VEEV
Xerium Technologies	NYSE: XRM
YY Inc.	NYSE: YY
WEDNESDAY
Agenus	Nasdaq: AGEN
Air Transport Services	Nasdaq: ATSG
ArQule	Nasdaq: ARQL
Biolase	Nasdaq: BIOL
Boyd Gaming	NYSE: BYD
Canadian Solar	Nasdaq: CSIQ
Carriage Services	NYES: CSV
Casella Waste Systems	Nasdaq: CWST
Coca Cola Bottling	Nasdaq: COKE
Columbia Laboratories	Nasdaq: CBRX
Cross Country Healthcare	Nasdaq: CCRN
diaDexus	Nasdaq: DDXS
Endeavour Int’l	NYSE: END
Energy Recovery	Nasdaq: ERII
Envision Healthcare	Nasdaq: EVHC
Esperion Therapeutics	Nasdaq: ESPR
Federal Signal	NYSE: FSS
General Communication	Nasdaq: GNCMA
Gentherm	Nasdaq: THRM
Giant Interactive	NYSE: GA
Houghton Mifflin Harcourt	Nasdaq: HMHC
Hovnanian Enterprises	NYSE: HOV
Interxion	Nasdaq: INXN
inTest	Nasdaq: INTT
LHC Group	Nasdaq: LHCG
Lincoln Educational Services	Nasdaq: LINC
Lydall	NYSE: LDL
MCG Capital	Nasdaq: MCGC
Memorial Production	Nasdaq: MEMP
Middlesex Water	Nasdaq: MSEX
Miller Industries	NYSE: MLR
MYR Group	Nasdaq: MYRG
Osiris Therapeutics	Nasdaq: OSIR
Oxford Resource Partners	NYSE: OXF
PetSmart	Nasdaq: PETM
POZEN	Nasdaq: POZN
Revlon	NYSE: REV
RigNet	Nasdaq: RNET
Rouse Properties	NYSE: RSE
RRsat Global Communications	Nasdaq: RRST
Schawk	NYSE: SGK
Semtech	Nasdaq: SMTC
Southcross Energy	NYSE: SXE
SP Plus	NYSE: SP
Spark Networks	NYSE: LOV
Spartan Stores	Nasdaq: SPTN
Speedway Motorsports	NYSE: TRK
Star Bulk Carriers	Nasdaq: SBLK
Synacor	Nasdaq: SYNC
THL Credit	Nasdaq: TCRD
Universal American	NYSE: UAM
ValueVision Media	Nasdaq: VVTV
WuXi Pharmatech	NYSE: WX
ZAIS Financial	NYSE: ZFC
Zogenix	Nasdaq: ZGNX
THURSDAY
21Vianet	Nasdaq: VNET
Alamo Group	NYSE: ALG
Alaska Communications	Nasdaq: ALSK
Alexza Pharmaceuticals	Nasdaq: ALXA
Alon USA Energy	NYSE: ALJ
Ambarella	Nasdaq: AMBA
Analogic	Nasdaq: ALOG
Arabian American Development	Nasdaq: ARSD
Baxano Surgical	Nasdaq: BAXS
Benefitfocus	Nasdaq: BNFT
Biospecifics Technologies	Nasdaq: BSTC
Blackrock Kelso Capital	Nasdaq: BKCC
BPZ Resources	NYSE: BPZ
CECO Environmental	Nasdaq: CECE
Checkpoint Systems	NYSE: CKP
Chembio Diagnostics	Nasdaq: CEMI
Chesapeake Utilities	NYSE: CPK
Children’s Place Retail Stores	Nasdaq: PLCE
Ciena	Nasdaq: CIEN
Comtech Telecommunications	Nasdaq: CMTL
Cooper Cos.	NYSE: COO
Costco	Nasdaq: COST
CPI Aerostructures	NYSE: CVU
Craft Brew Alliance	Nasdaq: BREW
CST Brands	NYSE: CST
CTC Media	Nasdaq: CTCM
Descartes Systems Group	Nasdaq: DSGX
Dot Hill Systems	Nasdaq: HILL
Emergent BioSolutions	NYSE: EBS
Finisar	Nasdaq: FNSR
Five Star Quality Care	NYSE: FVE
FLY Leasing	NYSE: FLY
Fresh Market	NYSE: TFM
FXCM	Nasdaq: FXCM
Glowpoint	Nasdaq: GLOW
H&R Block	NYSE: HRB
IDT	NYSE: IDT
Information Services Group	NYSE: III
Jamba	Nasdaq: JMBA
Joy Global	NYSE: JOY
Korn/Ferry	NYSE: KFY
Kroger	NYSE: KR
Lehigh Gas Partners	NYSE: LGP
LRR Energy	NYSE: LRE
Microvision	Nasdaq: MVIS
Nature’s Sunshine Products	Nasdaq: NATR
Navidea Biopharmaceuticals	Nasdaq: NAVB
Neonode	Nasdaq: NEON
NGP Capital Resources	Nasdaq: NGPC
Novatel Wireless	Nasdaq: NVTL
Perficient	Nasdaq: PRFT
Pinnacle Foods	NYSE: PF
Qihoo 360 Technology	Nasdaq: QIHU
Quanex Building Products	NYSE: NX
Quiksilver	NYSE: ZQK
Repligen	Nasdaq: RGEN
Safeguard Scientifics	NYSE: SFE
Sanchez Energy	NYSE: SN
Skullcandy	Nasdaq: SKUL
Spectrum Pharmaceuticals	Nasdaq: SPPI
Stage Stores	NYSE: SSI
Staples	Nasdaq: SPLS
Stoneridge	NYSE: SRI
Sunesis Pharmaceuticals	Nasdaq: SNSS
Synergetics USA	Nasdaq: SURG
Thor Industries	NYSE: THO
Trans World Entertainment	Nasdaq: TWMC
U.S. Physical Therapy	Nasdaq: USPH
U.S. Auto Parts Network	Nasdaq: PRTS
U.S. Concrete	Nasdaq: USCR
Verastem	Nasdaq: VSTM
Vermillion	Nasdaq: VRML
VimpelCom	NYSE: VIP
Violin Memory	Nasdaq: VMEM
W&T Offshore	NYSE: WTI
Warren Resources	Nasdaq: WRES
Winthrop Realty Trust	NYSE: FUR
Zalicus	Nasdaq: ZLCS
FRIDAY
Big Lots	NYSE: BIG
Chimerix	Nasdaq: CMRX
Dolan	Nasdaq: DOLN
Foot Locker	NYSE: FL
Furmanite	NYSE: FRM
Handy & Harman	NYSE: HNH
Hertz Global	NYSE: HTZ
Independence Holding	NYSE: IHC
James River Coal	Nasdaq: JRCC
Jones Soda	Nasdaq: JSDA
MeetMe	Nasdaq: MEET
Monroe Capital	Nasdaq: MRCC
Peregrine Pharmaceuticals	Nasdaq: PPHM
Piedmont Natural Gas	NYSE: PNY
Poseidon Concepts	Nasdaq: POOSF
Tejon Ranch	NYSE: TRC
Urstadt Biddle Properties	NYSE: UBA
Valero Energy Partners	NYSE: VLP
Western Asset Mortgage Capital	NYSE: WMC

Other Reports of Interest:
The Real Estate Week Ahead

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.