Greece News & My Disgust!

Today's Greek Disgust

Enough already! I am tired of seeing my ancestral homeland sink. We offer Greece some advice in the paragraphs that follow, so please be sure to find it below.

I think we have all contracted Greece news on the brain disease by now. The Greek drama has been playing out for what seems like an eternity at this point. Of course, we have European Disunity to blame for that, along with Greek government mismanagement and Wall Street swindling. Thank the Greek Gods, the devil (or rather S&P), seems to have found the ingredients to bring the EU toward a reunion of sorts... finally. We cover the latest Greek news, provide important advice to Greece, and report on all of the day's American and global market-moving news in today's copy.

"The Greek" earned clients a 23% average annual return over five years as a stock analyst on Wall Street. While writing for Wall Street Greek and others, he presciently predicted the financial crisis and housing and banking failures of the Great Recession. Visit the front pages of Wall Street Greek now to see our current coverage of business news, global financial markets, real estate, shipping, fine art, technical analysis and global affairs.

(Tickers: NYSE: DIA, NYSE: SPY, Nasdaq: QQQQ, NYSE: DOG, NYSE: SDS, NYSE: QLD, NYSE: NYX, Nasdaq: NDAQ, NYSE: NBG, NYSE: OTE, NYSE: CCH)

Greece News & My Disgust!

If not for Greece news overload, we would have just the two usual economic reports to worry about today. Well, that and a storm of earnings reports, plus a few more Congressional hearings. The day's economic data proved bland while providing more of the same data trends that have played true for too long now. Both the Weekly Jobless Claims and Natural Gas Inventory Report offered little to salt markets today. That said, we always have Greece news to provide a little zest, albeit without the olive oil and lemon.

Greece News & My Disgust

In yesterday's Coffee, entitled "S&P Downgrades Spurred European Response," we noted the vast global market decline that followed the rating agency's downgrades of Greece, Portugal and Spain. The IMF and EU responded quickly to the downgrades though in assuring investors that a distribution of aid is just days away. Greek markets recovered before closing yesterday, and in today's activity through publishing, we saw the remainder of Europe regain lost ground.

• Germany's DAX Index +1.0%
• U.K. FTSE 100 +0.56%
• France's CAC 40 +1.42%
• Spain's IBEX 35 +2.69%
• Italy's FTSE MIB +0.9%
• Portugal's PSI General +4.53%
• Ireland's Irish Overall +3.53%
  
• Greece's Athens Composite Share +7.14%
  

Of all these movers, the Greeks might be wisest to take these gains and move to Cyprus. The austerity measures being introduced to help Greece attempt to turn its economy on a dime threaten to drive civil unrest and engineer deep political divide. That's not to mention that Ben Bernanke keeps reminding Americans that these kinds of actions turned an average recession into the Great Depression in the US.

Pressured by the stupid Europeans (I can't find a better description), who seem unwilling to endure the bad times with the good, Greece is forcing a new set of austerity measures down its citizens throats. I feel the Prime Minister is making the kind of mistake here that ensures a radical political party will win government control at the next election... and oh by the way, that could come via coup given the degree of disgust Greek citizens have for the current situation. The feeling on the streets is simply understood: Why should Greeks suffer for the corruption of their government officials and the mismanagement of Wall Street?

The answer is simple as well: They shouldn't!

Greek union officials reported today that the IMF is requiring Greece to raise sales taxes (further), scrap bonuses and accept a three-year pay freeze. The bonuses union members have grown accustomed to amount to two months salary, and therefore mark a significant cut in pay. Prime Minister Papandreou is a wonderful gentleman, but we hope he has a talent for sales as well, since he is going to have to sell "saving Greece" to a passionate people that see the product as skata (read shit).

For the sake of justice, the pious people of Greece burned a Christmas tree; and for the sake of justice, they drove the soldiers who guard the tomb of their beloved unknown soldier away. We are talking about a people who have pelted their politicians with objects of all sorts, including fists. We are talking about a people who will not be taken advantage of, nor burdened with the weight of government corruption and Wall Street swindling.

As a matter of fact, I think it would be wise for Goldman Sachs (NYSE: GS) and crew to remove any signage, and consider hiding Greek operations on some deserted island for a few years. I feel sorry for the Prime Minister, because in saving Greece, he will likely lose his government. And neither will the New Democrats take it back, since they have been attributed with much of the blame.

Greece would be wise to consider these ideas for starters:

• Tax tourists, not your citizens! Same as in New York City, a leader from the upper class places the burden of economic decline on his already stressed working class. Just as New York will always attract tourists, Greece will as well (as long as it is peaceful). So instead of strapping your hard working blue collar countrymen, it would be wise to look toward visitors to bear the cost.


• Shipping Companies must pay taxes! Shipping companies do not really pay taxes in Greece, despite running most of their operations from the country. Rather, because assets consist of seaborne vessels, they place a small office in Liberia, The Canary Islands or some other lie, and pay virtually no taxes to Greece on the exorbitant wealth stores they amass. I say Greek shipping families should decide if they want to be Greek citizens or not. If they do not pay taxes to Greece, then they should lose citizenship and move elsewhere. Greeks may be a proud people, but we are not a stupid people, and we are tired of being screwed.


• Penalty for government corruption must be merciless! If you give these gentlemen to the crowds of rioters, they will eat them like cabbage, so to speak. The people run the government! This is democracy! So, to preserve the cabbage industry, it would be wise to put corrupt leaders into Turkish prisons. Greek prisons would be too kind.


• Seek retribution for the stolen riches and history of Greece! Force Germany, the United Kingdom and Turkey to repay Greece for the wealth stolen over the centuries.
  

If you want real change the people can support, these are the kinds of measures you must institute. Penalize unfairly earned wealth, tourists who will come anyway, and the cheaters who have caused this crisis by mismanagement and corruption. Do not torture the good Greek people who work hard for a simple existence.

The current plan inspired by Greece's big brothers is not feasible. It will only open up black markets, torch the streets of Athens and lead more Greek wealth to leave the country. It will only usher in a radical government to replace the current. Please, I beg any intelligent reader with reach to the Greek government to share my words with them, and let them consider these words carefully. I'm sure I could enhance Greece's budget plan and save Greece much pain, if only you will give me a chance to. I am available to help serve Greece's effort.

House Panel Keys on Goldman's Swaps & Greece

A House of Representatives panel took up the subject of credit-default Swaps and their role in Greece's debt crisis today. In other words, the feds are doing all they can to turn up the heat on Goldman and Wall Street, which works in favor of getting financial regulatory reform passed. Meanwhile, the Senate Banking Committee is reviewing "short-termism" in financial markets.

Weekly Jobless Claims

Weekly Jobless Claims were reported today for the period ended April 24. New unemployment benefits filers numbered 448,000, about in line with the economists' consensus for 447K. Claims were lower than the prior week's revised number of 459,000, and also significantly shorter than the data from two weeks ago (480K). However, the four-week moving average tells a sad story. That telling metric produced an increase of 1,500 claims, to a mark of 462,500. Perhaps census hiring is still not a factor.

The consistency of employment outflow illustrates a desolate labor market, and implies that elevated unemployment will persist for some time to come. Next week offers market watchers the latest unemployment figures, and we see little reason to be enthusiastic about that. The insured unemployment rate stuck at 3.6% for the April 17 period.

The largest increases in initial claims for the week ending April 17 were in Puerto Rico (+3,549), Iowa (+1,606), Georgia (+1,412), Connecticut (+768), and Florida (+422), while the largest decreases were in New York (-21,010), California (-15,380), Pennsylvania (-4,512), Oregon (-4,317), and New Jersey (-3,777). This data seems to show cyclical gains beginning in the hardest hit regions of the country. Though, all indications are that small business is not participating in any hiring. This illustrates a failing of the Obama Administration's job incentive program, which is geared toward small business.

EIA Natural Gas Report

The EIA's latest Natural Gas Report showed another increase in inventory, this time by 83 Bcf (versus last week's 73 Bcf). The report, covering the period ended April 23, shows natural gas inventory 303 Bcf above its five-year average for this time of year (last week's data showed it 286 Bcf above). Based on the EIA's charts, it looks to us as though natural gas inventory is already above the upper limit of the average range for this time of year. Thus, there seems little reason to forecast higher pricing, unless you see near-term global economic growth higher than economists estimate; or if you foresee a conflict with Iran in the near-term.

Corporate Earnings & News Drivers

Harman International (NYSE: HAR) hosts a meeting with investors. Rio Tinto (NYSE: RTP) has a 4-for-1 split scheduled. Reporting earnings, look for data from Exxon Mobil (NYSE: XOM), ConocoPhillips (NYSE: COP), Burger King (NYSE: BKC), Santander (NYSE: STD). Also look for EPS reports from Abaxis (Nasdaq: ABAX), Acer Inc. (OTC: ASIYF.PK), ACI Worldwide (Nasdaq: ACIW), Acme Packet (Nasdaq: APKT), Actel (Nasdaq: ACTL), Aetna (NYSE: AET), Agnico-Eagle Mines (NYSE: AEM), Agree Realty (NYSE: ADC), Akeena Solar (Nasdaq: AKNS), Alaska Communications (Nasdaq: ALSK), Alexandria Real Estate (NYSE: ARE), America Movil (NYSE: AMX), American Dental Partners (Nasdaq: ADPI), American Electric Power (NYSE: AEP), Anaren (Nasdaq: ANEN), Antigenics (Nasdaq: AGEN), Apache Corp. (NYSE: APA), AP Capital (Nasdaq: ACAP), Applied Micro Circuits (Nasdaq: AMCC), ArcelorMittal (NYSE: MT), Ariba (Nasdaq: ARBA), Art Technology (Nasdaq: ARTG), Artio Global (NYSE: ART), Asbury Automotive (NYSE: ABG), Asset Acceptance (Nasdaq: AACC), AstraZeneca (NYSE: AZN), Athenahealth (Nasdaq: ATHN), AVEO Pharmaceuticals (Nasdaq: AVEO), Baldwin & Lyons (Nasdaq: BWINA), Ball Corp. (NYSE: BLL), Ballard Power (Nasdaq: BLDP), Bally Technologies (NYSE: BYI), Banco de Chile (NYSE: BCH), Banco Santander (NYSE: STD), Bancorp Rhode Island (Nasdaq: BARI), BASF Catalysts (Nasdaq: BCAT), Becton, Dickinson and Co. (NYSE: BDX), Bel Fuse Inc. (Nasdaq: BELFB), Belden Inc. (NYSE: BDC), Bemis (NYSE: BMS), Benchmark Electronics (NYSE: BHE), BioMarin Pharmaceutical (Nasdaq: BMRN), Bofi Holding (Nasdaq: BOFI), BorgWarner (NYSE: BWA), Brigham Exploration (Nasdaq: BEXP), Bristol-Myers Squibb (NYSE: BMY), Bruker (Nasdaq: BRKR), Brunswick (NYSE: BC), Brush Eng. Materials (NYSE: BW), Bryn Mawr Bank (Nasdaq: BMTC), Build A Bear Workshop (NYSE: BBW), Bunge Ltd. (NYSE: BG), Calgon Carbon (NYSE: CCC), Caliper Life Sciences (Nasdaq: CALP), Callaway Golf (NYSE: ELY), Callidus Software (Nasdaq: CALD), Cameron (NYSE: CAM), CARBO Ceramics (NYSE: CRR), Cardinal Health (NYSE: CAH), Cardtronics (Nasdaq: CATM), CDI Corp. (NYSE: CDI), Celgene (Nasdaq: CELG), Cenovus Energy (NYSE: CVE), Center Fin'l Corp. (Nasdaq: CLFC), Cerus (Nasdaq: CERS), CEVA, Inc. (Nasdaq: CEVA), CH Energy Group (NYSE: CHG), Chart Industries (Nasdaq: GTLS), Chelsea Therapeutics (Nasdaq: CHTP), Chicago Mercantile Exchange (NYSE: CME), China Petroleum & Chemical (NYSE: SNP), China Sunergy (Nasdaq: CSUN), Chiquita Brands (NYSE: CQB), City National (NYSE: CYN), Clarient (Nasdaq: CLRT), Clearwater Paper (NYSE: CLW), Coherent (Nasdaq: COHR), Coinstar (Nasdaq: CSTR), Colgate-Palmolive (NYSE: CL), Colonial Properties (NYSE: CLP), CommScope (NYSE: CTV), CONMED (Nasdaq: CNMD), CONSOL Energy (NYSE: CNX), Constant Contact (Nasdaq: CTCT), Credit Acceptance (Nasdaq: CACC), CTC Media (Nasdaq: CTCM), Cumulus Media (Nasdaq: CMLS), Curtiss-Wright (NYSE: CW), Cybersource (Nasdaq: CYBS), Cytokinetics (Nasdaq: CYTK), D&B (NYSE: DNB), Dana Holding (NYSE: DAN), Deltek Inc. (Nasdaq: PROJ), DENTSPLY Int'l (Nasdaq: XRAY), Depomed (Nasdaq: DEPO), Digirad (Nasdaq: DRAD), Digital Realty Trust (NYSE: DLR), Digital River (Nasdaq: DRIV), Dolby Laboratories (NYSE: DLB), Dominion Resources (NYSE: D), Double Eagle Petroleum (Nasdaq: DBLE), Dover Downs Gaming (NYSE: DDE), Dover Motorsports (NYSE: DVD), DPL, Inc. (NYSE: DPL), Duff & Phelps (NYSE: DUF), Duke Realty (NYSE: DRE), Dynamic Materials (Nasdaq: BOOM), Eastman Kodak (NYSE: EK), eFuture Info (Nasdaq: EFUT), Electronics for Imaging (Nasdaq: EFII), EMCOR (NYSE: EME), Emergency Medical Svs. (NYSE: EMS), Empire District Electric (NYSE: EDE), Enbridge Energy (NYSE: EEQ), Energen (NYSE: EGN), Entergy (NYSE: ETR), Entravision Communications (NYSE: EVC), ev3 (Nasdaq: EVVV), Expedia (Nasdaq: EXPE), FalconStor Software (Nasdaq: FALC), Financial Institutions (Nasdaq: FISI), First Potomac Realty (NYSE: FPO), Fiserv (Nasdaq: FISV), Fisher Communications (Nasdaq: FSCI), Forrester Research (Nasdaq: FORR), Fortune Brands (NYSE: FO), France Telecom (NYSE: FTE), Franklin Electric (Nasdaq: FELE), Gazprom (OTC: OGZPF), Genesee & Wyoming (NYSE: GWR), Genpact (NYSE: G), Gen-Probe (Nasdaq: GPRO), Genworth Fin'l (NYSE: GNW), GFI Group (Nasdaq: GFIG), Global Crossing (Nasdaq: GLBC), GrafTech Int'l (NYSE: GTI), Greatbatch (NYSE: GB), Green Plains Renewable (Nasdaq: GPRE), Grupo Financiero Inbursa SA (OTC: GPFOY), Grupo Simec (NYSE: SIM), Guidance Software (Nasdaq: GUID), Hanmi Fin'l (Nasdaq: HAFC), Harris Interactive (Nasdaq: HPOL), Harsco (NYSE: HSC), Harte-Hanks (NYSE: HHS), Hartford Fin'l (NYSE: HIG), Harvard Bioscience (Nasdaq: HBIO), HealthSpring (NYSE: HS), Helmerich & Payne (NYSE: HP), Hercules Offshore (Nasdaq: HERO), Holly Energy (NYSE: HEP), Huron Consulting (Nasdaq: HURN), IMAX Corp. (Nasdaq: IMAX), Immunogen (Nasdaq: IMGN), Imperial Oil (NYSE: IMO), Ingram Micro (NYSE: IM), Innodata Isogen (Nasdaq: INOD), Intermec (NYSE: IN), InterMune (Nasdaq: ITMN), International Paper (NYSE: IP), Int'l Rectifier (NYSE: IRF), Investment Technology Group (NYSE: ITG), Investors Bancorp (Nasdaq: ISBC), Iron Mountain (NYSE: IRM), iStar Fin'l (NYSE: SFI), Ixia (Nasdaq: XXIA), Jarden (NYSE: JAH), John B. Sanfilippo (Nasdaq: JBSS), KB Fin'l (NYSE: KB), KBR, Inc. (NYSE: KBR), Keithley Instruments (NYSE: KEI), Kellogg (NYSE: K), Kennametal (NYSE: KMT), Key Energy Svcs. (NYSE: KEG), Key Technology (Nasdaq: KTEC), Keynote Systems (Nasdaq: KEYN), KKR Fin'l (NYSE: KFN), KLA-Tencor (Nasdaq: KLAC), Kratos Defense & Security (Nasdaq: KTOS), K-Sea Transportation (NYSE: KSP), KT Corp. (NYSE: KT), LaBarge (NYSE: LB), Lancaster Colony (Nasdaq: LANC), Lantronix (Nasdaq: LTRX), LaserCard (Nasdaq: LCRD), LeMaitre Vascular (Nasdaq: LMAT), Libbey (NYSE: LBY), Linn Energy (Nasdaq: LINE), LKQ Corp. (Nasdaq: LKQX), Lubrizol (NYSE: LZ), Luxottica (NYSE: LUX), Macatawa Bank (Nasdaq: MCBC), Mack-Cali Realty (NYSE: CLI), Maxim Integrated (Nasdaq: MXIM), Maxwell Tech (Nasdaq: MXWL), McAfee (NYSE: MFE), Mead Johnson Nutrition (NYSE: MJN), MedAssets (Nasdaq: MDAS), MEMC Electronic Materials (NYSE: WFR), Merchants Bancshares (Nasdaq: MBVT), Merit Medical (Nasdaq: MMSI), MetLife (NYSE: MET), Mettler-Toledo (NYSE: MTD), MICROS System (Nasdaq: MCRS), Microtune (Nasdaq: TUNE), Mine Safety Appliances (NYSE: MSA), Mohawk Industries (NYSE: MHK), Monolithic Power (Nasdaq: MPWR), Monster Worldwide (NYSE: MWW), Motorola (NYSE: MOT), Mylan (NYSE: MYL), National Technical Systems (Nasdaq: NTSC), Natus Medical (Nasdaq: BABY), NEI (Nasdaq: NENG), Neogenomics (Nasdaq: NGNM), NetLogic Microsystems (Nasdaq: NETL), NetScout Systems (Nasdaq: NTCT), Newpark Resources (NYSE: NR), NII Holdings (Nasdaq: NIHD), Noble Energy (NYSE: NBL), Novamed (Nasdaq: NOVA), NSTAR (NYSE: NST), NuStar Energy (NYSE: NS), Occidental Petroleum (NYSE: OXY), Oclaro (Nasdaq: OCLR), OfficeMax (NYSE: OMX), Olympic Steel (Nasdaq: ZEUS), On Assignment (Nasdaq: ASGN), OneBeacon Insurance (NYSE: OB), Online Resources (Nasdaq: ORCC), Open Text (Nasdaq: OTEX), Oshkosh Corp. (NYSE: OSK), Pacific Capital Bancorp (Nasdaq: PCBC), Palomar Medical (Nasdaq: PMTI), Patni Computer (NYSE: PTI), Patterson-UTI (Nasdaq: PTEN), PC Connection (Nasdaq: PCCC), PDL BioPharma (Nasdaq: PDLI), Pennsylvania Real Estate Inv. Trust (NYSE: PEI), Perrigo (Nasdaq: PRGO), Pinnacle Data Systems (NYSE: PNS), Potash Corp. (NYSE: POT), Power-One (Nasdaq: PWER), Pozen (Nasdaq: POZN), Pride Int'l (NYSE: PDE), Primedia (NYSE: PRM), Procter & Gamble (NYSE: PG), Pro-Dex (Nasdaq: PDEX), Provident Fin'l (Nasdaq: PROV), QLogic (Nasdaq: QLGC), Questcor Pharmaceuticals (Nasdaq: QCOR), Quidel (Nasdaq: QDEL), Radware (Nasdaq: RDWR), RAIT Fin'l Trust (NYSE: RAS), Regal Entertainment (NYSE: RGC), Reliv Int'l (Nasdaq: RELV), Repsol (NYSE: REP), Republic Services (NYSE: RSG), ResMed (NYSE: RMD), Revlon (NYSE: REV), Rochester Medical (Nasdaq: ROCM), Rockwood Holdings (NYSE: ROC), Rubicon Tech (Nasdaq: RBCN), Ruddick (NYSE: RDK), Rudolph Tech (Nasdaq: RTEC), Safeway (NYSE: SWY), Saia (Nasdaq: SAIA), Sally Beauty (NYSE: SBH), Sanofi-Aventis (NYSE: SNY), Selectica (Nasdaq: SLTC), Senomyx (Nasdaq: SNMX), Siemens (NYSE: SI), Silgan (Nasdaq: SLGN), Silicon Motion (Nasdaq: SIMO), Sinopec Shanghai Petrochemical (NYSE: SHI), Skyworks (Nasdaq: SWKS), Sonic Foundry (Nasdaq: SOFO), Sourcefire (Nasdaq: FIRE), Southwestern Energy (NYSE: SWN), Spirit Aerosystems (NYSE: SPR), Stamps.com (Nasdaq: STMP), Standard Register (NYSE: SR), Standex Int'l (NYSE: SXI), Starwood Hotels (NYSE: HOT), State Auto Fin'l (Nasdaq: STFC), StellarOne (Nasdaq: STEL), Stewart Info (NYSE: STC), Strayer Education (Nasdaq: STRA), Sun Healthcare (Nasdaq: SUNH), Sunoco (NYSE: SUN), Support.com (Nasdaq: SPRT), Surewest Communications (Nasdaq: SURW), Symetra Fin'l (NYSE: SYA), Symyx Tech (Nasdaq: SMMX), TeleCommunications Systems (Nasdaq: TSYS), Teledyne (NYSE: TDY), Telular (Nasdaq: WRLS), Tenneco (NYSE: TEN), Terra Nitrogen (NYSE: TNH), Tesoro (NYSE: TSO), The Brinks Co. (NYSE: BCO), The First American Corp. (NYSE: FAF), The Interpublic Group (NYSE: IPG), The Timberland Co. (NYSE: TBL), The Timken Co. (NYSE: TKR), Thoratec (Nasdaq: THOR), Time Warner Cable (NYSE: TWC), Tollgrade Communications (Nasdaq: TLGD), TranSwitch (Nasdaq: TXCCD), TriMas (NYSE: TRS), Trimble Navigation (Nasdaq: TRMB), Ultralife (Nasdaq: ULBI), Unifi (NYSE: UFI), Unilever (NYSE: UL), United Stationers (Nasdaq: USTR), United Therapeutics (Nasdaq: UTHR), Universal American (NYSE: UAM), Valassis Communications (NYSE: VCI), ValueClick (Nasdaq: VCLK), Varian Semi (Nasdaq: VSEA), Viacom (NYSE: VIA), VISTAPRINT (Nasdaq: VPRT), Volcom (Nasdaq: VLCM), Washington Real Estate Inv. Trust (NYSE: WRE), Waste Management (NYSE: WM), Wayside Technology (Nasdaq: WSTG), Wesbanco (Nasdaq: WSBC), West Bancorporation (Nasdaq: WTBA), West Pharmaceutical Services (NYSE: WST), Weyco (Nasdaq: WEYS), Weyerhaeuser (NYSE: WY), Wisdomtree Investments (OTC: WSDT.PK), World Acceptance (Nasdaq: WRLD), WSFS Fin'l (Nasdaq: WSFS), Wynn Resorts (Nasdaq: WYNN), Xcel Energy (NYSE: XEL) and Zoll Medical (Nasdaq: ZOLL).

This article should also interest investors in NYSE: EPV, NYSE: VEA, NYSE: DFE, NYSE: DEB, NYSE: IEV, NYSE: CEE, NYSE: RNE, Nasdaq: ADRU, AMEX: EKH, NYSE: PEF, NYSE: GUR, NYSE: NBG, NYSE: OTE, NYSE: CCH, NYSE: TNP, Nasdaq: DRYS, Nasdaq: TOPS, NYSE: GNK, NYSE: DSX, NYSE: NM, NYSE: NMM, Nasdaq: EGLE, NYSE: DAC, Nasdaq: PRGN, Nasdaq: ESEA, NYSE: PIZ, NYSE: PIE, NYSE: PDP, NYSE: DIA, NYSE: SPY, NYSE: NYX, NYSE: DOG, NYSE: SDS, NYSE: QLD, NYSE: IWM, NYSE: TWM, NYSE: IWD, NYSE: SDK, NYSE: ICE, Nasdaq: QQQQ, Nasdaq: HTOAX, Nasdaq: HTOTX, Nasdaq: HTOBX, Nasdaq: JTCIX, Nasdaq: JTCNX, Nasdaq: JTCAX.



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.

S&P Downgrades Spurred European Response

Today's Coffee

Standard & Poor's (S&P) today shook up global markets by cutting the credit rating of Spain. This came within the same 24 hour span of its downgrading of Greece and Portugal's sovereign credit ratings. This subject and more are the topic of Today's Coffee.

"The Greek" earned clients a 23% average annual return over five years as a stock analyst on Wall Street. While writing for Wall Street Greek and others, he presciently predicted the financial crisis and housing and banking failures of the Great Recession. Visit the front pages of Wall Street Greek now to see our current coverage of business news, global financial markets, real estate, shipping, fine art, technical analysis and global affairs.

(Tickers: NYSE: DIA, NYSE: SPY, Nasdaq: QQQQ, NYSE: DOG, NYSE: SDS, NYSE: QLD, NYSE: NYX, Nasdaq: NDAQ)

S&P Downgrades Spurred European Response

Wednesday was supposed to be "Fed Day", but Standard & Poor's had to go and downgrade Greece, Portugal and Spain and ruin everything for Bernanke and crew. The rating cuts started a downward spiral for the euro and euro area stock markets. It did not help things in the US either, sending the Dow down 1.9% on Tuesday. However, by Wednesday afternoon Europe was scrambling to restore the situation and get a ton of money to Greece in a hurry. Also, US investors realized that the troubles overseas would help US assets draw capital, and the Dow recovered a half a point by the close. It didn't hurt things that American companies are reporting decent EPS results, and forecasting an okay outlook as well.

S&P Declares War on Europe

Gee whiz, do you think I had anything to do with this? See "Standard & Poor's and the Financial Crisis." I fantasized about receiving a telephone call from Greek Prime Minister Papandreou or German Chancellor Angela Merkel this morning telling me to cool it on S&P. I'll have more to say on this subject in the days ahead, and so I want to briefly cover what happened and its impact in this report.

Despite EU and IMF assurances of support for Greece, and the fact that the parties were actively preparing the distribution of aid, Standard & Poor's (NYSE: MHP) went ahead and downgraded the nation state to junk status, and a level that put it on par with Azerbaijan in terms of its credit worthiness. Anyone who has been to both states would agree that they are worlds apart, though geographically speaking, not so far distanced. So what gives over on Water Street then? That's what EU representatives wanted to know today, as they were reportedly "irked" by the action.

Certainly Germany's dilly dallying and Europe's mostly talk and little action played a role. As a result, the EU is scrambling now to put up three times as much capital as was initially determined would be needed to hold off S&P and crew. The bleeding euro stabilized on that news. In Athens, stocks actually rose today (Athens Composite Share Index +0.63%), as it looks like Europe has the catalyst it needs to finally act. The story was different throughout the rest of the continent though, as fear spread across Italy and the U.K. that perhaps they would be targeted next. This is how it played out across European markets.

• Spain's IBEX 35 Index down 2.99%
• Portugal's PSI General Index down 2.03%
• Greece's Athens Composite Share Index up 0.63%
• Italy's FTSE MIB Index down 2.43%
• Germany's DAX down 1.22%
• France's CAC 40 down 1.5%
• U.K. FTSE 100 down 0.30%
• Swiss Market Index down 1.37%
• Irish Overall Index down 2.5%
• Netherlands AEX down 1.31%
• Belgium's BEL 20 down 2.39%
• Denmark's OMX Copenhagen 20 down 1.75%
• etc. etc.
  

In fact, stocks were down across Asia and the rest of Europe, Russia and ex-Soviet states as well. Only American markets rose, including South and Central American shares. However, this has more to do with the EU and IMF's rush to get sufficient aid to Greece as quickly as possible than it does some masterful American plan.

FOMC Policy Statement

Despite having its thunder taken away by S&P, the Federal Open Market Committee (FOMC) produced a policy statement at 2:15 PM as expected. We reproduced the statement at Wall Street Greek, and you can find it here: Fed FOMC Policy Statement April 2010. If you just want the skinny of the report, well this should do you just fine.

The Fed kept rates at their historically low range of 0 to 0.25%. The Federal Open Market Committee also kept the phrase "extended period" within its wording regarding inflation expectations and how long it might keep rates so low. Thomas Hoenig has been a leading indicator for the FOMC, as his dissenting vote with regard to the language of the statement tells us the Fed is thinking about altering its "extended period" phrase. Hoenig dissented again, as expected.

The whole of the market is waiting for the Fed to begin speaking in nearer terms as far as future rate hikes are concerned. Ongoing housing doldrums, the latest upheaval in Europe and little sign of inflation allowed the Fed to stay put regarding the language and its thinking. Basically, the statement was a none factor today due to the little variation in it from prior statements. An eventual change in inflation targeting and even the language around the "extended period" phrase should act against stocks when it occurs.

Weekly Mortgage Activity

Just as we predicted in our weekly stock market schedule, "more gains" were evident in the MBA's Weekly Mortgage Activity data. For the week ended April 23, the Purchase Index improved for the third consecutive week, this time by 7.4%. By now readers should be well aware of the end of the month deadline to enter into contract for the First-Time Homebuyer Tax Credit, and its resulting impact on this measure.

The Market Composite Index of mortgage volume activity still lost ground in the reported period, falling 2.9%, as the Refinance Index declined by 8.8%. Rates rose modestly in the period, with 30-year mortgages contracted at an average fixed rate of 5.08%, up from 5.04 the week before. That said, troubles overseas have capital flowing swiftly into US assets, and so yields should drop on increased demand. That means long rates are dropping, which should help drive refinancing activity in the current week.

Petroleum Status

The EIA reports on Petroleum Status each Wednesday at 10:30 AM. This week's report covered the period ended April 23. Crude oil inventory has been on a trend of steady rise and kept consistent again last week, as stocks increased by 1.9 million barrels (same as April 16 period). Gasoline stores, however, changed direction, with inventory dropping by 1.2 million barrels last week (after increasing by 3.6 million the week before).

Given that the prior week figure was a bit heavy, it seems possible that refinery maintenance was behind the variation. Refiners are likely gearing toward gasoline production ahead of the summer driving season, and moving away from other distillate production (products used mainly in winter). It seems to me refiners worked a bit of overtime in the April 16 period to produce more gasoline ahead of forecastable downtime for maintenance. Still, distillate fuel production actually increased last week on the whole. Therefore, maybe a major producer had an impact on gasoline. I know a bit about the industry, having covered several companies within it (including some big winners like the acquired Evergreen Resources - by Pioneer). Still, I would (and maybe I will) consult with an industry analyst or insiders to verify what is occurring in industry with regard to gasoline.

Inventory of both commodities remained above the upper limit of the average range for this time of year.

Brazil

At the hour of publishing, we were still waiting on Brazil's central bank to raise its key rate by as much as 0.75%. Brazil's economy is blazing, according to last week's economic forecast published by the IMF. The forecast predicts 5.5% growth for Brazil in 2010.

Corporate News Drivers

Barclay's (NYSE: BCS) Retail & Restaurant Conference kicked off in New York City. Bank of America (NYSE: BAC) held its annual stockholders meeting scheduled.

Also see EPS results from 1-800-Flowers.com (Nasdaq: FLWS), ACCO Brands (NYSE: ABD), ACE Limited (NYSE: ACE), Adept Technology (Nasdaq: ADEP), Adolor Corp. (Nasdaq: ADLR), Advance America, Cash Advance Centers (NYSE: AEA), Advent Software (Nasdaq: ADVS), Akamai Tech (Nasdaq: AKAM), Allegheny Tech (NYSE: ATI), Alliance Healthcare (NYSE: AIQ), Almost Family (Nasdaq: AFAM), American Commercial Lines (Nasdaq: ACLI), American Railcar (Nasdaq: ARII), AmeriGas Partners (NYSE: APU), AOL, Inc. (NYSE: AOL), Aspen Insurance (NYSE: AHL), Assurant (NYSE: AIZ), ATS Corp. (Nasdaq: ATSC), AudioCodes (Nasdaq: AUDC), Avalonbay Communites (NYSE: AVB), AXT, Inc. (Nasdaq: AXTI), Baidu (Nasdaq: BIDU), Baldor Electric (NYSE: BEZ), Banco Bilbao Vizcaya Argentaria (Nasdaq: BBVA), Banco Bradesco (NYSE: BBD), Bank of the Ozarks (Nasdaq: OZRK), Barrick Gold (NYSE: ABX), Beckman Coulter (NYSE: BEC), Berry Petroleum (NYSE: BRY), BioCryst Pharmaceuticals (Nasdaq: BCRX), Boston Private Fin'l (Nasdaq: BPFH), Brandywine Realty Trust (NYSE: BDN), Brink's Home Security (NYSE: CFL), Cabot (NYSE: CBT), Cabot Oil & Gas (NYSE: COG), CACI Int'l (Nasdaq: CACI), Cadence Design Systems (Nasdaq: CDNS), Cal Dive Int'l (NYSE: DVR), California Water Service (NYSE: CWT), Canadian Pacific Railway (NYSE: CP), Capstead Mortgage (NYSE: CMO), Cardiac Science (Nasdaq: CSCX), CardioNet (Nasdaq: BEAT), Carter's (NYSE: CRI), Cascade (Nasdaq: CASC), Cascade Fin'l (Nasdaq: CASB), Cathay General (Nasdaq: CATY), CB Richard Ellis (NYSE: CBG), CBL & Associates (NYSE: CBL), CDC Software (Nasdaq: CDCS), Celera (NYSE: CRA), Cell Therapeutics (Nasdaq: CTIC), Cerner (Nasdaq: CERN), CGI Group (NYSE: GIB), China Telecom (NYSE: CHA), Cincinnati Fin'l (Nasdaq: CINF), ClickSoftware (Nasdaq: CKSW), Cliff's Natural Resources (NYSE: CLF), CNOOC (NYSE: CEO), Compellent Tech (NYSE: CML), comScore (Nasdaq: SCOR), Core Laboratories (NYSE: CLB), Corning (NYSE: GLW), Corporate Office Properties (NYSE: OFC), Covance (NYSE: CVD), Covenant Transport (Nasdaq: CVTI), Crown Castle Int'l (NYSE: CCI), CryoLife (NYSE: CRY), Cullen/Frost Bankers (NYSE: CFR), DDi Corp. (Nasdaq: DDIC), Dice Holdings (NYSE: DHX), Dime Community Bancshares (Nasdaq: DCOM), DIVX, Inc. (Nasdaq: DIVX), Dollar Thrifty (NYSE: DTG), DSP Group (Nasdaq: DSPG), Dyax Corp. (Nasdaq: DYAX), Dynamics Research (Nasdaq: DRCO), EastGroup Properties (NYSE: EGP), Enbridge Energy (NYSE: EEP), Encore Wire (Nasdaq: WIRE), Entropic Communications (Nasdaq: ENTR), Epicor Software (Nasdaq: EPIC), EQT Corp. (NYSE: EQT), Equifax (NYSE: EFX), Equity Residential (NYSE: EQR), Ethan Allen (NYSE: ETH), Euronet Services (Nasdaq: EEFT), Everest Re (NYSE: RE), Express Scripts (Nasdaq: ESRX), ExpressJet Holdings (NYSE: XJT), Famous Dave's (Nasdaq: DAVE), Federal-Mogul (Nasdaq: FDML), Ferro Corp. (NYSE: FOE), FICO (Nasdaq: FICO), First Merchants (Nasdaq: FRME), First Solar (Nasdaq: FSLR), FirstService (Nasdaq: FSRV), FMC Technologies (NYSE: FTI), Fortinet (Nasdaq: FTNT), Franklin Resources (NYSE: BEN), General Dynamics (NYSE: GD), General Maritime (NYSE: GMR), Geron (Nasdaq: GERN), GlaxoSmithKline (NYSE: GSK), Goldcorp (NYSE: GG), Goodyear Tire & Rubber (NYSE: GT), Green Mountain Coffee (Nasdaq: GMCR), Grupo Aeroportuario Del Pacifico (NYSE: PAC), GSI Commerce (Nasdaq: GSIC), Harris (NYSE: HRS), Hecla Mining (NYSE: HL), Helix Energy (NYSE: HLX), Hess Corp. (NYSE: HES), Highwoods Properties (NYSE: HIW), Honda Motor (NYSE: HMC), Horace Mann Educators (NYSE: HMN), Host Hotels & Resorts (NYSE: HST), Hudson Highland (Nasdaq: HHGP), IAC (Nasdaq: IACI), iCAD Inc. (Nasdaq: ICAD), Illumina (Nasdaq: ILMN), Innovative Solutions (Nasdaq: ISSC), Insignia Systems (Nasdaq: ISIG), InterDigital (Nasdaq: IDCC), Interface (Nasdaq: IFSIA), Int'l Coal Group (NYSE: ICO), Internet Brands (Nasdaq: INET), Inverness Medical Innovations (NYSE: IMA), Invesco (NYSE: IVZ), iRobot (Nasdaq: IRBT), ITC Holdings (NYSE: ITC), Itron (Nasdaq: ITRI), JetBlue Airways (Nasdaq: JBLU), JMP Group (NYSE: JMP), Jones Apparel (NYSE: JNY), Kadant (NYSE: KAI), Kaiser Aluminum (Nasdaq: KALU), Kilroy Realty (NYSE: KRC), Kirby (NYSE: KEX), Legacy Bancorp (Nasdaq: LEGC), LHC Group (Nasdaq: LHCG), Lincoln National (NYSE: LNC), Littlefield (Nasdaq: LTFD), Logitech (Nasdaq: LOGI), LOGMEIN (Nasdaq: LOGM), LoopNet (Nasdaq: LOOP), LSI Corp. (NYSE: LSI), Lumber Liquidators (NYSE: LL), M/I Homes (NYSE: MHO), Makita (Nasdaq: MKTAY), ManTech Int'l (Nasdaq: MANT), Marine Products (NYSE: MPX), MarineMax (NYSE: HZO), MarketAxess (Nasdaq: MKTX), Martha Stewart Living (NYSE: MSO), Mastech (NYSE: MHH), MeadWestVaco (NYSE: MWV), Medco Health Solutions (NYSE: MHS), Melco Crown Entertainment (Nasdaq: MPEL), Meredith Corp. (NYSE: MDP), Meritage Homes (NYSE: MTH), Metabolix (Nasdaq: MBLX), Methanex (Nasdaq: MEOH), Morningstar (Nasdaq: MORN), MoSys, Inc. (Nasdaq: MOSY), Nanophase Tech (Nasdaq: NANX), Navios Maritime (NYSE: NMM), Neoprobe (Nasdaq: NEOP), Ness Tech (Nasdaq: NSTC), Net Servicos de Communicacais (Nasdaq: NETC), Neurocrine Biosciences (Nasdaq: NBIX), Neustar (NYSE: NSR), Newfield Exploration (NYSE: NFX), Newport Corp. (Nasdaq: NEWP), NTT DoCoMo (NYSE: DCM), Nu Skin (NYSE: NUS), Oceaneering Int'l (NYSE: OII), Odyssey Healthcare (Nasdaq: ODSY), O-I (NYSE: OI), Oil States Int'l (NYSE: OIS), Old Dominion Freight (Nasdaq: ODFL), ONEOK (NYSE: OKE), Openwave Systems (Nasdaq: OPWV), Orchids Paper (NYSE: TIS), O'Reilly Automotive (Nasdaq: ORLY), Orthofix Int'l (Nasdaq: OFIX), Owens Corning (NYSE: OC), P.F. Chang's China Bistro (Nasdaq: PFCB), Park Electrochemical (NYSE: PKE), Power Integrations (Nasdaq: POWI), Praxair (NYSE: PX), Pzena Investment Management (NYSE: PZN), Radvision (Nasdaq: RVSN), RailAmerica (NYSE: RA), Realty Income Corp. (NYSE: O), Regis (NYSE: RGS), Rewards Network (Nasdaq: DINE), RightNow Tech (Nasdaq: RNOW), Rockwell Automation (NYSE: ROK), Rogers Communications (NYSE: RCI), Rollins (NYSE: ROL), Royal Caribbean (NYSE: RCL), RPC, Inc. (NYSE: RES), RTI Biologics (Nasdaq: RTIX), Rurban Fin'l (Nasdaq: RBNF), Ryland Group (NYSE: RYL), SAP AG (NYSE: SAP), Sealed Air (NYSE: SEE), SEI Investments (Nasdaq: SEIC), Selective Insurance Group (Nasdaq: SIGI), Service Corp. (NYSE: SCI), SFN Group (NYSE: SFN), Shinhan Fin'l (NYSE: SHG), Shutterfly (Nasdaq: SFLY), Silicon Laboratories (Nasdaq: SLAB), Siliconware Precision Industries (Nasdaq: SPIL), SJW (NYSE: SJW), SK Telecom (NYSE: SKM), Skechers USA (NYSE: SKX), Southern Company (NYSE: SO), Spectranetics (Nasdaq: SPNC), Sprint Nextel (NYSE: S), Steiner Leisure (Nasdaq: STNR), Stericycle (Nasdaq: SRCL), Stifel Fin'l (NYSE: SF), Stratasys (Nasdaq: SSYS), Superior Energy (NYSE: SPN), SurModics (Nasdaq: SRDX), Susquehanna Bancshares (Nasdaq: SUSQ), Talecris Biotherapeutics (Nasdaq: TLCR), Taleo Corp. (Nasdaq: TLEO), Taylor Capital (Nasdaq: TAYC), TC Pipelines (Nasdaq: TCLP), TESSCO (Nasdaq: TESS), Tessera Tech (Nasdaq: TSRA), Tetra Tech (Nasdaq: TTEK), The Allstate Corp. (NYSE: ALL), The Dixie Group (Nasdaq: DXYN), The Dow Chemical Co. (NYSE: DOW), The Medicines Co. (Nasdaq: MDCO), Thermo Fisher Scientific (NYSE: TMO), Town Sports Int'l (Nasdaq: CLUB), Transatlantic Holdings (NYSE: TRH), Transcend Services (Nasdaq: TRCR), Trinity Industries (NYSE: TRN), TriQuint Semi (Nasdaq: TQNT), Triumph Group (NYSE: TGI), Tyco Electronics (NYSE: TEL), Tyler Tech (NYSE: TYL), US Auto Parts (Nasdaq: PRTS), UGI (NYSE: UGI), UMB Fin'l (Nasdaq: UMBF), United Microelectronics (NYSE: UMC), Universal Stainless & Alloy (Nasdaq: USAP), Varian Medical (NYSE: VAR), Ventas (NYSE: VTR), VeriSign (Nasdaq: VRSN), Virgin Media (Nasdaq: VMED), ViroPharma (Nasdaq: VPHM), Visa (NYSE: V), Walter Energy (NYSE: WLT), WCA Waste Corp. (Nasdaq: WCAA), WellPoint (NYSE: WLP), Whiting Petroleum (NYSE: WLL), Willis Group (NYSE: WSH), WINTRUST FIN'L (Nasdaq: WTFC), Wyndham Worldwide (NYSE: WYN), Xilinx (Nasdaq: XLNX) and Zhone Technologies (Nasdaq: ZHNE).



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.

Fed FOMC Policy Statement April 2010

What follows is a word for word of copy of the Fed's FOMC Policy Statement for April 28, 2010

"The Greek" earned clients a 23% average annual return over five years as a stock analyst on Wall Street. While writing for Wall Street Greek and others, he presciently predicted the financial crisis and housing and banking failures of the Great Recession. Visit the front pages of Wall Street Greek now to see our current coverage of business news, global financial markets, real estate, shipping, fine art, technical analysis and global affairs.

FOMC Policy Statement April 2010

Release Date: April 28, 2010
For immediate release

Information received since the Federal Open Market Committee met in March suggests that economic activity has continued to strengthen and that the labor market is beginning to improve. Growth in household spending has picked up recently but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software has risen significantly; however, investment in nonresidential structures is declining and employers remain reluctant to add to payrolls. Housing starts have edged up but remain at a depressed level. While bank lending continues to contract, financial market conditions remain supportive of economic growth. Although the pace of economic recovery is likely to be moderate for a time, the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability.

With substantial resource slack continuing to restrain cost pressures and longer-term inflation expectations stable, inflation is likely to be subdued for some time.

The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to promote economic recovery and price stability.

In light of improved functioning of financial markets, the Federal Reserve has closed all but one of the special liquidity facilities that it created to support markets during the crisis. The only remaining such program, the Term Asset-Backed Securities Loan Facility, is scheduled to close on June 30 for loans backed by new-issue commercial mortgage-backed securities; it closed on March 31 for loans backed by all other types of collateral.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Donald L. Kohn; Sandra Pianalto; Eric S. Rosengren; Daniel K. Tarullo; and Kevin M. Warsh. Voting against the policy action was Thomas M. Hoenig, who believed that continuing to express the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted because it could lead to a build-up of future imbalances and increase risks to longer run macroeconomic and financial stability, while limiting the Committee's flexibility to begin raising rates modestly.



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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.

Goldman Sachs Hearing (NYSE: GS)

Topic of Debate

Today's topic of debate centers on Goldman Sachs. Do you believe Goldman and/or its executives questioned in Congressional hearings Tuesday did anything wrong? Give your 2 cents via the banner link below.

I listened to the Goldman Sachs (NYSE: GS) hearing all day long on Tuesday, which delayed the publishing of our weekly copy (in case you missed me). The spectacle of Congressional questioning of a man self-nicknamed "The Fabulous Fab" and other fabulously shady fellows, who smartly sought to game the process by attempting to confuse and frustrate the Congressmen, had all of Wall Street's attention. The contrast between the panel members' financial illiteracy and the likelihood of real wrongdoing on Wall Street offered a riveting radio experience perhaps not seen since the days before television. We know many of you had to listen to the radio broadcast, while sitting in your cubicles pretending to work, so we sympathetically tuned in to Bloomberg Radio with you.

There are two ways to look at the situation. While it is true (and unfortunate) that many of the Congressional questioners knew not what Goldman did, it is also true that greed and selfishness drove ethical missteps that led to the worst financial crisis since the Great Depression. While it seems clear to us that the credit rating agencies overlooked (negligence might be the word we are looking for) a few light risks (Congressmen: this is sarcasm) for the sake of making money, market-making (what the Goldman execs in question do) is a necessary task of the market and is delegated to some of its participants.

We are sure Congress is going to try to figure out a way to break up market-making and proprietary trading, and perhaps unemployment is high enough now to get that done. Market-making is not the greatest business, though if the activity is significant enough, the numbers on paper thin bid/ask spreads can add up. Wall Street firms have always been best equipped to get the job done properly and keep markets moving efficiently.

Still, back to the question at hand: Can we really blame Goldman Sachs for doing its job? Yes, its prop-trading desk held directional positions, but its market-making efforts sure seemed kosher to me. The SEC charge against Goldman and the Fabulous Fab may hold merit, especially since Paulson was allowed to choose certain credits and kick the strong Wells Fargo (NYSE: WFC) credits out of the pool, but the legal system will decide that.

That is a separate issue than the "sh_t" Senator Carl Levin said Goldman was selling. The company was only selling sh_t, because people wanted to buy sh_t. Some folks had a taste for that sh_t, and they wanted it now! Goldman made a market it that sh_t, meaning it had to put buyers and sellers together in the sh_tty trade. Yes, I enjoyed that...

Goldman Sachs Hearing (NYSE: GS)

So anyway, please tell us what you think. Did Goldman Sachs do anything wrong? How might Congress screw this up? Will the true wrongdoers face their due punishment or will our government blunder it all up and create fences around parakeets while letting wolves run free?



Debate Topic Archive

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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.

This Week: GDP & Goldman Key

This Week

"The Greek" earned clients a 23% average annual return over five years as a stock analyst on Wall Street. While writing for Wall Street Greek and others, he presciently predicted the financial crisis and housing and banking failures of the Great Recession. Visit the front pages of Wall Street Greek now to see our current coverage of business news, global financial markets, real estate, shipping, fine art, technical analysis and global affairs.

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This Week: GDP & Goldman Key

This Week should be keyed by two important events, the Congressional hearings involving Goldman Sachs (NYSE: GS) on Tuesday, and the first quarter GDP report on Friday. As you'll see below, corporate earnings should also play a significant role in moving markets, since a slew of reports are due for release this week. The Fed is also due to publish its latest monetary policy statement this week.

Monday

There were no economic reports released Monday. The Milken Institute kicked off its global conference in Los Angeles. Citigroup's (NYSE: C) CEO Vikram Pandit keyed a financial forum in New York run by Chatham House. Meanwhile, news broke that the US might start selling off its Citi stake.

Senate Republicans blocked a Democratic Party effort to begin debate on financial regulatory reform legislation this week. The GOP hopes to draw up a bipartisan rule of law that will satisfy its constituents while not insulting the two-thirds of the American population that wants strict regulation forced down Wall Street's throat.

Democrats reportedly killed a provision from a derivatives bill that might force Warren Buffet's Berkshire Hathaway (NYSE: BRK-A, BRK-B) to set aside $8 billion in new reserves (collateral against securities).

This week's EPS schedule started with news from A.M. Castle (NYSE: CAS), Aaron's (NYSE: AAN), Advanced Analogic (Nasdaq: AATI), Albermarle (NYSE: ALB), Alberto Culver (NYSE: ACV), Alcon (NYSE: ACL), Alliance Holdings (Nasdaq: AHGP), Alliance Resource (Nasdaq: ARLP), American Capital Agency (Nasdaq: AGNC), Ameriprise Financial (NYSE: AMP), Anadigics (Nasdaq: ANAD), Arch Capital (Nasdaq: ACGL), Associated Estates Realty (NYSE: AEC), AVX Corp. (NYSE: AVX), Axis Capital (NYSE: AXS), BlackRock (NYSE: BLK), Boardwalk Pipeline (NYSE: BWP), Boston Scientific (NYSE: BSX), Britton & Koontz (Nasdaq: BKBK), Cadence Financial (Nasdaq: CADE), Canadian National Railway (NYSE: CNI), Canon (NYSE: CAJ), Caterpillar (NYSE: CAT), Cavium Networks (Nasdaq: CAVM), Celadon Group (NYSE: CGI), Cemex (NYSE: CX), Ceragon Networks (Nasdaq: CRNT), Changyou.com (Nasdaq: CYOU), Charles River Labs (NYSE: CRL), Check Point Software (Nasdaq: CHKP), China Bak Battery (Nasdaq: CBAK), China Security & Surveillance (NYSE: CSR), China Southern Airlines (NYSE: ZNH), Choice Hotels Int'l (NYSE: CHH), City Holding (Nasdaq: CHCO), Community Bank System (NYSE: CBU), Data I/O (Nasdaq: DAIO), Homex Development (NYSE: HXM), Eagle Materials (NYSE: EXP), Ecopetrol (NYSE: EC), Empresas ICA (NYSE: ICA), Emulex (NYSE: ELX), Ennis Inc. (NYSE: EBF), Extreme Networks (Nasdaq: EXTR), F.N.B. Corp. (NYSE: FNB), First Community Bancshares (Nasdaq: FCBC), First Financial Service (Nasdaq: FFKY), First Niagara Financial (Nasdaq: FNFG), First State Bancorp (Nasdaq: FSNM), FirstBank Corp. Michigan (Nasdaq: FBMI), Fomento Economico Mexico (NYSE: FMX), Grupo Radio Centro (NYSE: RC), Hanger Orthopedic (NYSE: HGR), Health Management Associates (NYSE: HMA), HealthStream (Nasdaq: HSTM), Heartland Financial (Nasdaq: HTLF), Hertz (NYSE: HTZ), Hexcel (NYSE: HXL), HF Financial (Nasdaq: HFFC), HickoryTech (Nasdaq: HTCO), Humana (NYSE: HUM), Industrias Bachoco (NYSE: IBA), Insituform Technologies (Nasdaq: INSU), Iowa Telecommunications (NYSE: IWA), IPC, The Hospitalist (Nasdaq: IPCM), Lakeland Fin'l (Nasdaq: LKFN), Liberty Property Trust (NYSE: LRY), Lorillard (NYSE: LO), Magic Software (Nasdaq: MGIC), Masco (NYSE: MAS), MB Financial (Nasdaq: MBFI), Metals USA (Nasdaq: MUSA), Mindspeed (Nasdaq: MSPD), Nara Bancorp (Nasdaq: NARA), National Instruments (Nasdaq: NATI), NBT Bancorp (Nasdaq: NBTB), Nidec (NYSE: NJ), NV Energy (NYSE: NVE), Old National Bancorp (NYSE: ONB), Olin (NYSE: OLN), Omnicell (Nasdaq: OMCL), Oritani Financial (Nasdaq: ORIT), OSI Systems (Nasdaq: OSIS), Owens & Minor (NYSE: OMI), Parke Bancorp (Nasdaq: PKBK), Pharmaceutical Product Development (Nasdaq: PPDI), Plum Creek Timber (NYSE: PCL), PLX Technology (Nasdaq: PLXT), PrePaid Legal (NYSE: PPD), PrivateBancorp (Nasdaq: PVTB), Radcom (Nasdaq: RDCM), RadioShack (NYSE: RSH), Reinsurance Group of America (NYSE: RGA), Rent-A-Center (Nasdaq: RCII), Roper Industries (NYSE: ROP), Sanmina-SCI (Nasdaq: SANM), Silicom (Nasdaq: SILC), SL Green Realty (NYSE: SLG), SOHU.com (Nasdaq: SOHU), SolarWinds (Nasdaq: SWI), Solutia (NYSE: SOA), SonoSite (Nasdaq: SONO), SuperGen (Nasdaq: SUPG), Texas Instruments (NYSE: TXN), The Bancorp (Nasdaq: TBBK), The Carphone Warehouse (NYSE: CPW), Titan Int'l (NYSE: TWI), Travelzoo (Nasdaq: TZOO), Tuesday Morning (Nasdaq: TUES), Ultra Clean Holdings (Nasdaq: UCTT), United Bankshares (Nasdaq: UBSI), United Fire (Nasdaq: UFCS), Universal Health Services (NYSE: UHS), VCA Antech (Nasdaq: WOOF), Veeco Instruments (Nasdaq: VECO), Virtual Radiologic (Nasdaq: VRAD), Volterra Semiconductor (Nasdaq: VLTR), W.R. Berkley (NYSE: WRB), Wausau Paper (NYSE: WPP), West Coast Bancorp (Nasdaq: WCBO), Whirlpool (NYSE: WHR), WMS Industries (NYSE: WMS), Yanzhou Coal Mining (NYSE: YZC) and Zoran (Nasdaq: ZRAN).

Tuesday

This week's activity picks up on Tuesday in a big way when Goldman Sachs' (NYSE: GS) CEO Lloyd Blankfein and SEC-charged VP Fabrice Tourre appear before a Senate panel. Goldman has taken a strong stance against the SEC's fraud charge, so the line of questioning from Democrats seeking to draw more popular opinion in for its financial regulatory reform legislation should have all of Wall Street's attention.

Meanwhile, in a separate grouping, Federal Reserve Chairman Ben Bernanke will address the President's debt-reduction commission on the subject of fiscal sustainability. Finishing up with the Hill, a Senate committee will examine federal mine-safety laws in the wake of the recent tragedy.

Four economic reports color Tuesday, two of which are due in the pre-market. The ICSC Weekly Same-Store Sales data should continue to show strong year-over-year comparisons, due to the pitiful prior year data. Last week's year-to-year change reached 4.6%. On a week-over-week view, the changes have proven lackadaisical, with the last reading marking just a 0.2% increase.

One of those infamous credit rating agencies (of MBS fame), S&P, produces its joint S&P/Case Shiller Home Price Index at 9:00 AM. We have not been a fan of the index, as it offers outdated information. I prefer the current price data available from Existing Home Sales. In any event, we'll get February's Home Price Index Tuesday. January's report showed an adjusted (for seasonality) 10-City Index gain of 0.4%, while the 20-City measure produced a 0.3% adjusted price increase. More importantly, according to the Existing Home Sales data, the median price of a home gained 0.4% in March.

The second set of the day's economic reports present themselves at 10:00 AM. Despite the mid-April decrease in the Reuters/Michigan Sentiment metric, economists see a modest gain in the Conference Board's Consumer Confidence Index, to 53.5, from 52.5 for March. There is an important contrast between the two measures that bears watching here. The Expectations portion of the Michigan measure dropped sharply at last check, and so we'll be watching to see if there is consistency in this data point. Consumer sentiment is trailing the recovery in retail sales, but that's because absolute sales levels are still well below par while marking growth.

State Street (NYSE: STT) will report on Investor Confidence today. Its March reading showed a gain of 5.4 points in global confidence levels, to an index mark of 108. North American Confidence gained modestly, adding 0.3 to 110.4. Confidence was lifted by Asia-Pacific region gain, as it rose 4.1 points and overwhelmed European decline of 2.5 points. Europe might not be much better off in this latest reading, depending on where the reading fell in the time line of the Greek saga.

The corporate events schedule highlights Research in Motion's (Nasdaq: RIMM) wireless enterprise symposium. Macy's (NYSE: M) has an analysts' day scheduled in New York that should play positively. Look for earnings news from Aflac (NYSE: AFL), 3M (NYSE: MMM), United Parcel Service (NYSE: UPS), Ford Motor (NYSE: F), Nortfolk Southern (NYSE: NSC), Newmont Mining (NYSE: NEM), Automatic Data Processing (NYSE: ADP), DuPont (NYSE: DD), Nomura (NYSE: NMR), Sands (NYSE: LVS), Rockwell Automation (NYSE: ROK), Visa (NYSE: V).

The EPS report schedule also includes news from 3M (NYSE: MMM), Acadia Realty Trust (NYSE: AKR), Advantest (NYSE: ATE), Aetrium (Nasdaq: ATRM), Affiliated Managers (NYSE: AMG), Aflac (NYSE: AFL), AGCO (Nasdaq: AGCO), AGL Resources (NYSE: AGL), AMAG Pharmaceuticals (Nasdaq: AMAG), Amedisys (Nasdaq: AMED), America Service Group (Nasdaq: ASGR), American Campus Communities (NYSE: ACC), American Safety Insurance (NYSE: ASI), Amerigon (Nasdaq: ARGN), AMETEK (NYSE: AME), Amkor Tech (Nasdaq: AMKR), Anadys Pharmaceuticals (Nasdaq: ANDS), Anixter Int'l (NYSE: AXE), Arris Group (Nasdaq: ARRS), Ashland (NYSE: ASH), ATC Tech (Nasdaq: ATAC), Autoliv (NYSE: ALV), Automatic Data Processing (NYSE: ADP), Avery Dennison (NYSE: AVY), Aware (Nasdaq: AWRE), B&G Foods (NYSE: BGS), BankFinancial (Nasdaq: BFIN), Barrett Business Services (Nasdaq: BBSI), Basic Energy Services (NYSE: BAS), BE Aerospace (Nasdaq: BEAV), Blackbaud (Nasdaq: BLKB), BOK Financial (Nasdaq: BOKF), Bolt Tech (Nasdaq: BOLT), Boston Properties (NYSE: BXP), BP plc (NYSE: BP), Broadcom (Nasdaq: BRCM), Buckeye Tech (NYSE: BKI), Buffalo Wild Wings (Nasdaq: BWLD), Capella Education (Nasdaq: CPLA), Capital Bank (Nasdaq: CBKN), Carlisle Cos. (NYSE: CSL), Carpenter Tech (NYSE: CRS), CE Franklin (Nasdaq: CFK), Celanese (NYSE: CE), Centene (NYSE: CNC), Century Aluminum (Nasdaq: CENX), Ceradyne (Nasdaq: CRDN), Charles & Colvard (Nasdaq: CTHR), Chicago Bridge & Iron (NYSE: CBI), Cirrus Logic (Nasdaq: CRUS), CIT Group (NYSE: CIT), Coca-Cola Enterprises (NYSE: CCE), Compass Minerals (NYSE: CMP), Compugen (Nasdaq: CGEN), Computer Task Group (Nasdaq: CTGX), Concurrent Computer (Nasdaq: CCUR), Conexant Systems (Nasdaq: CNXT), Convergys (NYSE: CVG), Corn Products (NYSE: CPO), CSG Systems (Nasdaq: CSGS), CTS Corp. (NYSE: CTS), Cummins (NYSE: CMI), Daimler (NYSE: DAI), DaVita (NYSE: DVA), Delphi Financial (NYSE: DFG), Deutsche Bank (NYSE: DB), Diebold (NYSE: DBD), Dorman Products (Nasdaq: DORM), DreamWorks Animation (NYSE: DWA), DTE Energy (NYSE: DTE), Duncan Energy (NYSE: DEP), DuPont (NYSE: DD), Dynex Capital (NYSE: DX), EarthLink (Nasdaq: ELNK), EastWest Bancorp (Nasdaq: EWBC), Ecolab (NYSE: ECL), Encore Capital (Nasdaq: ECPG), Endwave (Nasdaq: ENWV), Energizer (NYSE: ENR), Entegris (Nasdaq: ENTG), Enterprise Products (NYSE: EPD), EPIQ Systems (Nasdaq: EPIQ), Exactech (Nasdaq: EXAC), Fidelity National Info (NYSE: FIS), First Fin'l Holdings (Nasdaq: FFCH), First Industrial Realty Trust (NYSE: FR), First Place Financial (Nasdaq: FPFC), Flagstar Bancorp (NYSE: FBC), Flextronics (Nasdaq: FLEX), Ford Motor (NYSE: F), FormFactor (Nasdaq: FORM), FPL Group (NYSE: FPL), G&K Services (Nasdaq: GKSR), Group 1 Automotive (NYSE: GPI), GulfMark Offshore (NYSE: GLF), Harleysville Group (Nasdaq: HGIC), Hatteras Fin'l (NYSE: HTS), HCP (NYSE: HCP), Heidrick & Struggles (Nasdaq: HSII), Hospira (NYSE: HSP), Hutchinson Tech (Nasdaq: HTCH), ICON (Nasdaq: ICLR), Iconix Brand (Nasdaq: ICON), II-VI (Nasdaq: IIVI), Imation (NYSE: IMN), IntegraMed America (Nasdaq: INMD), Integrated Silicon Solution (Nasdaq: ISSI), Interactive Intelligence (Nasdaq: ININ), JDA Software (Nasdaq: JDAS), Jones Lang LaSalle (NYSE: JLL), Kansas City Southern (NYSE: KSU), Key Tronic (Nasdaq: KTCC), Kinetic Concepts (NYSE: KCI), Kona Grill (Nasdaq: KONA), Kyocera (NYSE: KYO), LAN Airlines (NYSE: LFL), Landauer (NYSE: LDR), Lazard (NYSE: LAZ), LCA-Vision (Nasdaq: LCAV), LeCroy Corp. (Nasdaq: LCRY), Lennox Int'l (NYSE: LII), Lexmark Int'l (NYSE: LXK), Life Technologies (Nasdaq: LIFE), Lincoln Electric (Nasdaq: LECO), Lithia Motors (NYSE: LAD), Manitowoc (NYSE: MTW), Market-Leader (Nasdaq: LEDR), Mercury Computer (Nasdaq: MRCY), MiMedx (Nasdaq: MDXG), MIPS Technologies (Nasdaq: MIPS), Molex (Nasdaq: MOLX), Montpelier Re (NYSE: MRH), Nalco Holding (NYSE: NLC), National Oilwell Varco (NYSE: NOV), NBTY (NYSE: NTY), NewAlliance Bancshares (NYSE: NAL), Newmont Mining (NYSE: NEM), Nexen (NYSE: NXY), Norfolk Southern (NYSE: NSC), Novo Nordisk (NYSE: NVO), Office Depot (NYSE: ODP), optionsXpress (Nasdaq: OXPS), Panera Bread (Nasdaq: PNRA), Par Technology (NYSE: PTC), Parametric Technology (Nasdaq: PMTC), Parexel (Nasdaq: PRXL), Pentair (NYSE: PNR), Phase Forward (Nasdaq: PFWD), Pinnacle Entertainment (NYSE: PNK), Planar (Nasdaq: PLNR), Portfolio Recovery (Nasdaq: PRAA), Potlatch (NYSE: PCH), Quaker Chemical (NYSE: KWR), Questar (NYSE: STR), RadiSys (Nasdaq: RSYS), Ramco-Gershenson Properties Trust (NYSE: RPT), Range Resources (NYSE: RRC), RenaissanceRe (NYSE: RNR), RF Micro Devices (Nasdaq: RFMD), Robert Half Int'l (NYSE: RHI), Rock-Tenn (NYSE: RKT), SeaBright Insurance (NYSE: SBX), Seattle Genetics (Nasdaq: SGEN), Signature Bank of New York (Nasdaq: SBNY), Silicon Image (Nasdaq: SIMG), Socket Mobile (Nasdaq: SCKT), Sonic Automotive (NYSE: SAH), Spartan Motors (Nasdaq: SPAR), Stanley Black & Decker (NYSE: SWK), Sterling Bancorp (NYSE: STL), Strattec Security (Nasdaq: STRT), Sturm Ruger (NYSE: RGR), Sun Bancorp (Nasdaq: SNBC), Sunoco Logistics (NYSE: SXL), Super Micro Computer (Nasdaq: SMCI), Switch & Data (Nasdaq: SDXC), Taiwan Semiconductor (NYSE: TSM), Tanger Factory Outlet (NYSE: SKT), Teleflex (NYSE: TFX), Telefonos de Mexico (NYSE: TMX), Tellabs (Nasdaq: TLAB), The Estee Lauder Cos. (NYSE: EL), The McGraw-Hill Cos. (NYSE: MHP), Thermadyne (Nasdaq: THMD), TomoTherapy (Nasdaq: TOMO), Torchmark (NYSE: TMK), Transalta (NYSE: TAC), Trustmark (Nasdaq: TRMK), Tyco Int'l (NYSE: TYC), UAL (Nasdaq: UAUA), Ultimate Software (Nasdaq: ULTI), Under Armour (NYSE: UA), Unisys (NYSE: UIS), UPS (NYSE: UPS), US Steel (NYSE: X), Unitil (NYSE: UTL), Urologix (Nasdaq: ULGX), US Airways (NYSE: LCC), US Ecology (Nasdaq: ECOL), USANA Health (Nasdaq: USNA), Valero Energy (NYSE: VLO), VASCO Data Security (Nasdaq: VDSI), VIST Fin'l (Nasdaq: VIST), Vitran (Nasdaq: VTNC), Wabtec (NYSE: WAB), Waddell & Reed (NYSE: WDR), Waste Services (Nasdaq: WSII), Waters Corp. (NYSE: WAT), Websense (Nasdaq: WBSN), Western Union (NYSE: WU), Whitney Holding (Nasdaq: WTNY), Wright Express (NYSE: WXS), Yahoo Japan (OTC: YAHOF.PK) and Zix Corp. (Nasdaq: ZIXI).

Wednesday

Wednesday is Fed Day, with the Federal Open Market Committee (FOMC) due to make its latest policy statement at 2:15 PM. The Fed is widely expected to keep rates at their historically low range of 0 to 0.25%. Thomas Hoenig has been a leading indicator for the FOMC, as his dissenting vote with regard to the language of the statement tells us the Fed is thinking about altering its "extended period" phrase. The whole of the market is looking for the Fed to begin speaking in nearer terms as far as future rate hikes are concerned. Such a change may not be yet forthcoming, due to housing doldrums, though Hoenig's dissension makes a good case for the change. If the change were to take place now, it would likely act against stocks in a significant way; and it seems investor enthusiasm is primed for a letdown based on hedge fund equity positions and advisor favor.

Overseas, Brazil's central bank might raise its key rate by as much as 0.75%, according to Barron's and Brown Brothers Harriman. Brazil's economy is blazing, according to last week's economic forecast published by the IMF. The forecast predicts 5.5% growth for Brazil in 2010.

The day's two regular reports finish off the schedule Wednesday. In the pre-market, look for more gains in the MBA's Weekly Mortgage Activity release. For the week ended April 16, the Market Composite Index of mortgage volume activity gained 13.6%, on Purchase Index rise of 10.1% and Refinance Index increase of 15.8%. Contracted fixed rates for 30-year and 15-year duration mortgages softened to 5.04% (from 5.17%) and 4.34% (4.45%), respectively.

The EIA will report Petroleum Status at 10:30 AM. For the week ended April 16, crude oil stocks increased by 1.9 million barrels. Gasoline stores increased by 3.6 million barrels. Both commodities stood above the upper limit of the average range for this time of year.

Barclay's (NYSE: BCS) Retail & Restaurant Conference kicks off in New York City. Bank of America (NYSE: BAC) has its annual stockholders meeting scheduled.

Also see EPS results from 1-800-Flowers.com (Nasdaq: FLWS), ACCO Brands (NYSE: ABD), ACE Limited (NYSE: ACE), Adept Technology (Nasdaq: ADEP), Adolor Corp. (Nasdaq: ADLR), Advance America, Cash Advance Centers (NYSE: AEA), Advent Software (Nasdaq: ADVS), Akamai Tech (Nasdaq: AKAM), Allegheny Tech (NYSE: ATI), Alliance Healthcare (NYSE: AIQ), Almost Family (Nasdaq: AFAM), American Commercial Lines (Nasdaq: ACLI), American Railcar (Nasdaq: ARII), AmeriGas Partners (NYSE: APU), AOL, Inc. (NYSE: AOL), Aspen Insurance (NYSE: AHL), Assurant (NYSE: AIZ), ATS Corp. (Nasdaq: ATSC), AudioCodes (Nasdaq: AUDC), Avalonbay Communites (NYSE: AVB), AXT, Inc. (Nasdaq: AXTI), Baidu (Nasdaq: BIDU), Baldor Electric (NYSE: BEZ), Banco Bilbao Vizcaya Argentaria (Nasdaq: BBVA), Banco Bradesco (NYSE: BBD), Bank of the Ozarks (Nasdaq: OZRK), Barrick Gold (NYSE: ABX), Beckman Coulter (NYSE: BEC), Berry Petroleum (NYSE: BRY), BioCryst Pharmaceuticals (Nasdaq: BCRX), Boston Private Fin'l (Nasdaq: BPFH), Brandywine Realty Trust (NYSE: BDN), Brink's Home Security (NYSE: CFL), Cabot (NYSE: CBT), Cabot Oil & Gas (NYSE: COG), CACI Int'l (Nasdaq: CACI), Cadence Design Systems (Nasdaq: CDNS), Cal Dive Int'l (NYSE: DVR), California Water Service (NYSE: CWT), Canadian Pacific Railway (NYSE: CP), Capstead Mortgage (NYSE: CMO), Cardiac Science (Nasdaq: CSCX), CardioNet (Nasdaq: BEAT), Carter's (NYSE: CRI), Cascade (Nasdaq: CASC), Cascade Fin'l (Nasdaq: CASB), Cathay General (Nasdaq: CATY), CB Richard Ellis (NYSE: CBG), CBL & Associates (NYSE: CBL), CDC Software (Nasdaq: CDCS), Celera (NYSE: CRA), Cell Therapeutics (Nasdaq: CTIC), Cerner (Nasdaq: CERN), CGI Group (NYSE: GIB), China Telecom (NYSE: CHA), Cincinnati Fin'l (Nasdaq: CINF), ClickSoftware (Nasdaq: CKSW), Cliff's Natural Resources (NYSE: CLF), CNOOC (NYSE: CEO), Compellent Tech (NYSE: CML), comScore (Nasdaq: SCOR), Core Laboratories (NYSE: CLB), Corning (NYSE: GLW), Corporate Office Properties (NYSE: OFC), Covance (NYSE: CVD), Covenant Transport (Nasdaq: CVTI), Crown Castle Int'l (NYSE: CCI), CryoLife (NYSE: CRY), Cullen/Frost Bankers (NYSE: CFR), DDi Corp. (Nasdaq: DDIC), Dice Holdings (NYSE: DHX), Dime Community Bancshares (Nasdaq: DCOM), DIVX, Inc. (Nasdaq: DIVX), Dollar Thrifty (NYSE: DTG), DSP Group (Nasdaq: DSPG), Dyax Corp. (Nasdaq: DYAX), Dynamics Research (Nasdaq: DRCO), EastGroup Properties (NYSE: EGP), Enbridge Energy (NYSE: EEP), Encore Wire (Nasdaq: WIRE), Entropic Communications (Nasdaq: ENTR), Epicor Software (Nasdaq: EPIC), EQT Corp. (NYSE: EQT), Equifax (NYSE: EFX), Equity Residential (NYSE: EQR), Ethan Allen (NYSE: ETH), Euronet Services (Nasdaq: EEFT), Everest Re (NYSE: RE), Express Scripts (Nasdaq: ESRX), ExpressJet Holdings (NYSE: XJT), Famous Dave's (Nasdaq: DAVE), Federal-Mogul (Nasdaq: FDML), Ferro Corp. (NYSE: FOE), FICO (Nasdaq: FICO), First Merchants (Nasdaq: FRME), First Solar (Nasdaq: FSLR), FirstService (Nasdaq: FSRV), FMC Technologies (NYSE: FTI), Fortinet (Nasdaq: FTNT), Franklin Resources (NYSE: BEN), General Dynamics (NYSE: GD), General Maritime (NYSE: GMR), Geron (Nasdaq: GERN), GlaxoSmithKline (NYSE: GSK), Goldcorp (NYSE: GG), Goodyear Tire & Rubber (NYSE: GT), Green Mountain Coffee (Nasdaq: GMCR), Grupo Aeroportuario Del Pacifico (NYSE: PAC), GSI Commerce (Nasdaq: GSIC), Harris (NYSE: HRS), Hecla Mining (NYSE: HL), Helix Energy (NYSE: HLX), Hess Corp. (NYSE: HES), Highwoods Properties (NYSE: HIW), Honda Motor (NYSE: HMC), Horace Mann Educators (NYSE: HMN), Host Hotels & Resorts (NYSE: HST), Hudson Highland (Nasdaq: HHGP), IAC (Nasdaq: IACI), iCAD Inc. (Nasdaq: ICAD), Illumina (Nasdaq: ILMN), Innovative Solutions (Nasdaq: ISSC), Insignia Systems (Nasdaq: ISIG), InterDigital (Nasdaq: IDCC), Interface (Nasdaq: IFSIA), Int'l Coal Group (NYSE: ICO), Internet Brands (Nasdaq: INET), Inverness Medical Innovations (NYSE: IMA), Invesco (NYSE: IVZ), iRobot (Nasdaq: IRBT), ITC Holdings (NYSE: ITC), Itron (Nasdaq: ITRI), JetBlue Airways (Nasdaq: JBLU), JMP Group (NYSE: JMP), Jones Apparel (NYSE: JNY), Kadant (NYSE: KAI), Kaiser Aluminum (Nasdaq: KALU), Kilroy Realty (NYSE: KRC), Kirby (NYSE: KEX), Legacy Bancorp (Nasdaq: LEGC), LHC Group (Nasdaq: LHCG), Lincoln National (NYSE: LNC), Littlefield (Nasdaq: LTFD), Logitech (Nasdaq: LOGI), LOGMEIN (Nasdaq: LOGM), LoopNet (Nasdaq: LOOP), LSI Corp. (NYSE: LSI), Lumber Liquidators (NYSE: LL), M/I Homes (NYSE: MHO), Makita (Nasdaq: MKTAY), ManTech Int'l (Nasdaq: MANT), Marine Products (NYSE: MPX), MarineMax (NYSE: HZO), MarketAxess (Nasdaq: MKTX), Martha Stewart Living (NYSE: MSO), Mastech (NYSE: MHH), MeadWestVaco (NYSE: MWV), Medco Health Solutions (NYSE: MHS), Melco Crown Entertainment (Nasdaq: MPEL), Meredith Corp. (NYSE: MDP), Meritage Homes (NYSE: MTH), Metabolix (Nasdaq: MBLX), Methanex (Nasdaq: MEOH), Morningstar (Nasdaq: MORN), MoSys, Inc. (Nasdaq: MOSY), Nanophase Tech (Nasdaq: NANX), Navios Maritime (NYSE: NMM), Neoprobe (Nasdaq: NEOP), Ness Tech (Nasdaq: NSTC), Net Servicos de Communicacais (Nasdaq: NETC), Neurocrine Biosciences (Nasdaq: NBIX), Neustar (NYSE: NSR), Newfield Exploration (NYSE: NFX), Newport Corp. (Nasdaq: NEWP), NTT DoCoMo (NYSE: DCM), Nu Skin (NYSE: NUS), Oceaneering Int'l (NYSE: OII), Odyssey Healthcare (Nasdaq: ODSY), O-I (NYSE: OI), Oil States Int'l (NYSE: OIS), Old Dominion Freight (Nasdaq: ODFL), ONEOK (NYSE: OKE), Openwave Systems (Nasdaq: OPWV), Orchids Paper (NYSE: TIS), O'Reilly Automotive (Nasdaq: ORLY), Orthofix Int'l (Nasdaq: OFIX), Owens Corning (NYSE: OC), P.F. Chang's China Bistro (Nasdaq: PFCB), Park Electrochemical (NYSE: PKE), Power Integrations (Nasdaq: POWI), Praxair (NYSE: PX), Pzena Investment Management (NYSE: PZN), Radvision (Nasdaq: RVSN), RailAmerica (NYSE: RA), Realty Income Corp. (NYSE: O), Regis (NYSE: RGS), Rewards Network (Nasdaq: DINE), RightNow Tech (Nasdaq: RNOW), Rockwell Automation (NYSE: ROK), Rogers Communications (NYSE: RCI), Rollins (NYSE: ROL), Royal Caribbean (NYSE: RCL), RPC, Inc. (NYSE: RES), RTI Biologics (Nasdaq: RTIX), Rurban Fin'l (Nasdaq: RBNF), Ryland Group (NYSE: RYL), SAP AG (NYSE: SAP), Sealed Air (NYSE: SEE), SEI Investments (Nasdaq: SEIC), Selective Insurance Group (Nasdaq: SIGI), Service Corp. (NYSE: SCI), SFN Group (NYSE: SFN), Shinhan Fin'l (NYSE: SHG), Shutterfly (Nasdaq: SFLY), Silicon Laboratories (Nasdaq: SLAB), Siliconware Precision Industries (Nasdaq: SPIL), SJW (NYSE: SJW), SK Telecom (NYSE: SKM), Skechers USA (NYSE: SKX), Southern Company (NYSE: SO), Spectranetics (Nasdaq: SPNC), Sprint Nextel (NYSE: S), Steiner Leisure (Nasdaq: STNR), Stericycle (Nasdaq: SRCL), Stifel Fin'l (NYSE: SF), Stratasys (Nasdaq: SSYS), Superior Energy (NYSE: SPN), SurModics (Nasdaq: SRDX), Susquehanna Bancshares (Nasdaq: SUSQ), Talecris Biotherapeutics (Nasdaq: TLCR), Taleo Corp. (Nasdaq: TLEO), Taylor Capital (Nasdaq: TAYC), TC Pipelines (Nasdaq: TCLP), TESSCO (Nasdaq: TESS), Tessera Tech (Nasdaq: TSRA), Tetra Tech (Nasdaq: TTEK), The Allstate Corp. (NYSE: ALL), The Dixie Group (Nasdaq: DXYN), The Dow Chemical Co. (NYSE: DOW), The Medicines Co. (Nasdaq: MDCO), Thermo Fisher Scientific (NYSE: TMO), Town Sports Int'l (Nasdaq: CLUB), Transatlantic Holdings (NYSE: TRH), Transcend Services (Nasdaq: TRCR), Trinity Industries (NYSE: TRN), TriQuint Semi (Nasdaq: TQNT), Triumph Group (NYSE: TGI), Tyco Electronics (NYSE: TEL), Tyler Tech (NYSE: TYL), US Auto Parts (Nasdaq: PRTS), UGI (NYSE: UGI), UMB Fin'l (Nasdaq: UMBF), United Microelectronics (NYSE: UMC), Universal Stainless & Alloy (Nasdaq: USAP), Varian Medical (NYSE: VAR), Ventas (NYSE: VTR), VeriSign (Nasdaq: VRSN), Virgin Media (Nasdaq: VMED), ViroPharma (Nasdaq: VPHM), Visa (NYSE: V), Walter Energy (NYSE: WLT), WCA Waste Corp. (Nasdaq: WCAA), WellPoint (NYSE: WLP), Whiting Petroleum (NYSE: WLL), Willis Group (NYSE: WSH), WINTRUST FIN'L (Nasdaq: WTFC), Wyndham Worldwide (NYSE: WYN), Xilinx (Nasdaq: XLNX) and Zhone Technologies (Nasdaq: ZHNE).

Thursday

It's just the two usuals for Thursday, along with a storm of earnings reports and a few Congressional hearings.

Weekly Jobless Claims is up for report in the early going. In the week ended April 17, claims eased back toward recent trend, marking 456K, down from the revised 480K from the week before. The four-week moving average increased by 2,750, to 460,250. Census hiring should be providing some support now, and believe it or not, bank and mortgage brokerage hiring might follow...

The EIA will report on Natural Gas storage at 10:30. For the week ended April 16, natural gas stocks increased by 73 Bcf. At current mark, natural gas storage sits 286 Bcf above its five-year average.

A House of Representatives panel will take up credit-default Swaps and their role in Greece's debt crisis. In other words, the feds are doing all they can to turn up the heat on Goldman and Wall Street, which works in favor of getting financial regulatory reform passed. Meanwhile, the Senate Banking Committee will review "short-termism" in financial markets.

Harman International (NYSE: HAR) hosts a meeting with investors. Rio Tinto (NYSE: RTP) has a 4-for-1 split scheduled. Reporting earnings, look for data from Exxon Mobil (NYSE: XOM), ConocoPhillips (NYSE: COP), Burger King (NYSE: BKC), Santander (NYSE: STD). Also look for EPS reports from Abaxis (Nasdaq: ABAX), Acer Inc. (OTC: ASIYF.PK), ACI Worldwide (Nasdaq: ACIW), Acme Packet (Nasdaq: APKT), Actel (Nasdaq: ACTL), Aetna (NYSE: AET), Agnico-Eagle Mines (NYSE: AEM), Agree Realty (NYSE: ADC), Akeena Solar (Nasdaq: AKNS), Alaska Communications (Nasdaq: ALSK), Alexandria Real Estate (NYSE: ARE), America Movil (NYSE: AMX), American Dental Partners (Nasdaq: ADPI), American Electric Power (NYSE: AEP), Anaren (Nasdaq: ANEN), Antigenics (Nasdaq: AGEN), Apache Corp. (NYSE: APA), AP Capital (Nasdaq: ACAP), Applied Micro Circuits (Nasdaq: AMCC), ArcelorMittal (NYSE: MT), Ariba (Nasdaq: ARBA), Art Technology (Nasdaq: ARTG), Artio Global (NYSE: ART), Asbury Automotive (NYSE: ABG), Asset Acceptance (Nasdaq: AACC), AstraZeneca (NYSE: AZN), Athenahealth (Nasdaq: ATHN), AVEO Pharmaceuticals (Nasdaq: AVEO), Baldwin & Lyons (Nasdaq: BWINA), Ball Corp. (NYSE: BLL), Ballard Power (Nasdaq: BLDP), Bally Technologies (NYSE: BYI), Banco de Chile (NYSE: BCH), Banco Santander (NYSE: STD), Bancorp Rhode Island (Nasdaq: BARI), BASF Catalysts (Nasdaq: BCAT), Becton, Dickinson and Co. (NYSE: BDX), Bel Fuse Inc. (Nasdaq: BELFB), Belden Inc. (NYSE: BDC), Bemis (NYSE: BMS), Benchmark Electronics (NYSE: BHE), BioMarin Pharmaceutical (Nasdaq: BMRN), Bofi Holding (Nasdaq: BOFI), BorgWarner (NYSE: BWA), Brigham Exploration (Nasdaq: BEXP), Bristol-Myers Squibb (NYSE: BMY), Bruker (Nasdaq: BRKR), Brunswick (NYSE: BC), Brush Eng. Materials (NYSE: BW), Bryn Mawr Bank (Nasdaq: BMTC), Build A Bear Workshop (NYSE: BBW), Bunge Ltd. (NYSE: BG), Calgon Carbon (NYSE: CCC), Caliper Life Sciences (Nasdaq: CALP), Callaway Golf (NYSE: ELY), Callidus Software (Nasdaq: CALD), Cameron (NYSE: CAM), CARBO Ceramics (NYSE: CRR), Cardinal Health (NYSE: CAH), Cardtronics (Nasdaq: CATM), CDI Corp. (NYSE: CDI), Celgene (Nasdaq: CELG), Cenovus Energy (NYSE: CVE), Center Fin'l Corp. (Nasdaq: CLFC), Cerus (Nasdaq: CERS), CEVA, Inc. (Nasdaq: CEVA), CH Energy Group (NYSE: CHG), Chart Industries (Nasdaq: GTLS), Chelsea Therapeutics (Nasdaq: CHTP), Chicago Mercantile Exchange (NYSE: CME), China Petroleum & Chemical (NYSE: SNP), China Sunergy (Nasdaq: CSUN), Chiquita Brands (NYSE: CQB), City National (NYSE: CYN), Clarient (Nasdaq: CLRT), Clearwater Paper (NYSE: CLW), Coherent (Nasdaq: COHR), Coinstar (Nasdaq: CSTR), Colgate-Palmolive (NYSE: CL), Colonial Properties (NYSE: CLP), CommScope (NYSE: CTV), CONMED (Nasdaq: CNMD), CONSOL Energy (NYSE: CNX), Constant Contact (Nasdaq: CTCT), Credit Acceptance (Nasdaq: CACC), CTC Media (Nasdaq: CTCM), Cumulus Media (Nasdaq: CMLS), Curtiss-Wright (NYSE: CW), Cybersource (Nasdaq: CYBS), Cytokinetics (Nasdaq: CYTK), D&B (NYSE: DNB), Dana Holding (NYSE: DAN), Deltek Inc. (Nasdaq: PROJ), DENTSPLY Int'l (Nasdaq: XRAY), Depomed (Nasdaq: DEPO), Digirad (Nasdaq: DRAD), Digital Realty Trust (NYSE: DLR), Digital River (Nasdaq: DRIV), Dolby Laboratories (NYSE: DLB), Dominion Resources (NYSE: D), Double Eagle Petroleum (Nasdaq: DBLE), Dover Downs Gaming (NYSE: DDE), Dover Motorsports (NYSE: DVD), DPL, Inc. (NYSE: DPL), Duff & Phelps (NYSE: DUF), Duke Realty (NYSE: DRE), Dynamic Materials (Nasdaq: BOOM), Eastman Kodak (NYSE: EK), eFuture Info (Nasdaq: EFUT), Electronics for Imaging (Nasdaq: EFII), EMCOR (NYSE: EME), Emergency Medical Svs. (NYSE: EMS), Empire District Electric (NYSE: EDE), Enbridge Energy (NYSE: EEQ), Energen (NYSE: EGN), Entergy (NYSE: ETR), Entravision Communications (NYSE: EVC), ev3 (Nasdaq: EVVV), Expedia (Nasdaq: EXPE), FalconStor Software (Nasdaq: FALC), Financial Institutions (Nasdaq: FISI), First Potomac Realty (NYSE: FPO), Fiserv (Nasdaq: FISV), Fisher Communications (Nasdaq: FSCI), Forrester Research (Nasdaq: FORR), Fortune Brands (NYSE: FO), France Telecom (NYSE: FTE), Franklin Electric (Nasdaq: FELE), Gazprom (OTC: OGZPF), Genesee & Wyoming (NYSE: GWR), Genpact (NYSE: G), Gen-Probe (Nasdaq: GPRO), Genworth Fin'l (NYSE: GNW), GFI Group (Nasdaq: GFIG), Global Crossing (Nasdaq: GLBC), GrafTech Int'l (NYSE: GTI), Greatbatch (NYSE: GB), Green Plains Renewable (Nasdaq: GPRE), Grupo Financiero Inbursa SA (OTC: GPFOY), Grupo Simec (NYSE: SIM), Guidance Software (Nasdaq: GUID), Hanmi Fin'l (Nasdaq: HAFC), Harris Interactive (Nasdaq: HPOL), Harsco (NYSE: HSC), Harte-Hanks (NYSE: HHS), Hartford Fin'l (NYSE: HIG), Harvard Bioscience (Nasdaq: HBIO), HealthSpring (NYSE: HS), Helmerich & Payne (NYSE: HP), Hercules Offshore (Nasdaq: HERO), Holly Energy (NYSE: HEP), Huron Consulting (Nasdaq: HURN), IMAX Corp. (Nasdaq: IMAX), Immunogen (Nasdaq: IMGN), Imperial Oil (NYSE: IMO), Ingram Micro (NYSE: IM), Innodata Isogen (Nasdaq: INOD), Intermec (NYSE: IN), InterMune (Nasdaq: ITMN), International Paper (NYSE: IP), Int'l Rectifier (NYSE: IRF), Investment Technology Group (NYSE: ITG), Investors Bancorp (Nasdaq: ISBC), Iron Mountain (NYSE: IRM), iStar Fin'l (NYSE: SFI), Ixia (Nasdaq: XXIA), Jarden (NYSE: JAH), John B. Sanfilippo (Nasdaq: JBSS), KB Fin'l (NYSE: KB), KBR, Inc. (NYSE: KBR), Keithley Instruments (NYSE: KEI), Kellogg (NYSE: K), Kennametal (NYSE: KMT), Key Energy Svcs. (NYSE: KEG), Key Technology (Nasdaq: KTEC), Keynote Systems (Nasdaq: KEYN), KKR Fin'l (NYSE: KFN), KLA-Tencor (Nasdaq: KLAC), Kratos Defense & Security (Nasdaq: KTOS), K-Sea Transportation (NYSE: KSP), KT Corp. (NYSE: KT), LaBarge (NYSE: LB), Lancaster Colony (Nasdaq: LANC), Lantronix (Nasdaq: LTRX), LaserCard (Nasdaq: LCRD), LeMaitre Vascular (Nasdaq: LMAT), Libbey (NYSE: LBY), Linn Energy (Nasdaq: LINE), LKQ Corp. (Nasdaq: LKQX), Lubrizol (NYSE: LZ), Luxottica (NYSE: LUX), Macatawa Bank (Nasdaq: MCBC), Mack-Cali Realty (NYSE: CLI), Maxim Integrated (Nasdaq: MXIM), Maxwell Tech (Nasdaq: MXWL), McAfee (NYSE: MFE), Mead Johnson Nutrition (NYSE: MJN), MedAssets (Nasdaq: MDAS), MEMC Electronic Materials (NYSE: WFR), Merchants Bancshares (Nasdaq: MBVT), Merit Medical (Nasdaq: MMSI), MetLife (NYSE: MET), Mettler-Toledo (NYSE: MTD), MICROS System (Nasdaq: MCRS), Microtune (Nasdaq: TUNE), Mine Safety Appliances (NYSE: MSA), Mohawk Industries (NYSE: MHK), Monolithic Power (Nasdaq: MPWR), Monster Worldwide (NYSE: MWW), Motorola (NYSE: MOT), Mylan (NYSE: MYL), National Technical Systems (Nasdaq: NTSC), Natus Medical (Nasdaq: BABY), NEI (Nasdaq: NENG), Neogenomics (Nasdaq: NGNM), NetLogic Microsystems (Nasdaq: NETL), NetScout Systems (Nasdaq: NTCT), Newpark Resources (NYSE: NR), NII Holdings (Nasdaq: NIHD), Noble Energy (NYSE: NBL), Novamed (Nasdaq: NOVA), NSTAR (NYSE: NST), NuStar Energy (NYSE: NS), Occidental Petroleum (NYSE: OXY), Oclaro (Nasdaq: OCLR), OfficeMax (NYSE: OMX), Olympic Steel (Nasdaq: ZEUS), On Assignment (Nasdaq: ASGN), OneBeacon Insurance (NYSE: OB), Online Resources (Nasdaq: ORCC), Open Text (Nasdaq: OTEX), Oshkosh Corp. (NYSE: OSK), Pacific Capital Bancorp (Nasdaq: PCBC), Palomar Medical (Nasdaq: PMTI), Patni Computer (NYSE: PTI), Patterson-UTI (Nasdaq: PTEN), PC Connection (Nasdaq: PCCC), PDL BioPharma (Nasdaq: PDLI), Pennsylvania Real Estate Inv. Trust (NYSE: PEI), Perrigo (Nasdaq: PRGO), Pinnacle Data Systems (NYSE: PNS), Potash Corp. (NYSE: POT), Power-One (Nasdaq: PWER), Pozen (Nasdaq: POZN), Pride Int'l (NYSE: PDE), Primedia (NYSE: PRM), Procter & Gamble (NYSE: PG), Pro-Dex (Nasdaq: PDEX), Provident Fin'l (Nasdaq: PROV), QLogic (Nasdaq: QLGC), Questcor Pharmaceuticals (Nasdaq: QCOR), Quidel (Nasdaq: QDEL), Radware (Nasdaq: RDWR), RAIT Fin'l Trust (NYSE: RAS), Regal Entertainment (NYSE: RGC), Reliv Int'l (Nasdaq: RELV), Repsol (NYSE: REP), Republic Services (NYSE: RSG), ResMed (NYSE: RMD), Revlon (NYSE: REV), Rochester Medical (Nasdaq: ROCM), Rockwood Holdings (NYSE: ROC), Rubicon Tech (Nasdaq: RBCN), Ruddick (NYSE: RDK), Rudolph Tech (Nasdaq: RTEC), Safeway (NYSE: SWY), Saia (Nasdaq: SAIA), Sally Beauty (NYSE: SBH), Sanofi-Aventis (NYSE: SNY), Selectica (Nasdaq: SLTC), Senomyx (Nasdaq: SNMX), Siemens (NYSE: SI), Silgan (Nasdaq: SLGN), Silicon Motion (Nasdaq: SIMO), Sinopec Shanghai Petrochemical (NYSE: SHI), Skyworks (Nasdaq: SWKS), Sonic Foundry (Nasdaq: SOFO), Sourcefire (Nasdaq: FIRE), Southwestern Energy (NYSE: SWN), Spirit Aerosystems (NYSE: SPR), Stamps.com (Nasdaq: STMP), Standard Register (NYSE: SR), Standex Int'l (NYSE: SXI), Starwood Hotels (NYSE: HOT), State Auto Fin'l (Nasdaq: STFC), StellarOne (Nasdaq: STEL), Stewart Info (NYSE: STC), Strayer Education (Nasdaq: STRA), Sun Healthcare (Nasdaq: SUNH), Sunoco (NYSE: SUN), Support.com (Nasdaq: SPRT), Surewest Communications (Nasdaq: SURW), Symetra Fin'l (NYSE: SYA), Symyx Tech (Nasdaq: SMMX), TeleCommunications Systems (Nasdaq: TSYS), Teledyne (NYSE: TDY), Telular (Nasdaq: WRLS), Tenneco (NYSE: TEN), Terra Nitrogen (NYSE: TNH), Tesoro (NYSE: TSO), The Brinks Co. (NYSE: BCO), The First American Corp. (NYSE: FAF), The Interpublic Group (NYSE: IPG), The Timberland Co. (NYSE: TBL), The Timken Co. (NYSE: TKR), Thoratec (Nasdaq: THOR), Time Warner Cable (NYSE: TWC), Tollgrade Communications (Nasdaq: TLGD), TranSwitch (Nasdaq: TXCCD), TriMas (NYSE: TRS), Trimble Navigation (Nasdaq: TRMB), Ultralife (Nasdaq: ULBI), Unifi (NYSE: UFI), Unilever (NYSE: UL), United Stationers (Nasdaq: USTR), United Therapeutics (Nasdaq: UTHR), Universal American (NYSE: UAM), Valassis Communications (NYSE: VCI), ValueClick (Nasdaq: VCLK), Varian Semi (Nasdaq: VSEA), Viacom (NYSE: VIA), VISTAPRINT (Nasdaq: VPRT), Volcom (Nasdaq: VLCM), Washington Real Estate Inv. Trust (NYSE: WRE), Waste Management (NYSE: WM), Wayside Technology (Nasdaq: WSTG), Wesbanco (Nasdaq: WSBC), West Bancorporation (Nasdaq: WTBA), West Pharmaceutical Services (NYSE: WST), Weyco (Nasdaq: WEYS), Weyerhaeuser (NYSE: WY), Wisdomtree Investments (OTC: WSDT.PK), World Acceptance (Nasdaq: WRLD), WSFS Fin'l (Nasdaq: WSFS), Wynn Resorts (Nasdaq: WYNN), Xcel Energy (NYSE: XEL) and Zoll Medical (Nasdaq: ZOLL).

Friday

Five economic reports dot the schedule for Friday, but the market will be wholly focused on one key data point. GDP will be reported for the first quarter of 2010. This first reporting has economists looking for growth of 3.4%, which compares against the 5.6% rebound seen in Q4 2009. The GDP Price Index is seen increasing by 1.0% in Q1. Look for our early morning report Friday to review the data. Look for the Employment Costs Index at 8:30 as well. It's seen increasing by 0.4% in Q1, versus the 0.5% increase in Q4.

The Chicago Purchasing Managers Index (PMI) is due for report at 9:45 a.m. March's PMI came in slightly lower than February's reading, but at 58.8, still represented strong economic expansion. Because the Leading Index measured 61.8 in March, economists' expectations have been comfortably set at 60.0 for April's PMI.

The Reuters/University of Michigan will report Consumer Confidence at 9:55 a.m. Economists are looking for a recovery in this measure from the mid-April let-down. At that last check, the index fell to 69.5, from 73.6 in March. The Leading Component fell 5.6 points, and led us to warn readers that a harsh reality was sinking into American consumers hearts. Recovery will not be V-shaped, but slow going, perhaps W-shaped at best. We have been known to label the notion of a "jobless recovery" as fictional. Unemployment is sticking stubbornly high, and unfortunately satisfying our forecast. Consumers will not function optimally in such an environment, and we have a consumption driven economy here in the States.

Retail sales have been sustained somewhat by wealth stores, and thanks to stock market recovery, spending improved. However, we do not see this sustainable, and so economic recovery of note will require the return of manufacturing jobs (in new sectors like renewable energy, and perhaps, in a fair trading environment in competitive markets as well).

The Department of Agriculture will report on crop prices received by farmers at 3:00 p.m. This Crop Report is an important catalyst for commodity traders, recalling Trading Places with Eddie Murphy and Dan Aykroyd.

Steve Madden (Nasdaq: SHOO) shares will split 3-for-2, and earnings are due from Abington Bancorp (Nasdaq: ABBC), Acorda Therapeutics (Nasdaq: ACOR), Advanced Semiconductor Engineering (NYSE: ASX), Allergan (NYSE: AGN), Allete (NYSE: ALE), American Axle & Manufacturing (NYSE: AXL), Amerigroup (NYSE: AGP), Aon Corp. (NYSE: AON), Apartment Investment & Management (NYSE: AIV), Avon Products (NYSE: AVP), Barnes Group (NYSE: B), Beasley Broadcast Group (Nasdaq: BBGI), BioScrip (Nasdaq: BIOS), Brookfield Homes (NYSE: BHS), Central Pacific Fin'l (NYSE: CPF), Chevron (NYSE: CVX), Chunghwa Telecom (NYSE: CHT), CNA Surety (NYSE: SUR), Cobra Electronics (Nasdaq: COBR), Colfax Corp. (NYSE: CFX), Constellation Energy (NYSE: CEG), Coventry Health Care (NYSE: CVH), CTI Industries (Nasdaq: CTIB), D.R. Horton (NYSE: DHI), Digimarc (Nasdaq: DMRC), Discovery Communications (OTC: DISCK), Domtar (NYSE: UFS), Dresser-Rand (NYSE: DRC), Empresa Nacional del Petroleo (Nasdaq: ENAP), Endo Pharmaceuticals (Nasdaq: ENDP), Federal Signal (NYSE: FSS), Grupo TMM SA (NYSE: TMM), HMS Holdings (Nasdaq: HMSY), Ingles Markets (Nasdaq: IMKTA), Interline Brands (NYSE: IBI), ISTA Pharmaceuticals (Nasdaq: ISTA), ITT Corp. (NYSE: ITT), James River Coal (Nasdaq: JRCC), Johnson Outdoors (Nasdaq: JOUT), LifePoint Hospitals (Nasdaq: LPNT), Lydall (NYSE: LDL), Magellan Health Services (Nasdaq: MGLN), MannKind (Nasdaq: MNKD), MDU Resources (NYSE: MDU), Minerals Technologies (NYSE: MTX), Moneygram Int'l (NYSE: MGI), Moog (Nasdaq: MOGA), Nash Finch (Nasdaq: NAFC), Newell Rubbermaid (NYSE: NWL), Oppenheimer Holdings (NYSE: OPY), Penske Automotive Group (NYSE: PAG), PHH Corp. (NYSE: PHH), Ruth's Hospitality (Nasdaq: RUTH), Simon Property Group (NYSE: SPG), T-3 Energy Services (Nasdaq: TTES), The Nasdaq: OMX Group (Nasdaq: NDAQ), The Nielsen Company (NYSE: TNC), Total (NYSE: TOT), TransCanada (NYSE: TRP), Tree.com (Nasdaq: TREE), Trex Co. (Nasdaq: TREX), UniSource Energy (NYSE: UNS) and VF Corp. (NYSE: VFC).

Saturday

Berkshire Hathaway's (NYSE: BRK-A, BRK-B) annual meeting usually offers a spectacle for investment enthusiasts of all sorts, and Berkshire investors as well. Warren Buffet's annual letter is a treasure we hope we will have the pleasure of reading for many years to come.

The Kentucky Derby, another treasure we hope to long enjoy, kicks up the dirt on Saturday May 1st.

Sunday

It's that week again! "Markos Birthday Celebration Week" kicks off again. The rules are simple. Friends of Markos must invite and treat him all week long, but never remind him of how old he's getting.



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.