Last week ended on a positive note with the large gains of Friday's session, but the week overall still had that negative bias to it. This week we get some economic data that will be very important to the market's near and long-term direction. There are also a few companies that will be reporting earnings that should be watched quite closely. 
Economic Data
Tuesday June 17th
- Producer Price Index (PPI) This measures the price of goods at the wholesale level. As the market watches closely to what the Fed will do about inflation this number could move the market.
- Housing Starts- This number is expected to be terrible, again. Will there be any inkling of an improvement?
Thursday June 19th
- Initial Claims- Last week's claims number was not good news for the bulls, and with unemployment rising big last month, this number is very important.
Earnings Preview
Monday June 16th
- Adobe Systems (Nasdaq:ADBE) Interestingly, this stock sits within 5 cents of its price from a year ago. The market expects 46 cents per share.
Tuesday June 17th
- Goldman Sachs (NYSE:GS) This will certainly be the most important earnings report of the week for the overall market. The investment brokerages are under a microscope because of massive losses, but GS is the gold standard. How will they perform? The market expects $3.42 per share.
- Best Buy (NYSE:BBY) Will the economic stimulus checks help a company like BBY? One would think that they certainly could. Analysts expect 37 cents per share.
Wednesday June 18th
- FedEx Corporation (NYSE:FDX) FDX is a company that has proven great leadership, but it is being hit hard by high oil prices. Can the company meet already lowered expectations of $1.47 per share?
Thursday June 19th
- Circuit City (NYSE:CC) Circuit City has had some awful results in the past year and the stock has lost 74% during that time. The company is expected to lose $1.02.
- Carnival Corporation (NYSE:CCL) Carnival has been hit hard by high fuel prices. The stock sits near a 52 week low. The earnings outlook for the coming quarters will be essential.
The news cycle of late has been decidedly negative with high oil prices, rising unemployment, and rising inflation combating the slowing economy. The Fed has basically said they are done cutting rates and will look to fight inflation and the boost the dollar. Will the economy be able to comeback without more help from the Fed? Only time will tell, but the market appears to be getting more negative by the day about its prospects.
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