Tom Hanna's Lifestream

With no other major indicators due out Monday, the spotlight will go to the Conference Boards Employment Trends Index and a scheduled speech by Ben Bernanke. The Bernanke speech will likely be the more closely watched; unless the index reveals some undiscovered sign of unemployment heading close to the double digits, the recent positive trend in jobless claims is likely to carry more weight. The devil is always in the surprises when it comes to financial markets, but every indication is that Wednesday's release of retail sales is going to bring more good news. Once again US consumers are ignoring the doomsayers and leading the world out of the economic doldrums, as predicted here, The big news this week will be in the inflation department, starting with the Import/Export Price Indexes by the Bureau of Labor Statistics (BLS) Wednesday. The BLS will also release the Producer Price Index (PPI) on Thursday and the Consumer Price Index (CPI) on Friday. At this stage, the things to look for are signs of import inflation and inflation at the wholesale level (PPI) as the danger at the retail level (CPI) are still more in the deflation camp. Finally, the capacity utilization data from the Federal Reserve's industrial production report on Friday will likely show inflation pressues at the manufacturing level well controlled.

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Indicators

US Employment Trends Index from the Conference Board

Leading Index for Spain from the Conference Board Leading Index for Korea from the Conference Board International Trade from the Commerce Department monthly Treasury Statement Weekly Redbook Retail Index

Retail Sales from the Commerce Department Business Inventories from the Commerce Department Import Export Price Indexes from the Bureau of Labor Statistics Weekly Mortgage Applications Survey from the Mortgage Bankers Association Weekly Petroleum Inventory Report and This Week in Petroleum from the Energy Information Administration

Producer Price Index from the Bureau of Labor Statistics Leading Index for the United Kingdom from the Conference Board Weekly Jobless Claims report from the Employment and Training Administration Weekly Money Supply (M1 and M2) from the Federal Reserve Weekly Natural Gas Report from the Energy Information Administration

Consumer Price Index (CPI) from the Bureau of Labor Statistics Industrial Production from the Federal Reserve Empire State Manufacturing Index from the New York Federal Reserve Bank Treasury International Capital

Treasury Auctions and Announcements

11 AM: 4-Week T-Bill Announcement 1 PM: 3-Month and 6- Month T-Bill Auctions

1 PM: 4-Week T-Bill Auction

None

11 AM: 3-Month and 6-Month T-Bill Announcements

None

*See more information on the Financial Roadmap series here. Earnings reports are companies of interest, NOT recommendations.

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