Weekly Newsletter July 15th - July 21st

Current Events: Friday's surge saved the U.S. equity indexes from a disappointing week. The Friday rally, which was the best session since June, ended the longest losing stretch the U.S. stock indexes have seen since May. With industry-leading companies such as Microsoft, General Electric, Bank of America, Goldman Sachs, and more all set to announce earnings this week, investors will utilize these reports and outlooks as a gauge to determine potential trends.

What to Look for This Week

With a heavy dose of economic reports coming from various departments and regions of the U.S. this week, clearer signs of the nation's health status will emerge for scrutinizing investors. Coupled that with the plethora of second-quarter earnings announcements, and this week is sure to have large implications on establishing a general direction of the current fluctuating markets.

News Affecting the Markets

Missouri state banking regulators shut down Glasgow Savings Bank Friday. The one-branch Missouri bank is the 33rd bank to fail this year nationally. Glasgow Savings' deposits will be assumed by Regional Missouri Bank of Marceline, Mo. Deposits will continue to be insured by the FDIC, up to legal limits. As of March 31, Glasgow Savings Bank had roughly $24.8 million in total assets and $24.2 million in total deposits.

Smart Investing

Building an ETF Portfolio: As investment products increase in number, complexity and cost, many individuals are searching for an investment approach guided by two very basic principles: Keep it simple, and Keep it economical. Exchange-traded funds (ETFs) offer a useful starting point for such an investment approach. However with hundreds of different exchange-traded funds to choose from, and a never-ending number of ETF portfolio combinations, it can be confusing for the novice investor to grasp at first glance. Keep in mind, a portfolio must meet your financial goals and match your risk tolerance. ETFs provide all of the advantages of the more commonly invested traditional index mutual funds, including diversification, tax efficiency and low maintenance. They also feature rock-bottom costs, with expense ratios that are even lower than their mutual fund counterparts. Despite the large number of ETFs available, it is possible to quickly narrow down your choices and build a simple, low-cost portfolio of exchange-traded funds once you have an understanding of all the options available. These portfolio approaches require very little time and energy to manage, is relatively low cost, and yet provides substantial diversification.

Earnings for the Week

Monday: Brown & Brown Inc (BRO) {After the close}, Citigroup Inc (C), Gannett Co Inc (GCI), Packaging Corp of America (PKG) {After the close}, Robert Half International Inc (RHI), United Continental Holdings Inc (UAL)
Tuesday: Acme Packet Inc (APKT), Albemarle Corp (ALB) {After the close}, Comerica Inc (CMA), CSX Corp (CSX) {After the close}, Fidelity National Information Services Inc (FIS) {After the close}, Forest Laboratories Inc (FRX), Goldman Sachs Group Inc (GS), Hanesbrands Inc (HBI), Host Hotels and Resorts Inc (HST), Intel Corp (INTC) {After the close}, Johnson & Johnson (JNJ), Kansas City Southern (KSU), Mattel Inc (MAT), McMoRan Exploration Co (MMR), Mosaic Co (MOS), New Oriental Education & Technology Group Inc (EDU), OCI Materials Co Ltd (OMC), Rosetta Genomics Ltd (ROSG), State Street Corp (STT), The Coca-Cola Co (KO), United Rentals Inc (URI) {After the close}, Wynn Resorts Ltd (WYNN) {After the close}, Yahoo! Inc (YHOO) {After the close}
Wednesday: Abbott Laboratories (ABT), American Express Co (AXP) {After the close}, Amphenol Corp (APH), Bank of America Corp (BAC), Bank of New York Mellon Corp (BK), BlackRock Inc (BLK), Charles Schwab Corp (SCHW), Check Point Software Technologies Ltd (CHKP), Core Laboratories NV (CLB) {After the close}, Covanta Holding Corp (CVA) {After the close}, Crown Holdings Inc (CCK) {After the close}, eBay Inc (EBAY) {After the close}, Honeywell International Inc (HON), International Business Machines Corp (IBM) {After the close}, Kinder Morgan Energy Partners LP (KMP) {After the close}, Knight Capital Group Inc (KCG), LaSalle Hotel Properties (LHO) {After the close}, Noble Corp (NE) {After the close}, PNC Financial Services Group Inc (PNC), Qualcomm Inc (QCOM) {After the close}, SLM Corp (SLM), St. Jude Medical Inc (STJ) {After the close}, Stryker Corp (SYK) {After the close}, U.S. Bancorp (USB), Yum! Brands Inc (YUM) {After the close}
Thursday: Advanced Micro Devices Inc (AMD) {After the close}, Alliance Data Systems Corp (ADS), Baxter International Inc (BAX), BB&T Corp (BBT), Blackstone Group LP (BX), Capital One Financial Corp (COF) {After the close}, Chipotle Mexican Grill Inc (CMG) {After the close}, Cypress Semiconductor Corp (CY), Danaher Corp (DHR), Diamond Offshore Drilling Inc (DO), Fairchild Semiconductor International Inc (FCS), Freeport-McMoRan Copper & Gold Inc (FCX), Genuine Parts Co (GPC), Johnson Controls Inc (JCI), KeyCorp (KEY), Laboratory Corporation of America Holdings (LH), Microsoft Corp (MSFT) {After the close}, Morgan Stanley (MS), NCR Corp (NCR), Nucor Corp (NUE), Philip Morris International Inc (PM), Quest Diagnostics Inc (DGX), Safeway Inc (SWY), SanDisk Corp (SNDK), Sherwin-Williams Co (SHW), Southwest Airlines Co (LUV), Steel Dynamics Inc (STLD), Swift Transportation Co (SWFT) {After the close}, TCF Financial Corp (TCB), Textron Inc (TXT), Travelers Companies Inc (TRV), Union Pacific Corp (UNP), UnitedHealth Group Inc (UNH), Verizon Communications Inc (VZ), WESCO International Inc (WCC)
Friday: American Electric Power Company Inc (AEP), Autoliv Inc (ALV), Baker Hughes Inc (BHI), General Electric Co (GE), Ingersoll-Rand PLC (IR), Manpower Inc (MAN), Schlumberger NV (SLB), SunTrust Banks Inc (STI), Xerox Corp (XRX)
* Earnings dates and times are subject to change

Economic Data this Week
Monday
Retail Sales @ 8:30 AM for June (Est. = 0.2% to 0.4%, Prior = -0.2%)
Empire Manufacturing @ 8:30 AM for July (Est. = 0.0 to 3.8, Prior = 2.3)
Business Inventories @ 10:00 AM for May (Est. = 0.2%, Prior = 0.4%)
Tuesday
CPI @ 8:30 AM for June (Est. = 0.1%, Prior = -0.3%)
Core CPI @ 8:30 AM for June (Est. = 0.2%, Prior = 0.2%)
Industrial Production @ 9:15 AM for June (Est. = 0.0% to 0.3%, Prior = -0.1%)
Capacity Utilization @ 9:15 AM for June (Est. = 79.0% to 79.2%, Prior = 79.0%)
NAHB Housing Market Index @ 10:00 AM for July (Est. = 30, Prior = 29)
Wednesday
MBA Mortgage Index @ 7:00 AM for 07/14 (Est. = n/a, Prior = -2.1%)
Housing Starts @ 8:30 AM for June (Est. = 715K to 743K, Prior = 708K)
Building Permits @ 8:30 AM for June (Est. = 765K, Prior = 780K)
Crude Oil Inventories @ 10:30 AM for 07/14 (Est. = n/a, Prior = -4.696M)
Fed's Beige Book @ 2:00 PM for June
Thursday
Initial Claims @ 8:30 AM for 07/14 (Est. = 360K to 365K, Prior = 350K)
Continuing Claims @ 8:30 AM for 07/07 (Est. = 3300K, Prior = 3304K)
Existing Home Sales @ 10:00 AM for June (Est. = 4.65M, Prior = 4.55M)
Philadelphia Fed @ 10:00 AM for July (Est. = -10.0 to -13.0, Prior = -16.6)
Leading Indicators @ 10:00 AM for June (Est. = -0.2%, Prior = 0.3%)
Friday
No announcements scheduled.

Weekly Newsletter July 8th - July 14th

Current Events: Friday's abysmal downslide was enough to eliminate the positive days experienced earlier in the 4th of July holiday-shortened week. Unappealing reports from the U.S. Department of Labor, coupled with concerns over Spanish debt, turned a positive week quickly into a negative one across all major U.S. equity indexes.

What to Look for This Week

The aluminum marker, Alcoa is set to kick of the impending earnings season with household names such as Marriot, JP Morgan, and Wells Fargo set to follow suit later in the week. However, many analysts and investors are not hopefully when looking at this upcoming season of earnings as most are predicting lower-than-expected earnings to be released. The general consensus seems to be that corporate America's growth rate in slowing down. If this proves to be the case, continued negative pressure on the U.S. markets will likely ensue throughout the earnings season.

News Affecting the Markets

With Spanish bond yields rising this week to levels commonly viewed as unsustainable, U.S. and world markets negatively react once again to news coming out of Europe. Spain's 10-year debt has risen above 7%, a level that was considered the breaking point for Greece, Ireland and Portugal pushing those nations to request aid from euro-zone partners and the International Monetary Fund. The questions surrounding what Spain's next steps will be and the uncertainty of a definite safety net for the financially burden Mediterranean country looms over the financial markets around the world.

Smart Investing

How Bonds Operate: When considering bonds it is essential to have a firm understanding of the basics. First, consider the fact that the price of bonds and interest rates move in opposite directions. If interest rates decline, the price of a bond goes up, and if interest rates rise, the price of a bond declines. Second, bonds with longer maturities incur significantly higher interest rate risk than those with shorter maturities. That is a disadvantage if interest rates rise, but an advantage if interest rates decline. With these two key concepts in mind, we have the two faces of interest rate fluctuations: risk and opportunity. It may sound paradoxical, but a rising or strong bond market is one in which interest rates are declining because that causes bond prices to rise. You can sell a bond for more than you paid for it and make a profit. A weak bond market is one in which interest rates are raising and, as a result, prices are falling. If you have to sell your bonds, you have to do so at a loss. In either case, with bond investing, the changes in price are correlated to maturity length. Do simply jump into the bond market when looking to avoid the "risk" of the equity market. Without a proper understanding of how bonds operate, participating in the bond market can be just as, if not, more risky.

Earnings for the Week

Monday: Alcoa Inc (AA) {After the close}, Acuity Brands Inc (AYI), MAKO Surgical Corp (MAKO) {After the close}, PriceSmart Inc (PSMT)
Tuesday: OCZ Technology Group Inc (OCZ) {After the close}, Shaw Group Inc (SHAW), Wolverine World Wide Inc (WWW)
Wednesday: ADTRAN Inc (ADTN), Itron Inc (ITRI), Marriott International Inc (MAR) {After the close}, Texas Industries Inc (TXI) {After the close}
Thursday: Commerce Bancshares Inc (CBSH), Fastenal Co (FAST), Washington Federal Inc (WAFD)
Friday: JDA Software Group Inc (JDAS) {After the close}, JPMorgan Chase & Co (JPM), PDL BioPharma Inc (PDLI) {After the close}, Rosetta Genomics Ltd (ROSG), Webster Financial Corp (WBS), Wells Fargo & Co (WFC)

* Earnings dates and times are subject to change

Economic Data this Week

Monday
Consumer Credit @ 3:00 PM for May (Actual = $17.1B)
Tuesday
No major announcements scheduled.
Wednesday
MBA Mortgage Index @ 7:00 AM for 07/07 (Est. = n/a, Prior = -6.7%)
Wholesale Inventories @ 10:00 AM for 06/30 (Est. = 0.2% to 0.3%, Prior = 0.6%)
Crude Oil Inventories @ 10:30 AM for 07/07 (Est. = n/a, Prior = -4.270M)
FOMC Minutes @ 2:00 PM for 06/20
Thursday
Initial Claims @ 8:30 AM for 07/07 (Est. = 360K to 375K, Prior = 374K)
Continuing Claims @ 8:30 AM for 06/30 (Est. = 3300K, Prior = 3306K)
Friday
PPI @ 8:30 AM for June (Est. = -0.6% to -0.8%, Prior = -1.0%)
Core PPI @ 8:30 AM for June (Est. = 0.2%, Prior = 0.2%)
Michigan Sentiment @ 9:55 AM for July (Est. = 72.0 to 73.5, Prior = 73.2)

Weekly Newsletter July 1st - July 7th

Current Events: With the 4th of July occurring this Wednesday, the U.S. markets will have a shortened week. While the holiday week will reduce volume to a degree, many investors will be actively engaged this week determining if the upward surge experienced Friday across the U.S. indexes is maintainable. Moreover, the unemployment rate announcement on Friday will be sure to draw heavy attention as well.

What to Look for This Week

With the shortened week there will be a scarcity of earnings report announcements. However, the release of reports on U.S. employment Friday will likely peak the interest of investors. While the market has seen a spike in recent days over the improvement of Euro-zone discussions/decisions, poor reports on the status of the U.S. job market can damage recent gains. Since spring hiring has been poor in the U.S. and many are expecting such weakness to carry over into June. Such an outcome could reestablish worries about the health of the economy.

News Affecting the Markets

The positive momentum from announcements that the European Union will establish a single supervisor for the region’s banks and seek to bring down costs in Italy and Spain sparked a monumental boost to the U.S. equity markets on Friday, sending the Dow Jones, Nasdaq, and the S&P 500 all into positive territory for the week. While U.S. economic reports will likely affect the markets towards the later part of the week, buzz over the European Union's decisions last week are certainly expected to spill over into much of the early part of this week as the U.S., as well as the world, has been anxiously awaiting such news for months.

Smart Investing

Trend is Your Friend: While leveraged ETFs are in many ways fairly straightforward products, there are some complexities to these funds that should be understood before investing. Generally, a leveraged ETF will invest in a variety of instruments to amplify the exposure to an underlying index. In addition to equities, leveraged ETFs may use derivatives to gain exposure. Futures allow investors to gain exposure to a benchmark without direct ownership. These products are standardized contracts between two parties that agree to buy or sell an underlying index at a future date. Swaps are customized agreements between two parties to exchange sets of cash flows over a set period of time. In an equity index swap, one party generally agrees to pay cash equal to the total return on an index, while the other agrees to pay a floating interest rate. Leveraged funds are often used to help manage risks in other investments and allow investors to hedge their exposure to sectors they are overweight in. They are also often used to capture returns while eliminating market or sector exposure or to overweight a particular sector by using minimal amounts of cash. Remember, you can never lose more than your initial investment when using leveraged funds. This is in stark contrast to buying on margin or selling stocks short, a process that can cause investors to lose far more than their initial investment.

Earnings for the Week

Monday: Acuity Brands Inc (AYI), Saba Software Inc (SABA)

Tuesday: No major earnings announcements

Wednesday: No major earnings announcements

Thursday: Xyratex Ltd (XRTX) {After the close}

Friday: No major earnings announcements

* Earnings dates and times are subject to change

Economic Data this Week

Monday
ISM Index @ 10:00 AM for June (Est. = 51.5 to 52.2, Prior = 53.5)

Construction Spending @ 10:00 AM for May (Est. = 0.2%, Prior = 0.3%)

Tuesday
Factory Orders @ 10:00 AM for May (Est. = 0.4% to 0.5%, Prior = -0.6%)

Auto Sales @ 2:00 PM for June (Est. = n/a, Prior = 4.7M)

Truck Sales @ 2:00 PM for June (Est. = n/a, Prior = 5.9M)

Wednesday
No announcements scheduled

Thursday
MBA Mortgage Index @ 7:00 AM for 06/30 (Est. = n/a, Prior = -7.1%)

ADP Employment Change @ 8:15 AM for May (Est. = 105K to 110K, Prior = 133K)

Initial Claims @ 8:30 AM for 06/30 (Est. = 385K, Prior = 386K)

Continuing Claims @ 8:30 AM for 06/23 (Est. = 3275K to 3283K, Prior = 3296K)

ISM Services @ 10:00 AM for June (Est. = 53.0, Prior = 53.7)

Crude Oil Inventories @ 11:00 AM for 06/30 (Est. = n/a, Prior = -0.133M)

Friday
Nonfarm Payrolls @ 8:30 AM for June (Est. = 100K, Prior = 69K)

Unemployment Rate @ 8:30 AM for June (Est. = 8.1% to 8.2%, Prior = 8.2%)

Weekly Newsletter June 24th - June 30th

Current Events: The rebound of June took a detour last week as the U.S. indexes struggled throughout most of the week, ultimately resulting in losses across all major U.S. indexes. The same worries that plagued the markets in early May still linger with just as much pessimism today over as Greek bailout indecisiveness and a weak U.S. economic recovery do not seem to be on a fast track to prosperous solutions.

What to Look for This Week

While investors will certainly keep an eye on the events occurring overseas, key economic announcements on housing and the current state of the American consumer will provide valuable signals on the health of the U.S. economy. For bullish investors to see a bounce back to June high's most likely positive signals from both the U.S. and Europe will be needed in order to produce a strong enough rally.

News Affecting the Markets

With Spain formally asking for help for its banking system and the Greek finance minister reportedly resigning just four days after taking office, the ongoing saga which is the Europe Union continues to hang like a dark cloud over U.S. stocks. Even with the recent increase in housing sales did little to boost the U.S. stock indexes as fears of default overseas continues to haunt antsy investors.

Smart Investing

Trend is Your Friend: You may have heard the phrase “the trend is your friend” before either on the news or when reading a financial article of some sort. But what exactly does this mean? One standard definition of an uptrend is a succession if higher highs and higher lows. The trend can be considered intact until a previous reaction low point is broken. A violation of this condition serves as a warning signal that the trend may be over. It should be emphasized, however, that the disruption of the pattern of higher highs and higher lows (or lower highs and lower lows) should be viewed as a clue, not a conclusive indicator, of a possible long-term trend reversal. This simple, easy to implement indicator is powerful, however, as with most indicators use more than just this as an ultimate determent of your decision to enter, exit, or hold a position.

Earnings for the Week

Monday: Apollo Group Inc (APOL) {After the close}

Tuesday: H and R Block Inc (HRB) {After the close}, LDK Solar Co Ltd (LDK)

Wednesday: Commercial Metals Co (CMC), General Mills Inc (GIS), Lennar Corp (LEN), McCormick & Company Inc (MKC), Monsanto Co (MON), Paychex Inc (PAYX) {After the close}, Whirlpool Corp (WHR)

Thursday: Accenture PLC (ACN), Family Dollar Stores Inc (FDO), Nike Inc (NKE) {After the close}, Rosetta Genomics Ltd (ROSG), Shaw Group Inc (SHAW), Smith & Wesson Holding Corp (SWHC), TIBCO Software Inc (TIBX)

Friday: Constellation Brands Inc (STZ), Finish Line Inc (FINL), KB Home (KBH)

* Earnings dates and times are subject to change

Economic Data this Week

Monday

New Home Sales @ 10:00 AM for May (Act. = 369K)

Tuesday

Case-Shiller 20-city Index @ 9:00 AM for April (Est. = -2.5%, Prior = -2.6%)

Consumer Confidence @ 10:00 AM for June (Est. = 63.0 to 64.0, Prior = 64.9)

Wednesday

MBA Mortgage Index @ 7:00 AM for 06/23 (Est. = n/a, Prior = -0.8%)

Durable Orders @ 7:30 AM for May (Est. = 0.5% to 1.0%, Prior = 0.0%)

Pending Homes @ 10:00 AM for May (Est. = 0.5% to 1.0%, Prior = -5.5%)

Crude Oil Inventories @ 10:30 AM for 06/23 (Est. = n/a, Prior = 2.861M)

Thursday

Initial Claims @ 8:30 AM for 06/23 (Est. = 385K, Prior = 387K)

Continuing Claims @ 8:30 AM for 06/16 (Est. = 3,275K to 3,283K, Prior = 3,299K)

Friday

Personal Income @ 8:30 AM for May (Est. = 0.0% to 0.1%, Prior = 0.2%)

Personal Spending @ 8:30 AM for May (Est. = 0.1%, Prior = 0.3%)

Chicago PMI @ 9:45 AM for June (Est. = 52.0 to 53.0, Prior = 52.7)

Michigan Sentiment @ 9:55 AM for June (Est. = 73.0 to 74.1, Prior = 74.1)

Weekly Newsletter June 17th - June 23rd

Current Events: The U.S. indexes rebounded from a long, powerful downtrend with a positive showing last week. This is something that has been few and far between since early May, however with Greek elections nearing conclusion, direction on the euro-zone crisis may soon become much clearer for worried investors.

What to Look for This Week

There is no question that the U.S. economy has a multitude of negative signals. Almost everywhere you look weaknesses and uncertainty can be easily be seen even by the most novice of scrutinizers, whether its retail spending, manufacturing production, or consumer confidence, all signs point toward downward. However, most investors are now attempting to quantify how long such a downtrend can be expected. Due to the instability of the U.S. economy the FOMC is strongly expected to leave the Fed rate at the remarkably low 0.25%.

News Affecting the Markets

The much awaited election in Greece is nearing its end as ballots have been cast and most votes have been counted. Based on the early projections, the winner of Sunday’s critical parliamentary elections is the pro-bailout New Democracy party, which currently holds a narrow lead over antiausterity Syriza. Such a result should keep Greece in the euro zone if the conservative political party holds onto its lead and then can form a governing coalition.

Smart Investing

Closed-End Funds: Investors are very familiar with open-end mutual funds, portfolios of securities that offer diversification and professional management at a low cost even for smaller-sized investors. Closed-end funds differ from mutual funds in that once the fund issues shares, those shares are bought and sold in the open market; unlike a mutual fund, the closed-end fund does not itself stand ready to redeem shares from investors wishing to sell their shares. Closed-end fund shares have both a net asset value and a share price, and sometimes trade at discounts or premiums to net asset value. There are many types of closed-end mutual funds and focus on a wide variety of securities, including common stocks, preferred stocks, high-yield bonds, taxable and municipal bonds, and foreign securities. As with mutual funds, closed-end funds can add to the diversity of your portfolio. You might find that a closed-end fund has more potential for higher returns because of the relative small size of the fund, which gives the managers more options and leeway. However, be cautious as this can also lead to higher risk as well.

Earnings for the Week

Monday: No major earnings scheduled.

Tuesday: Barnes & Noble Inc (BKS), Discover Financial Services (DFS), FedEx Corp (FDX), Jabil Circuit Inc (JBL), Jefferies Group Inc (JEF), La Z Boy Inc (LZB) {After the close}

Wednesday: Bed Bath & Beyond Inc (BBBY) {After the close}, Goodrich Corp (GR), Red Hat Inc (RHT) {After the close}, Rosetta Genomics Ltd (ROSG), Sonic Corp (SONC) {After the close}, Steelcase Inc (SCS) {After the close}

Thursday: Carmax Inc (KMX), ConAgra Foods Inc (CAG), Oracle Corp (ORCL) {After the close}, Rite Aid Corp (RAD)

Friday: Carnival Corp (CCL), Darden Restaurants Inc (DRI)

* Earnings dates and times are subject to change

Economic Data this Week

Monday
NAHB Housing Market Index @ 10:00 AM for June (Est. = 28, Prior = 29)

Tuesday

Housing Starts @ 8:30 AM for May (Est. = 710K to 719K, Prior = 717K)

Building Permits @ 8:30 AM for May (Est. = 720K to 725K, Prior = 715K)

Wednesday

MBA Mortgage Index @ 7:00 AM for 06/16 (Est. = n/a, Prior = 18.0%)

Crude Oil Inventories @ 10:30 AM for 06/16 (Est. = n/a, Prior = -0.191M)

FOMC Rate Decision @ 12:30 PM for June (Est. = 0.25%, Prior = 0.25%)

Thursday

Initial Claims @ 8:30 AM for 06/16 (Est. = 380K, Prior = 386K)

Continuing Claims @ 8:30 AM for 06/09 (Est. = 3,250K to 3,278K, Prior = 3,278K)

Existing Home Sales @ 10:00 AM for May (Est. = 4.50M to 4.56M, Prior = 4.62M)

Philadelphia Fed @ 10:00 AM for June (Est. = -0.2 to -3.5, Prior = -5.8)

Leading Indicators @ 10:00 AM for May (Est. = 0.0%, Prior = -0.1%)

FHFA Housing Price Index @ 10:00 AM for April (Est. = n/a, Prior = 1.8%)

Friday
No major announcements.

Weekly Newsletter June 3rd - June 9th

Current Events: Worried investors are anxiously awaiting the performance of the financial markets this week in response to last week's downslide. After Friday's huge sell-off across all major U.S. indexes, fear and doubt is likely to ensue. Many are suggesting that Friday's close will trigger an avalanche of sell signals Monday and throughout the week. The lofty gains experienced in the U.S. markets earlier this year have been almost completely erased in all major indexes.

What to Look for This Week

All eyes will be on any and all developments out of Europe, as well as any reactions from the U.S. Federal Reserve after the large dip last week, which has given already nervous investors to many more reasons to worry. Certainly the anxiety deepens over the euro-zone and U.S. economies as investors seek tangible answers. While it is unlikely, some hints of possible answers may come on Thursday as Fed Chairman Ben Bernanke testifies before Congress.

News Affecting the Markets

The surprisingly weaker-than-expected U.S. jobs data plummeted the U.S. markets on Friday. However, this devastating news did not impact the U.S. alone. The disappointing jobs data has created fresh doubt about the global economy as well, causing the financial markets throughout the entire world to tumble. Many are now anticipating that the U.S. Federal Reserve will go ahead with a counter to the recent poor economic performance with a QE3 stimulus plan.

Smart Investing

Manage the Hidden Fees in Your Life: Unwanted fees have a way of taking their toll on budgets. They appear every month, neatly hidden among the lines of legitimate charges from banks, credit card issuers, brokerages, etc. Each one separately may not amount to much, but add them all together and the costs become significant. To be sure, some fees are unwanted but not unwarranted. Count late fees on mortgages and overdraft fees on checking accounts among that number; they're certainly pesky, but they are the result of untidy financial management. More than one a year should spark consumers to take a closer look at the way they handle money. Some hidden fees, however, can be trimmed in a few simple steps. Hidden fees you should consider reducing/eliminating include maintenance fees, fiduciary fees, cramming fees, garbage fees, ATM fees, and credit card annual fees. While these types of fees may not seem like much individually, collectively they reduce your disposable income. As a result, the amount you have readily available to invest decreases, hindering to some degree the amount you can spend elsewhere, such as towards your investments.

Earnings for the Week

Monday: Dollar General Corp (DG) {After the close}

Tuesday: FuelCell Energy Inc (FCEL) {After the close}, JA Solar Holdings Co Ltd (JASO) {After the close}, Ulta Salon Cosmetics and Fragrance Inc (ULTA) {After the close}

Wednesday: Hovnanian Enterprises Inc (HOV), Men's Wearhouse Inc (MW) {After the close}, Pall Corp (PLL) {After the close}, Rosetta Genomics Ltd (ROSG)

Thursday: Altera Corp (ALTR) {After the close}, J. M. Smucker Co (SJM), Navistar International Corp (NAV), Pep Boys-Manny Moe & Jack (PBY), Quiksilver Inc (ZQK)

Friday: Oracle Corp (ORCL)

* Earnings dates and times are subject to change

Economic Data this Week

Monday
Factory Orders @ 10:00 AM for April (Est. = -0.3% to 0.1%, Prior = -1.9%)

Tuesday
ISM Services @ 10:00 AM for May (Est. = 52.0 to 53.0, Prior = 53.5)

Wednesday
MBA Mortgage Index @ 7:00 AM for 06/02 (Est. = n/a, Prior = -1.3%)

Crude Oil Inventories @ 10:30 AM for 06/02 (Est. = n/a, Prior = 2.213M)

Fed Beige Book @ 2:00 PM for May (Est. = n/a, Prior = n/a)

Thursday
Initial Claims @ 8:30 AM for 06/02 (Est. = 375K, Prior = 383K)

Continuing Claims @ 8:30 AM for 05/26 (Est. = 3,250K, Prior = 3,242K)

Consumer Credit @ 2:00 PM for April (Est. = $10.0B to $12.7B, Prior = $21.4B)

Friday
Wholesale Inventories @ 10:00 AM for April (Est. = 0.2% to 0.5%, Prior = 0.3%)

Weekly Newsletter May 27th - June 2nd

Current Events: The old adage, "sell in May, and go away" has proven to be true once again as the U.S. markets attempt to limp away with only relatively minor losses for the month. The announcement of the unemployment rate on Friday will kick start the month of June and will certainly catch the eyes of many investors looking to determine if the selling onslaught witnessed in May will spill over into June.

What to Look for This Week

With Greek polls signaling a commitment to the euro currency, the chances of more global stimulus in Greece increases. Political polls in Greece show that the conservative New Democracy party is ahead of the anti-bailout, left-wing Syriza. Answers will undoubtedly soon come on whether Greece will stay committed to austerity measures and remain in the euro zone, as the debt-laden nation will hold an election June 17.

News Affecting the Markets

Spain nationalized Bankia (its third-largest bank) will have to find a new path to recapitalize after European Central Bank rejects a proposal to use government debt. Under a proposal, Spain planned sink billions of euros in its bonds into the ailing bank with an eye to swapping them out for cash at the European Central Bank’s three-month refinancing window. Such a plan would have allowed the country to sidestep having to raise the money in the bond markets.

Smart Investing

Look Deeper than a P/E Ratio: Price-to-Earnings (P/E) ratios are a very handy snapshot to gauge whether a stock is cheap or expensive. But they do not tell the whole story, and on occasion can be misleading. If you take a few more steps, you can truly assess a stock's value relative to the profits being generated. This would be free cash flow. Understanding this concept can help you avoid bad investments and target good ones. The P/E ratio came into fashion in the late 1920s as investors had no idea how to value the stocks they were buying. We've come a long way since then, yet the EPS and the P/E ratio still dominate the headlines. Take the extra step and calculate the free cash flow ratio and the free cash flow yield. Stocks that look attractive by these measures will help your portfolio to hold its own in bear markets and appreciate in bull markets.

Earnings for the Week

Monday: No major earnings announcements.

Tuesday: DryShips Inc (DRYS) {After the close}, Perfect World Co Ltd (PWRD) {After the close}

Wednesday: Cosan Limited (CZZ) {After the close}, Lions Gate Entertainment Corp (LGF) {After the close}, Quiksilver Inc (ZQK), TiVo Inc (TIVO) {After the close}

Thursday: Ciena Corp (CIEN), Joy Global Inc (JOY), Vera Bradley Inc (VRA) {After the close}

Friday: Charming Shoppes Inc (CHRS)

* Earnings dates and times are subject to change

Economic Data this Week

Monday
No announcements scheduled.

Tuesday
Consumer Confidence @ 10:00 AM for May (Actual = 64.9)

Wednesday
MBA Mortgage Index @ 7:00 AM for 05/26 (Est. = N/A, Prior = 3.8%)
Pending Home Sales @ 10:00 AM for April (Est. = 0.6% to 2.0%, Prior = 4.1%)

Thursday
Initial Claims @ 8:30 AM for 05/26 (Est. = 365K to 368K, Prior = 370K)
Continuing Claims @ 8:30 AM for 05/19 (Est. = 3,250K, Prior = 3,260K)
Chicago PMI @ 9:45 AM for April (Est. = 55.0 to 57.0, Prior = 56.2)
Crude Oil Inventories @ 11:00 AM for 05/26 (Est. = N/A, Prior = 0.883M)

Friday
Unemployment Rate @ 9:55 AM for May (Est. = 8.0% to 8.1%, Prior = 8.1%)
ISM Index @ 9:55 AM for May (Est. = 53.0 to 54.0, Prior = 54.8)
Construction Spending @ 9:55 AM for May (Est. = 0.0% to 0.5%, Prior = 0.1%)
Auto Sales @ 2:00 PM for May (Prior = 5.0M)
Truck Sales @ 2:00 PM for May (Prior = 6.0M)

Weekly Newsletter May 20th - May 26th

Current Events: The U.S. financial markets struggled the entire week, ultimately incurring hefty losses for the week across all major indexes. The uncertainty about Greece's debt crisis continues to plague the financial markets throughout the world, and was the main contributor to the U.S. stocks worst week of the year. Investors will undoubtedly watch closely as new attempts to resolve euro zone debt crisis in Greece. A favorable resolution to the difficulties experienced in Europe must occur for the U.S. economy to a chance to continue its path to recovery.

What to Look for This Week

While a slew of retailers are set to announce earnings this week, most investors will be focused on the progress of the world-recognized social networking giant Facebook, Inc. as it starts its first full week of trading after going public with its IPO on Friday. The company sold an impressive 421.2 million shares in its IPO, with trading volume at the end of the session reaching about 567 million. The scattered release of housing data throughout the week will also captivate worried investors attempting to gauge the health of the U.S. economy.

News Affecting the Markets

On Friday Federal regulators shut down the Alabama Trust Bank in Sylacauga, Alabama. For the U.S., this marks the 24th bank failure of the year in which it has suffered. The FDIC stated late Friday that the Southern States Bank has agreed to buy the bank's $51.6 million in assets and $45.1 million in deposits. The FDIC estimates the cost to its deposit-insurance fund at $8.9 million. While the effects of the failure experienced on Friday are isolated and contained, the rising number of U.S. bank failures further contributes to the uncertainty most investors are feeling. Such a lingering feeling can prove to be dangerous if combined with a major catalyst, like a severing of EU ties to Greece.

Smart Investing

Hedge Fund Type of Investing for the Small Investor: Hedge funds provide critical strategies to hedge against market risks that could benefit every portfolio; everyone could use a little protection against a market meltdown. Aside from minimal regulation and the high minimum investment, hedge funds are similar to mutual funds. It is the strategies they employ that are the main difference. Hedge fund managers have greater flexibility over their funds' investments. A typical mutual fund manager will be limited by set asset allocations (say, 70% stocks and 30% bonds). A hedge fund's investments, on the other hand, are up to the sole discretion of the manager. In recent years many mutual funds have emerged that use similar strategies as that of hedge fund managers. Look out for them and invest cautiously. No more than 10% of your portfolio should invest in any of these off-market strategies, but they are structured to provide stable returns even in a declining market.

Earnings for the Week

Monday: Campbell Soup Co (CPB), Chimera Investment Corp (CIM), Krispy Kreme Doughnuts Inc (KKD), Lowe's Companies Inc (LOW), Tidewater Inc (TDW), Urban Outfitters Inc (URBN) {After the close}

Tuesday: Analog Devices Inc (ADI) {After the close}, Autozone Inc (AZO), Avago Technologies Ltd (AVGO) {After the close}, Best Buy Co Inc (BBY), Collective Brands Inc (PSS) {After the close}, Compuware Corp (CPWR), Dell Inc (DELL), Express Inc (EXPR), GUESS? Inc (GES), Medtronic Inc (MDT), Ralph Lauren Corp (RL), Take-Two Interactive Software Inc (TTWO) {After the close}, Williams Sonoma Inc (WSM)

Wednesday: American Eagle Outfitters Inc (AEO), Big Lots Inc (BIG), Eaton Vance Corp (EV), EverBank Financial Corp (EVER) {After the close}, Hewlett-Packard Co (HPQ), Hormel Foods Corp (HRL), NetApp Inc (NTAP) {After the close}, Pandora Media Inc (P), PVH Corp (PVH) {After the close}, Suntech Power Holdings Co Ltd (STP), Toll Brothers Inc (TOL), Trina Solar Ltd (TSL)

Thursday: Costco Wholesale Corp (COST), H.J. Heinz Co (HNZ), Signet Jewelers Ltd (SIG), Tiffany & Co (TIF), VeriFone Systems Inc (PAY) {After the close}

Friday: Mentor Graphics Corp (MENT)

* Earnings dates and times are subject to change

Economic Data this Week

Monday
No announcements scheduled.

Tuesday

Existing Home Sales @ 10:00 AM for April (Est. = 4.65M to 4.80M, Prior = 4.48M)

Wednesday
MBA Mortgage Index @ 7:00 AM for 05/19 (Est. = N/A, Prior = 1.7%)
New Home Sales @ 10:00 AM for April (Est. = 340K, Prior = 328K)
FHFA Housing Price Index @ 10:00 AM for March (Est. = N/A, Prior = 0.3%)
Crude Oil Inventories @ 10:30 AM for 05/19 (Est. = N/A, Prior = 2.128M)

Thursday
Initial Claims @ 8:30 AM for 05/19 (Est. = 365K, Prior = 367K)
Continuing Claims @ 8:30 AM for 05/12 (Est. = 3,250K, Prior = 3,229K)
Durable Hours @ 8:30 AM for April (Est. = -1.5% to 0.3%, Prior = -3.9%)

Friday
Michigan Sentiment @ 9:55 AM for May (Est. = 77.0 to 77.5, Prior = 77.8)

Weekly Newsletter May 13th - May 19th

Current Events: For the eighth session out of nine, the U.S. stock markets close down for the day. The current slide has the U.S. markets at more than three-month lows as feared investors worry about Greece’s potential exit from the euro zone. Those investors who remain bullish are eagerly looking towards the plethora of retail earnings scheduled for release this week to give the U.S. markets the surge needed to break out of the current downtrend.

What to Look for This Week

The Stoxx Europe 600 index fell about 2% Monday as fears grow that Greece could soon be ousted from the euro zone. The failure of Greek party leaders to reach an agreement to form a unity government stirred fresh carnage across financial markets as euro-zone finance ministers meet in Brussels. The likely confrontation Greece faces with its international creditors has investors watching every move. The chances for a last-minute deal for a coalition government look increasingly remote. With investors aggressively discarding their possession of banking and resource shares the financial markets around the world experienced the aftermath. This could mark just the beginning if confirmation of an ousting is announced.

News Affecting the Markets

The J.P. Morgan Chase & Co. chief investment officer, Ina Drew has decided to retire after working more than 30 years with the bank. The resignation comes after the world-renowned bank incurred a trading loss of more than $2 billion. She has become the first high-ranking casualty involved in the scandal that has dented the bank’s reputation and prompted fresh calls for tighter financial regulation. CEO Jamie Dimon now looks to convince shareholders and the world that the company was duped by a rogue and reckless team, and the overly-aggressive acts of those involved do not represent the common practice of the blue chip. Thus far, investors appear timid and have shied away from the banking stock as dipped each day since the catastrophic, yet captivating financial news was released.

Smart Investing

Manage Your Broker: It is no surprise that the investment industry is plagued with awkward and seemingly unsolvable conflicts of interest. But what brings in the most money for the broker is not always what is best for investors - or what they really want. The temptation is to sell risky products because they are more lucrative than the low-risk alternatives. Everybody has to make a living, brokers and investment advisors included, and everyone knows that; however, deliberate attempts to confuse or miss-sell in any way are not only unethical, they may come back to trouble the broker in the form of soured relationships or even claims for damages. There are evident things a broker should avoid: lying, misrepresenting and hard-sell tactics; however, some unethical behavior is more subtle, but no more acceptable. All entail some combination of poor or inadequate communication, a tendency to mislead investors or simply not bothering to do a good job. Much has to do with taking advantage of the informational asymmetry between buyer and seller. Even though you have a professional managing your portfolio, you should make sure to manage the professional. Equity Scholar can help educate and inform you of what to look for to ensure best practices are being followed by those involved with your financial future.

Earnings for the Week

Monday: Agilent Technologies Inc (A) {After the close}, Millennial Media Inc (MM) {After the close}

Tuesday: Dick's Sporting Goods Inc (DKS), Home Depot Inc (HD), J C Penney Company Inc (JCP) {After the close}, Saks Inc (SKS), TJX Companies Inc (TJX), VimpelCom Ltd (VIP)

Wednesday: Abercrombie & Fitch Co (ANF), Deere & Co (DE), Limited Brands Inc (LTD) {After the close}, Target Corp (TGT)

Thursday: Advance Auto Parts Inc (AAP), Aeropostale Inc (ARO) {After the close}, Applied Materials Inc (AMAT), Autodesk Inc (ADSK), Brocade Communications Systems Inc (BCRD) {After the close}, Computer Sciences Corp (CSC), GameStop Corp (GME), Gap Inc (GPS) {After the close}, Intuit Inc (INTU) {After the close}, Marvell Technology Group Ltd (MRVL), Ross Stores Inc (ROST), Salesforce.com Inc (CRM) {After the close}, Sears Holdings Corp (SHLD), Wal-Mart Stores Inc (WMT), Youku Inc (YOKU) {After the close}

Friday: ANN INC (ANN), Chimera Investment Corp (CIM), Foot Locker Inc (FL), Progressive Corp (PGR)
* Earnings dates and times are subject to change

Economic Data this Week

Monday
No announcements scheduled
.
Tuesday
Retail Sales @ 8:30 AM for April (Est. = 0.2%, Prior = 0.8%)
CPI @ 8:30 AM for April (Est. = 0.0%, Prior = 0.3%)
Empire Manufacturing @ 8:30 AM for May (Est. = 8.0 to 8.4, Prior = 6.6)
Business Inventories @ 10:00 AM for March (Est. = 0.3%, Prior = 0.6%)
NHAB Housing Market Index @ 10:00 AM for May (Est. = 26, Prior = 25)

Wednesday
MBA Mortgage Index @ 7:00 AM for 05/12 (Est. = N/A, Prior = 1.7%)
Housing Starts @ 8:30 AM for April (Est. = 675K to 680K, Prior = 654K)
Building Permits @ 8:30 AM for April (Est. = 725K to 730K, Prior = 747K)
Industrial Production @ 9:15 AM for April (Est. = 0.4% to 0.5%, Prior = 0.0%)
Capacity Utilization @ 9:15 AM for April (Est. = 78.9% to 79.0%, Prior = 78.6%)
Crude Oil Inventories @ 10:30 AM for 05/12 (Est. = N/A, Prior = 3.652M)
FOMC Minutes @ 2:00 PM for 04/25

Thursday
Initial Claims @ 8:30 AM for 05/12 (Est. = 365K, Prior = 367K)
Continuing Claims @ 8:30 AM for 05/05 (Est. = 3,250K, Prior = 3,229K)
Philadelphia Fed @ 10:00 AM for May (Est. = 8.8 to 10.0, Prior = 8.5)
Leading Indicators @ 10:00 AM for April (Est. = 0.1% to 0.2%, Prior = 0.3%)

Friday
No announcements scheduled.

Weekly Newsletter May 6th - May 12th

Current Events: Friday's tumble following weak jobs data caused all major U.S. markets to surrender to a negative week. Many investors were caught by surprise as earlier in the week many indexes, such as the S&P 500 and the Nasdaq, broke through major resistance levels and technically seemed strong. However, that soon changed once the Friday reports were released.

What to Look for This Week

With crude oil falling nearly 10% last week, many investors will eagerly seek opportunities over the coming days due to the volatility the commodity has seen recently. Friday's big slide caused the commodity to drop to the lowest price it has been per barrel in over three months.

News Affecting the Markets

After poor jobs data was released Friday morning, new concerns about the health of the U.S. economy spread quickly across not only the U.S., but the world. To add to the current uncertainty, European elections were held over the weekend.

Smart Investing

Invest Now, Even Small Amounts Add up over Time: Regardless of your age you are or even your level of employment or economic position, it may be a good idea to start preparing now, even in a paltry way, for eventual financial security. Some people feel they need every dollar they make to get by from one paycheck to the next. While this may be true for some, there are others who squander significant sums on insignificant things. They could be socking that money away into an investment account that, over time, could lead to huge savings and a comfortable retirement. It isn't hard to get started. All you need is $100 to $500 to open an account, and anywhere from $20 to $100 monthly to continue building your stock or mutual fund portfolio. In fact, a young person aged 20 could deposit $2,500 and then not another dime. In forty years he or she might have tens of thousands of dollars. Every little bit that you can stash away for your investments will make your retirement that much stronger. Give yourself the peace of mind of knowing you are preparing for the future.

Earnings for the Week

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Monday: Avis Budget Group Inc (CAR), Chimera Investment Corp (CIM), Clean Energy Fuels Corp (CLNE) {After the close}, Coeur d'Alene Mines Corp (CDE), Dendreon Corp (DNDB) {After the close}, DISH Network Corp (DISH), Electronic Arts Inc (EA) {After the close}, Frontier Communications Corp (FTR), Goodrich Petroleum Corp (GDP) {After the close}, Louisiana Pacific Corp (LPX), Mindray Medical International Ltd (MR) {After the close}, Northern Oil and Gas Inc (NOG), Oasis Petroleum Inc (OAS) {After the close}, Rackspace Hosting Inc (RAX), Sysco Corp (SYY), Tyson Foods Inc (TSN), Vornado Realty Trust (VNO), WYNN Resorts Ltd (WYNN) {After the close}

Tuesday: Carrizo Oil & Gas, Inc. (CRZO), DIRECTV (DTV), Energy Transfer Equity LP (ETE) {After the close}, Energy Transfer Partners LP (ETP) {After the close}, Hecla Mining Co (HL), Invesco Mortgage Capital Inc (IVR), Jazz Pharmaceuticals Inc (JAZZ), Medicis Pharmaceutical Corp (MRX) {After the close}, Molson Coors Brewing Co (TAP), OfficeMax Inc (OMX), Patriot Coal Corp (PCX), Quicksilver Resources Inc (KWK), Scotts Miracle-Gro Co (SMG), Tenet Healthcare Corp (THC), Walt Disney Co (DIS) {After the close}, Weingarten Realty Investors (WRI) {After the close}, XL Group PLC (XL) {After the close}, Youku Inc (YOKU)

Wednesday: Activision Blizzard Inc (ATVI) {After the close}, AOL Inc (AOL), BMC Software Inc (BMC), CenturyLink Inc (CTL) {After the close}, Cisco Systems Inc (CSCO) {After the close}, Dean Foods Co (DF), Dollar Thrifty Automotive Group Inc (DTG) {After the close}, EOG Resources Inc (EOG), Flotek Industries Inc (FTK) {After the close}, Kronos Worldwide Inc (KRO), Macy's Inc (M), Mannkind Corp (MNKD) {After the close}, MEMC Electronic Materials Inc (WFR), Priceline.com Inc (PCLN) {After the close}, Sodastream International Ltd (SODA), Westar Energy Inc (WR) {After the close}

Thursday: ACCO Brands Corp (ACCO), Assured Guaranty Ltd (AGO) {After the close}, BPZ Resources Inc (BPZ), CA Inc (CA) {After the close}, Career Education Corp (CECO) {After the close}, Kohl's Corp (KSS), MBIA Inc (MBI) {After the close}, McDermott International Inc (MDR) {After the close}, Medical Properties Trust Inc (MPW), Molycorp Inc (MCP) {After the close}, Newcastle Investment Corp (NCT), Nordstrom Inc (JWN) {After the close}, Nuance Communications Inc (NUAN) {After the close}, Sotheby's (BID) {After the close}, Windstream Corp (WIN)

Friday: NVIDIA Corp (NVDA), Progressive Corp (PGR), Rentech Inc (RTK)

* Earnings dates and times are subject to change

Economic Data this Week

--------------------------------------------------------------------------------

Monday
Consumer Credit @ 3:00 PM for March (Est. = $10.0B to $11.0B, Prior = $8.7B)

Tuesday
No announcements schedules.

Wednesday
MBA Mortgage Index @ 7:00 AM for 05/05 (Est. = N/A, Prior = 0.9%)

Wholesale Inventories @ 10:00 AM for March (Est. = 0.6%, Prior = 0.9%)

Crude Oil Inventories @ 10:30 AM for 05/05 (Est. = N/A, Prior = 2.840M)

Thursday
Initial Claims @ 8:30 AM for 05/05 (Est. = 365K, Prior = 365K)

Continuing Claims @ 8:30 AM for 04/28 (Est. = 3,288K to 3,300K, Prior = 3,276K)

Trade Balance @ 8:30 AM for March (Est. = -$49.5B to -$49.9B, Prior = -$46.0B)

Treasury Budget @ 2:00 PM for April (Est. = N/A, Prior = -$40.4B)

Friday
PPI @ 8:30 AM for April (Est. = 0.0% to 0.1%, Prior = 0.0%)

Michigan Sentiment @ 9:55 AM for May (Est. = 75.0 to 76.2, Prior = 76.4)