Another Week Starts

Currently, various economic indicators are pointing to a "Goldilocks" scenario, of not too hot, not too cold economic activity. The Federal Reserve Board, meeting Wednesday, is widely expected to keep short-term interest rates unchanged at 5.25%, just like it did at the Aug. 8 policy meeting. And this week's two key data for housing market are widely expected to confirm further weakening of the already fragile U.S. housing market. The following data to be released this week and the words that we may hear from the Fed on Wednesday will dictate the trading activity in Wall street for the next one month until the Fed meets again in October:

Tuesday: Producer Price Index (PPI), Core PPI, Housing starts, Building permits,
Wednesday: Fed meeting.
Thursday: Leading indicators, Philadelphia Fed

Earnings to watch: Oracle (ORCL) on Tuesday; Circuit City (CC) and Morgan Stanley (MS) on Wednesday; Fedex (FDX) and Nike (NKE) on Thursday; KB Home (KBH) on Friday.