Wednesday
Economic Reports: Fed Beige Book

The focus on will be on the Beige Book as investors look for any hints of what the FOMC may do at their next meeting. It will also be used to see if there are any sectors in any of the 12 regions that are beginning to show economic expansion or turnaround.
Thursday
Economic Reports: Retail Sales

Expectations are for a rebound in Retail Sales for May. Everything in my gut tells me that this report will disappoint. I just don’t see retailers posting improving figures in this economy. However, given that even Ford and GM just posted much better than expected auto sales for May, I guess anything is possible. I think this report will miss estimates, but could still post a small gain since last month.

Friday
Economic Reports: Michigan Sentiment

The revised Michigan Sentiment Index for May was 68.7. The expectations are for a reading of 68.6 preliminarily for June. This means a very small decline, which is exactly what I would expect. There are indications that this recession could drag on a little longer than expected, job losses continue, and gas prices are starting to creep up. All of this will weigh on the minds of those polled. I would be surprised to see a larger decline than expected.