The only economic reports today are German industrial-production and trade in the morning, followed by Chinese trade in the evening.

Earnings season kicks off this evening with aluminum producer Alcoa announcing quarterly results. Although few other earnings releases are scheduled this week, companies often issue preliminary numbers at this time in the cycle.

Tomorrow's U.S. reports include the NFIB Small-Business Optimism Index at 7:30 a.m. ET and the two weekly retail releases, the ICSC-Goldman Store Sales and Redbook numbers. Perhaps the most important event will occur overseas with the Bank of Japan's monetary announcement in the evening. Given the importance of Japan's rally to broader sentiment this year, the event could move global markets.

Wednesday brings French and Italian industrial production in the morning and minutes from the last Federal Open Market Committee meeting in the afternoon. Federal Reserve Chairman Ben Bernanke is scheduled to speak at 4:10 p.m. ET.

Retailers report same-store sales for June on Thursday morning and the Labor Department will release weekly jobless claims. Friday brings the producer-price index and consumer sentiment.


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