Coming Week: Hardly a Vacation

"I don't know that home data can really move markets anymore," says Hogan. "I'd be hard-pressed to find a number that will move the markets by how negative it is. And it goes without saying that nothing coming out of the housing news will be positive enough to move things."

The remainder of the week's economic releases include the preliminary read on second-quarter gross domestic product, which should be revised higher to 2.7% from 1.9% thanks to a climb in net exports, durable-goods orders, personal income and spending, and consumer confidence. Also on tap are reports on the Chicago purchasing managers' index and the University of Michigan's consumer sentiment index.

On the earnings front, retailers will once again be in focus. Although home-improvement goods sellers Home Depot (HD Quote) and Lowe's (LOW Quote) owned the spotlight last week, Sears Holdings (SHLD Quote) will be closely watched when it reports results Thursday, the same day luxury retailer Tiffany (TIF Quote) releases its second-quarter numbers.

Discount retailers Big Lots (BIG Quote) and Dollar Tree (DLTR Quote) will post earnings during the week, giving analysts an idea of how the economic slowdown weighed on lower-income households during the last quarter.

A handful of apparel retailers will also be out with quarterly results. Among those set to report are American Eagle (AEO Quote), J. Crew (JCG Quote), Chico's FAS (CHS Quote), Talbots (TLB Quote) and Coldwater Creek (CWTR Quote).

"Some of the data from retailers should be interesting, but with most of the reports already in, my guess is that the releases will not provide any new data," says Paul Nolte, director of investments with Hinsdale Associates. "If there are misses, it will be company-specific and not related to the weakness in the economy."

Among tech companies set to report this week, Dell (DELL Quote), chipmaker Marvell Technology (MRVL Quote) and software maker Novell (NOVL Quote) will all be out with quarterly numbers.

1 What would best describe your stance heading into the coming week of trading? Bullish Bearish Neutral 2 Which of these sectors do you think is set to move up in the coming week? --Choose One--Aerospace and DefenseAirlinesAutomobilesBeverages and Food ProductsBiotechnologyCommercial BanksComputers and PeripheralsConsumer NondurablesEnergy Equipment & ServicesHMOs and HospitalsHomebuildingInsuranceIntegrated OilInternet, Software ServicesInvestment Bankers and BrokersMediaMultiline RetailPharmaceuticalsPrecious MetalsSemis, Semi EquipmentTelecom EquipmentTobacco and AlcoholWireless CommunicationsUtilities 3 Which of these sectors do you think is set to move down in the coming week? --Choose One--Aerospace and DefenseAirlinesAutomobilesBeverages and Food ProductsBiotechnologyCommercial BanksComputers and PeripheralsConsumer NondurablesEnergy Equipment & ServicesHMOs and HospitalsHomebuildingInsuranceIntegrated OilInternet, Software ServicesInvestment Bankers and BrokersMediaMultiline RetailPharmaceuticalsPrecious MetalsSemis, Semi EquipmentTelecom EquipmentTobacco and AlcoholWireless CommunicationsUtilities View the results without voting