NEW YORK ( TheStreet) -- The Dow Jones Industrial Average wrapped its worst week since mid-August on Friday and there's reason to believe the markets are in for more of the same next week.

First-quarter reporting season is over, and corporate earnings stumbled a bit into the finish. Virtually all of the economic data has been bad the past few weeks, and while a bailout for Greece is getting spun as good news, it's still a bailout. In fact, it's the second one for Greece, so besides taking some solace in avoiding the near-term ill effects of default on the global economy, it's debatable what the real benefit is. Especially for U.S. stocks.



Then there's the end of QE2 looming at the end of the month. Remember the last time the markets were skidding this bad -- namely the July-August stretch last year -- was right when the Federal Reserve started laying the groundwork for the $600 billion bond-buying program that was ultimately announced in November and set the bull market in full gear.

Even with the poor data of late, it's pretty clear some money is being taken off the table ahead of the unknown that lies ahead when the Fed takes away the punch bowl, as the pundits are so fond of saying.

Mark Arbeter, chief technical strategist at Standard & Poor's, says the tug-of-war the major U.S. equity indices endured last week is a red flag, as gains early in the week were wiped out in the relative blink of an eye.

"A major downside reversal on Wednesday erased these strong gains, negating what had been setting up like a nice breakout," Arbeter wrote in a research note. "We believe that when the market does not follow through on a breakout, and gets soundly rejected the next day, it's time to pay attention."

He continued: "In our view, this is corrective or bear market price action, and we see additional pain coming in the weeks and months that follow."

Not to worry though, Apple ( AAPL) is poised to come to the rescue. The iconic company is holding its annual worldwide developers conference and CEO Steve Jobs is set to deliver a keynote address on Monday at 1:00 p.m. ET.

While the company is unveiling the next-generation of its operating system, called Lion, as well as an update to its mobile OS, and iCloud, its cloud services product designed to compete with Amazon ( AMZN), Google ( GOOG), and the rest of the field for the privilege of making sure folks can access every piece of music they own from anywhere at all times, the real headlines will be made by Jobs, whose look and demeanor will be parsed for clues about his health.

Apple shares have held up well in 2011, rising 6.5% since the start of the year, but the 52-week high of $364.90 dates back to Feb. 16, and Friday's regular session close at $343.44 represents a 6% pullback. Still, the forward price-to-earnings ratio sits at 12X, below 12.7X for the S&P 500, according to Thomson Reuters data, so it's hard to argue the stock is overvalued.

On Friday, there were rumblings that the iPad 3 could arrive in time for Christmas and Wall Street remains overwhelmingly bullish with an amazing 50 out of 54 analysts rating the stock at either strong buy (26) or buy (24), so maybe that dip in the past three-and-a-half months is a buying opportunity.

Elsewhere on the corporate calendar, there are a few stragglers due with their quarterly reports, namely Pep Boys - Manny, Moe & Jack ( PBY) and FuelCell Energy ( FCEL).

Shares of Pep Boys, an after-market automotive parts retailer and services provider, are flat year-to-date, and Wall Street is looking for a profit of 30 cents a share for the company's fiscal first quarter ended in April on revenue of $537 million. FuelCell, on the other hand, has seen a decline of 24% in its stock this year, and it's seen posting a loss of 12 cents a share with a slight sequential revenue decline to roughly $28 million for its fiscal second quarter.

There's no economic data to speak of on Monday, but Charles Plosser, president of the Federal Reserve Bank of Philadelphia, will deliver a speech entitled "Central Bank Policy After the Crises" in Helsinki. And that's just a prelude to Big Ben himself as Chairman Bernanke is slated to address the outlook for the U.S. economy on Tuesday at the International Monetary Conference in Atlanta.

-- Written by Michael Baron in New York.

>To contact the writer of this article, click here: Michael Baron.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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