Friday afternoon Federal Express (FDX) cut their earnings forecast citing rising fuel and weak shipping demand. I underlined the weak shipping demand part because the media is not discussing this. They are focused on talking about the rising cost of fuel hurting the big shipping giant. But, the company said that they are experiencing lower demand for domestic express shipments and less then truckload freight services. This should be what the media highlights the most, not just the fuel costs. Lower demand for shipping services means less people buying goods and less shipping by corporations as their sales slow.

The recession that the media says will never happen sure is getting here in a hurry.

Events for this week:

Monday

9:15 am : Fed member Evans speaks on the economy in Illinois

2:00 pm : April Budget Statement  (last $177.7B)

7:15 pm: Fed member Lockhart speaks about financial markets

Earnings:

Before the Open: KDE, ARQL, BKUNA, BLG, CNTY, CHTR, CDE, CODI, CRYP, DTG, DHT, EMAG, EMMS, EVR, GNA, GTXI, HL, HOC, HWCC, IMAX, IPSU, IMB, VTIV, ISIS, JASO, JRT, KNOL, MBI, MED, NNI, NUHC, ORBK, OHB, PEIX, PWRD, PETS, PMI, RDN, RADN, S, SPF, TTI, TRGL, VAL, XOMA.

After the Close: BYI, BWY, CTLM, CBAK, CLWR, COGT, CUZ, DTSI, DXPE, FLR, KNXA, LDK, MDR, MIVA, NMSS, NUAN, PROS, PGIC, TWTC, WRNC, WSPI, XFML, ZOLT.

Tuesday

6:10 am : Fed member Pianalto speaks on monetary policy in Paris

7:45 am : ICSC/UBSW chain store sales

8:20 am : FOMC Ben Bernanke speaks on liquidity measures

8:30 am : April Import Price Index (last m/m 2.8%, y/y 14.8%)

8:30 am : April advance retail sales

9:15 am : Fed member Warsh moderates discussion on Sarbanes-Oxley Act

10:00 am : May March Business Inventories (last 0.6%)

11:00 am : Fed member Plosser moderates discussion on fair disclosure

1:00 pm : Fed member Yellen speaks on US economic outlook

1:00 pm : Fed member Hoenig speaks on US economic outlook

1:30: pm : Fed member Fisher speaks about the Fed and the economy

8:00 pm : Fed member Evans speaks about the economy

Earnings:

Before the Open: CCJ, CSIQ, LNG, CFSG, COMV, DISH, ESLT, FSRV, FOSL, FNDT, GIGM, GLUU, HELE, HOKU, IAG, IGLD, KEM, LIZ, SENO, SIRI, TJX, VSE, WMT.