Alberto-Culver (ACV), a maker of consumer products, said Q4 EPS fell 14% to 31 cents ex items, meeting views. Revenue gained 7% to $386 mil....

Our regularly published Wall Street week ahead article has been engineered to prepare you for the period's scheduled market-moving events.

With GDP and the Employment Situation Report on tap, the market will face the toughest test of its resiliency yet starting on Wednesday. The vessel that is the stock market has thus far sailed through some harsh weather, albeit after taking on a flood of water initially as the iceberg of economic reality brushed her port side. This week's first quarter GDP report offers possible confirmation of economic contraction. Economists, while mostly saying one thing in the public forum, quietly hold a consensus expectation for growth in Q1.

Is this a pipedream or hot air meant to keep client funds in managed portfolios... we estimate the latter. Despite the published expectation, the market probably anticipates contraction in Q1, so bad news might not shake the ship. The degree of bad news though, could certainly take the titanic under for a moment or two.

Since employment lags as an economic indicator, this month's report threatens to be the worst yet. On Friday, the last day of trading heading into the weekend, the potential also exists for sell-off and yet another retest. We'll truly see how slalwart the latest capital surge is through the Wednesday to Friday period.

The Week Ahead

Monday

The first of the tax rebate checks roll out Monday, and not soon enough for many. The Greek's Main Street read of the situation is that things are getting pretty tough out there. Last week's consumer confidence reading might not have been as full of as much overreaction as contrarians want to find in it. There's a strong case to be made for buying stocks when Main Street is sure things are horrible because of the lag of Main Street opinion as an economic indicator.

While the first day of the week is devoid of economic data, it will offer the European Commission's spring economic forecasts for 2008-2009. Yanks will be mostly concerned with how this plays for the U.S. dollar. A good portion of the portfolio management community is anticipating the dollar to strengthen against the euro this year, according to Barron's Big Money Poll seen in this week's copy. Also, we should not discount the interest of American exporters in seeing ongoing European economic health (read avoiding recession).

The United Nations is starting a semiannual meeting within which it will focus on the food crisis and climate change. Funny (sad actually) how these problems of the future that the majority of us use to ignore have all of sudden become serious to us.

Regulators will start a two-day examination of the Bank of America ( NYSE: BAC), Countrywide Financial ( NYSE: CFC) deal. Still in the height of earnings season, the slate includes: Alberto-Culver ( NYSE: ACV), American Dental Partners ( Nasdaq: ADPI), American Safety Insurance ( NYSE: ASI), Atheros Communications ( Nasdaq: ATHR), Axis Capital ( NYSE: AXS), BE Aerospace ( Nasdaq: BEAV), CH Energy ( NYSE: CHG), Choice Hotels ( NYSE: CHH), China Petroleum & Chemical ( NYSE: SNP), CNA Financial ( NYSE: CNA), Cognex ( Nasdaq: CGNX), Covance ( NYSE: CVD), Digi Int'l ( Nasdaq: DGII), Fair Isaac ( NYSE: FIC), Flowserve ( NYSE: FLS), FMC Technologies ( NYSE: FTI), FPL Group ( NYSE: FPL), Gen-Probe ( Nasdaq: GPRO), Hanger Orthopedic ( NYSE: HGR), Hartford Financial ( NYSE: HIG), Humana ( NYSE: HUM), IHOP ( NYSE: IHP), JDA Software ( Nasdaq: JDAS), Kaydon ( NYSE: KDN), Loews ( NYSE: LTR), Manitowoc ( NYSE: MTW), Microchip Technology ( Nasdaq: MCHP), Olin Corp. ( NYSE: OLN), PrePaid Legal ( NYSE: PPD), RadioShack ( NYSE: RSH), Rent-A-Center ( Nasdaq: RCII), Saur-Danfoss ( NYSE: SHS), Silver Wheaton ( NYSE: SLW), Sinopec Shanghei Petrochemical ( NYSE: SHI), SOHU.com ( Nasdaq: SOHU), Southern Copper ( NYSE: PCU), STMicroelectronics ( NYSE: STM), SYSCO Corp. ( NYSE: SYY), The Hanover Insurance Group ( NYSE: THG), Travelzoo ( Nasdaq: TZOO), Tyson Foods ( NYSE: TSN), Verizon ( NYSE: VZ), Visa ( NYSE: V), Wm. Wrigley ( NYSE: WWY) and many more.

Tuesday

After Friday's Reuters/University of Michigan consumer sentiment report, which showed sentiment at its lowest level in more than 25 years, the Conference Board will also report on April consumer confidence Tuesday at 10:00 a.m. Bloomberg's consensus of economists anticipates a measure of 62.0, versus 64.5 when measurement was last taken in March.

The ICSC-UBS offers its weekly take on chain-store sales earlier that morning. We recorded the first contraction of weekly same-store sales, on a year-to-year basis, last week and nobody noticed. We view the outlook bleak for the retail space, but the stimulus package rebate checks are coming just in time. The Federal Open Market Committee begins its two-day meeting Tuesday. Of international interest, Japanese markets will be closed.

The heavy earnings schedule includes Advent Software ( Nasdaq: ADVS), AGCO ( NYSE: AG), Allianz SE ( NYSE: AZ), Archer Daniels Midland ( NYSE: ADM), Avon Products ( NYSE: AVP), Ballard Power Systems ( Nasdaq: BLDP), Banco de Chile ( NYSE: BCH), Bemis ( NYSE: BMS), Boston Properties ( NYSE: BXP), Boyd Gaming ( NYSE: BYD), Buffalo Wild Wings ( Nasdaq: BWLD), Burlington Northern Santa Fe ( NYSE: BNI), Carpenter Technology ( NYSE: CRS), CommScope ( NYSE: CTV), Convergys ( NYSE: CVG), Corning ( NYSE: GLW), Daimler AG ( NYSE: DAI), DaVita ( NYSE: DVA), Deutsche Bank ( NYSE: DB), Domino's ( NYSE: DPZ), Echelon Corp. ( Nasdaq: ELON), Energizer ( NYSE: ENR), Express Scripts ( Nasdaq: ESRX), FEI Co. ( Nasdaq: FEIC), Flextronics ( Nasdaq: FLEX), Group 1 Automotive ( NYSE: GPI), Harris ( NYSE: HRS), Holly Energy ( NYSE: HEP), ICON plc ( Nasdaq: ICLR), K-Swiss ( Nasdaq: KSWS), Kensey Nash ( Nasdaq: KNSY), LCA-Vision ( Nasdaq: LCAV), Lear ( NYSE: LEA), Lithia Motors ( NYSE: LAD), Martha Stewart ( NYSE: MSO), Mastercard ( NYSE: MA), Medco Health ( NYSE: MHS), National Instruments ( Nasdaq: NATI), Office Depot ( NYSE: ODP), Oil States Int'l ( NYSE: OIS), Panera Bread ( Nasdaq: PNRA), Plantronics ( NYSE: PLT), Renaissance Re ( NYSE: RNR), Techne ( Nasdaq: TECH), Temple-Inland ( NYSE: TIN), McGraw Hill ( NYSE: MHP), TheStreet.com ( Nasdaq: TSCM), Titan Int'l ( NYSE: TWI), Under Armor ( NYSE: UA), United Rentals ( NYSE: URI), Valero Energy ( NYSE: VLO), Vishay Intertechnology ( NYSE: VSH), Waste Management ( NYSE: WMI) and many others.

Wednesday

If one day can define a week, Wednesday looks like the day. The market will get its toughest resiliency test yet when first quarter GDP is reported. Economists are widely discussing recession while quietly maintaining forecasts that indicate otherwise. Bloomberg's consensus of the double-talkers indicates expectations for 0.3% growth this quarter. You can't record recession when you get growth, so one has to wonder if the media is only taking speakers with extreme views, and only the view that sells advertising. It wouldn't be the first time would it...

The Greek is saying one thing and forecasting it too. We think Q1 will fall short of the consensus figure, into negative territory. However, we note that we do not have a model or dedicated staff to forecast this figure, and are basing this estimation on our memory of the data we follow on a regular basis and its "contractionary" overtones over the last three months. Don't knock it, as it's perhaps this small distance and our insight that have allowed us to avoid the paralysis that over analysis can lead to sometimes. The Greek is a big fan and beneficiary of due diligence (i.e. doing your homework, but it's equally critical to be able to weed the noise from the important information - insight). Many are good at tracking numbers and plugging them into spreadsheets, while reporting the news, while also poor at forecasting the future based on data knowledge.

Also on Wednesday, that favorite group of economic crime fighters we all admire, the Justice League, also known as the Fed and its FOMC, will make its latest decision on its target rates. Most expect the Fed to cut the fed funds target rate by a quarter point, and to also adjust the discount rate lower a quarter point. The tide of market sentiment has definitely turned, and the market now wants to see some caution from the Fed. Commodity prices are really starting to concern the market, so even free money is no longer welcome.

The Employment Cost Index for the first quarter is also scheduled for early morning reporting, but what do we want to learn from it? That's the tough question. With all costs rising, don't we want compensation to likewise rise so that Americans can afford to spend money this summer? But, if this very important cost component rises, it could also add to inflation fears, and rightly so. The cost index is expected to have increased by 0.8%, quarter to quarter, in Q1.

The ADP Employment Report for April is due for release early Wednesday morning, but the GDP figure will render it mute just fifteen minutes after. Still, the prelude to the Employment Situation Report on Friday is widely followed and very important.

At 9:45 a.m., the National Association of Purchasing Managers - Chicago will offer its Business Barometer Index, with expectations for a measurement of 47.5 for April. That compares to 48.2 in March, both measures indicating economic contraction (sub - 50.0).

Wednesday's busy slate will also contain the regular mortgage activity and petroleum status reports, as well as the Farm Prices Report at 3:00 p.m. No shortage of information to swallow on Wednesday, so we'll offer a wrap up of the data and its consequences Wednesday evening.

The earnings schedule will not let up either, with news arriving from: Akamai Technologies ( Nasdaq: AKAM), Alcatel-Lucent ( NYSE: ALU), Allegheny Energy ( NYSE: AYE), Allied Waste ( NYSE: AW), Amkor ( Nasdaq: AMKR), Asset Acceptance ( Nasdaq: AACC), Atmel ( Nasdaq: ATML), Avalonbay Communities ( NYSE: AVB), Beckman Coulter ( NYSE: BEC), Cabot ( NYSE: CBT), Cabot Oil & Gas ( NYSE: COG), Cache ( Nasdaq: CACH), CACI Int'l ( NYSE: CAI), CalDive Int'l ( NYSE: DVR), Centex ( NYSE: CTX), Cincinnati Bell ( NYSE: CBB), Colgate-Palmolive ( NYSE: CL), Corinthian Colleges ( Nasdaq: COCO), Cummins ( NYSE: CMI), Dean Foods ( NYSE: DF), Diebold ( NYSE: DBD), First Solar ( Nasdaq: FSLR), Fiserv ( Nasdaq: FISV), Furniture Brands ( NYSE: FBN), Garmin ( Nasdaq: GRMN), General Motors ( NYSE: GM), Hess Corp. ( NYSE: HES), IAC Int'l ( Nasdaq: IACI), Ingersoll-Rand ( NYSE: IR), International Paper ( NYSE: IP), JDS Uniphase ( Nasdaq: JDSU), Jones Apparel ( NYSE: JNY), Kellogg ( NYSE: K), Kraft Foods ( NYSE: KFT), Las Vegas Sands ( NYSE: LVS), LoJack ( Nasdaq: LOJN), Micros Systems ( Nasdaq: MCRS), Millipore ( NYSE: MIL), Morton's Restaurant Group ( NYSE: MRT), Murphy Oil ( NYSE: MUR), National Oilwell Varco ( NYSE: NOV), Novo Nordisk ( NYSE: NVO), OfficeMax ( NYSE: OMX), Olympic Steel ( Nasdaq: ZEUS), ONEOK ( NYSE: OKE), Procter & Gamble ( NYSE: PG), Psychiatric Solutions ( Nasdaq: PSYS), RehabCare ( NYSE: RHB), Sanofi-Aventis ( NYSE: SNY), SAP AG ( NYSE: SAP), Sealed Air ( NYSE: SEE), Southern Co. ( NYSE: SO), Starbucks ( Nasdaq: SBUX), Sunoco ( NYSE: SUN), Symantec ( Nasdaq: SYMC), Tetra Tech ( Nasdaq: TTEK), The Brinks Co. ( NYSE: BCO), Thomas & Betts ( NYSE: TNB), Time Warner ( NYSE: TWX), Visteon ( NYSE: VC), West Marine ( Nasdaq: WMAR) and more.

Thursday

Take a breath and get ready for another heavy dose of economic data on Thursday. The first bit of news arrives at 6:00 a.m. with the Monster Employment Index, followed by the 7:30 reporting of the Challenger Job-Cut Report. We do not expect to see significant improvement or reason to celebrate arriving from any of the jobs data. Weekly initial jobless claims are set for release also, with consensus expectations set at 360K. We saw a bit of a break off from this year's trend last week, but we would not expect that to prove any indication of inflection point. Employment measures should lag other indicators, and they've just started to deteriorate over the last few months.

Personal Income and Outlays are set for 8:30 release, and this very important barometer will offer insight into the status and spending habits of the American consumer. Bloomberg pegs expectations for the March measurement at increases of 0.3% for both income and consumption. Both these figures would prove reassuring to the stock market if they prove true. Motor vehicle sales are also set for release and will provide some information on the big ticket spending habits of Americans. Despite Ford's ( NYSE: F) recent success, we're not expecting much from the overall industry.

The Institute for Supply Management will issue its Manufacturing Index for April at 10:00 a.m. Bloomberg's consensus indicates a measurement of 48.0, versus last month's measure of 48.6, again both indicating economic contraction. Manufacturing showed early weakness in this economic downturn, despite the benefits of a weak dollar for multinationals based in the U.S.

Construction spending, due for release at 10:00 a.m., will likely get lost in the flood of data. This is a been there, done that bit of news, and the market will find no surprise in poor result and no hope in positive surprise, in our estimation. Bloomberg's consensus is expecting construction spending to have declined 0.9% in March, after a decrease of 0.3% in February.

Thursday's earnings schedule includes Affiliated Computer ( NYSE: ACS), Annaly Capital ( NYSE: NLY), Ansys ( Nasdaq: ANSS), Apache ( NYSE: APA), Apria Healthcare ( NYSE: AHG), Atmos Energy ( NYSE: ATO), Bebe Stores ( Nasdaq: BEBE), Black Hills Corp. ( NYSE: BKH), Burger King ( NYSE: BKC), Cabelas ( NYSE: CAB), Callaway Golf ( NYSE: ELY), Cardinal Health ( NYSE: CAH), Cephalon ( Nasdaq: CEPH), Chesapeake Energy ( NYSE: CHK), Chiquita Brands ( NYSE: CQB), CIGNA ( NYSE: CI), Cirrus Logic ( Nasdaq: CRUS), Clorox ( NYSE: CLX), Coinstar ( Nasdaq: CSTR), Comcast ( Nasdaq: CMCSA), CVS Caremark ( NYSE: CVS), Digital River ( Nasdaq: DRIV), Dynamic Materials ( Nasdaq: BOOM), Eastman Kodak ( NYSE: EK), Elizabeth Arden ( Nasdaq: RDEN), Expedia ( Nasdaq: EXPE), ExxonMobil ( NYSE: XOM), Haemonetics ( NYSE: HAE), Helmerich & Payne ( NYSE: HP), Hercules Offshore ( Nasdaq: HERO), Jones Soda ( Nasdaq: JSDA), Marathon Oil ( NYSE: MRO), MetLife ( NYSE: MET), Mine Safety Appliances ( NYSE: MSA), Monster Worldwide ( Nasdaq: MNST), National Fuel Gas ( NYSE: NFG), Nicor ( NYSE: GAS), Noble Energy ( NYSE: NBL), Odyssey Re ( NYSE: ORH), Patterson-UTI Energy ( Nasdaq: PTEN), Pride Int'l ( NYSE: PDE), ResMed ( NYSE: RMD), Sepracor ( Nasdaq: SEPR), St. Mary Land & Exploration ( NYSE: SM), Sun Microsystems ( Nasdaq: JAVA), First American ( NYSE: FAF), Timberland ( NYSE: TBL), Tyco Int'l ( NYSE: TYC), Websense ( Nasdaq: WBSN), Williams Cos. ( NYSE: WMB) and many more.

Friday

We would be remiss not to focus on the Employment Situation Report, which has the ability to undo or make the entire trading week. As recession likely takes grip of the economy, portfolio managers the world over will closely monitor the employment situation to take measure of the possible depth of decline. If employers can withstand a bit, consumer spending might also recover sooner. Still, in a competitive marketplace, with margins getting squeezed from the cost of component commodities and energy, corporations are most likely to place the good of their firm ahead of the good of the whole, for their job's sake. We anticipate the employment situation will deteriorate further through most, if not all of the year. Bloomberg's compilation of experts sees a loss of 75,000 jobs in April, with the unemployment rate slipping to 5.2% from 5.1% the month before. Average hourly earnings are seen rising 0.3%.

Factory orders, due for release at 10:00 a.m., are expected to have increased 0.3% in March, after a 1.3% decrease in February. The earnings schedule includes Agrium ( NYSE: AGU), Ameren ( NYSE: AEE), Apartment Investment & Management ( NYSE: AIV), BorgWarner ( NYSE: BWA), Chevron ( NYSE: CVX), Consolidated Edison ( NYSE: ED), Duke Energy ( NYSE: DUK), EOG Resources ( NYSE: EOG), Federal Signal ( NYSE: FSS), KBR, Inc. ( NYSE: KBR), Lubrizol ( NYSE: LZ), MDU Resources ( NYSE: MDU), Nortel Networks ( NYSE: NT), Sempra Energy ( NYSE: SRE), Viacom ( NYSE: VIA), Weyerhaeuser ( NYSE: WY) and more.

Please see our disclosure at the Wall Street Greek website.

Word On The Street
The stock market rebounded sharply Monday as investors continue to bet that the Federal Reserve will lower rates on Wednesday. The Dow closed up 176 points and the NASDAQ finished up 23 points. Guy Adami thinks investors should look to buy dips on the financial stocks. According to Pete Najarian, traders should sell Financial Select Sector SPDR Fund (XLF) now that it has had a phenomenal run. Jeff Macke mentioned he is very concerned going into the Fed meeting. He advised investors to pay attention to the Fed language and look for statements about growth, inflation and guidance. American Express Company (AXP) reported a 10% drop in quarterly net income. The stock traded down 3% after hours on the news. Adami says if you want to be in this sector the play is MasterCard Incorporated (MA). CME Group Inc. (CME) holds talks to buy NYMEX Holdings Inc. (NMX) for $11 billion. Adami feels the CME trade is over. He likes the NYSE Euronext (NYX) better for its cheaper valuation. Najarian says if you want to play CME put on a call spread to control your risk. Commodity stocks surged Monday as gold hit a record high. Finerman mentioned refiner play Holly Corporation (HOC) was upgraded Monday. In Adami’s opinion, the play for the commodity sector is Potash Corporation of Saskatchewan Inc. (POT). Macke thinks gold will trade to $1000 and he likes streetTRACKS Gold Trust (GLD). Najarian doesn’t like the GLD for a gold play he would rather play the miners and use put options for protection. He likes miner names like Newmont Mining Corporation (NEM), Barrick Gold Corporation (ABX) and Goldcorp Inc. (GG). VMware Inc. (VMW) reported sales that missed analysts estimates. The stock plunges 27% after hours on the news. Adami thinks at some point VMW will become interesting. He would also look to buy EMC Corporation (EMC) if it trades below $15. According to a study by the University of Wisconsin, the Super Bowl advertisers tend to beat the S&P 500 in late January and early February in 10 of the last 12 years. Macke would like to short this study he thinks it makes little sense.
Chartology With Dan Fitzpatrick
Dan Fitzpatrick, Co-Contributor and Technical Analyst for Thestreet.com and RealMoney.com, joined the “Fast Money” show to discuss the markets. Fitzpatrick explained that the chart of the S&P 500 looks broken and dip buyers are now losing money. He thinks once the S&P 500 trades back to 1400-1425 it will come under heavy selling pressure from dip buyers who will sell to get their money back. Fitzpatrick likes the look of the chart for Potash Corporation of Saskatchewan Inc. (POT) which is still trading above and holding its 50-day moving average. Finally, he looked at the chart for Toll Brothers Inc. (TOL). He called Toll Brother’s chart the “Slope of Hope” and he recommended investors sell the stock at $23 which he thinks is still the top.
Recession Trade
This week’s cover of Newsweek says we’re in a recession. Is the magazine right and what is the trade? Finerman thinks the U.S. is in a recession, but the question is how deep it is. Adami agrees that we’re probably in a recession, but he advised investors to take a look at Dupont (DD) and Eastman Chemical Company (EMN) for early recovery plays. He explained that investors should watch Burlington Northern Santa Fe Corporation (BNI) Tuesday when they report earnings. He thinks BNI will be a great tell if we’re in a recession. Macke thinks it’s too late to be putting on a recession trade now. He feels now is the time buy retail stocks for the long term. Finerman feels the homebuilders might have some tailwinds and she wouldn’t be short the sector. Najarian thinks it’s a bit early to be getting in the homebuilders. He suggests looking at the cheaper agriculture names like Archer Daniels Midland Company (ADM).
McDonald’s Trade
McDonald’s Corporation (MCD) put in its largest percent decline in 5 years Monday. What is the trade? Macke explained that the weak consumer finally caught up with them. He thinks MCD is a great American company, but he questioned their coffee strategy. Macke says investors should take a look at Starbucks Corporation (SBUX) which he thinks will do well over the next 6-12 months. According to Adami, now is the time to look at McDonald’s stock for its attractive valuation. Najarian also thinks now is a great opportunity to buy McDonald’s. He recommended investors build a position in the name.
Yahoo Earnings Trade
Yahoo (YHOO) is set to report earnings Tuesday. What is the trade? Macke mentioned he isn’t enormously optimistic about Yahoo. The only thing good he could see happening right now is a takeover by Microsoft Corporation (MSFT). Finerman says she wouldn’t be shocked to see Microsoft buy Yahoo. None of the “Fast Money” crew was willing to recommend buying Yahoo ahead of earnings.
Trader Radar Alberto-Culver Company (ACV) traded four times its average daily volume Monday.
POPS&DROPS
POPS- New York Times Company (NYT) traded up 10% after two hedge funds launched a proxy fight against the newspaper giant. Finerman didn’t know what to say she is skeptical. Tyson Foods Inc. (TSN) traded up 6% despite reporting profits that plunged 40%. Macke says take your gains. Sirius Satellite Radio Inc. (SIRI) traded up 7% on no news. Macke thinks the stock has bottomed and investors should buy it if it trades under $3. American Eagle Outfitters Inc. (AEO) traded up 8% after the retailer boasted its stock-buyback program by 30 million shares. Finerman likes that AEO has tons of cash. Wynn Resorts Limited (WYNN) traded up 6% off of positive comments from an Oppenheimer analyst on growth in Macau. Najarian explained that Macau talk is like steroids for the casino stocks. Golar LNG Limited (GLNG) traded up 10%. Adami pointed out that GLNG was Finerman’s “Final Trade” pick on Friday. Potash Corporation of Saskatchewan Inc. (POT) traded up 5%. According to Najarian, as long as the global economy is ok the agriculture names will keep performing.
DROPS- Alliance Data Systems Corporation (ADS) plunged 35% after the news hit that the planned takeover by The Blackstone Group L.P. (BK) may collapse. Adami recommends staying away from ADS. YRC Worldwide Inc. (YRCW) plunged 15% after the trucking firm reported a $736 million dollar loss. Najarian explained that the stock is trading down because the U.S. economy is slowing.
Final Trade
Adami likes NYSE Euronext (NYX). Finerman favors Goldman Sachs Group Inc. (GS). Najarian recommends The Nasdaq Stock Market Inc. (NDAQ). Macke didn’t have a pick.