GET READY: Here Comes Another Big Week For The Economy

Last week was kind of light data-wise.

This week's upcoming slate of econ data, however is stacked with juicy morsels.

Here's a quick preview, with estimates from Nomura.

Monday:

Empire Fed Survey: Estimate -7.5 up from -8.8 previously.Industrial production: Estimate 77.2 down from 77.4 (due to Hurricane Irene).

Tuesday:

Producer prices: Estimate -0.1%

Wednesday:

Housing starts Estimate of +4.7% or 598K annualized due to Hurricane Irene Beige Book (no estimate)

Thursday:

Jobless claims: Estimate 404KPhilly Fed Survey: Estimate -9.9 up from -17.5 previouslyExisting home sales: -2.5% after the 7.7% jump in August.

Of course, it will be jam packed with Europe news, as Sarkozy and Merkel have promised a solution on banks and debt within just a few days.

Oh, and of course tons of earnings, which we'll be covering all week.

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The New iTunes Is Ready NOW, Filled With iCloud Goodness And Wireless Syncing (AAPL)

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Get Ready For The Most Annoying HBO Show Ever

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The New York Times' Dave Itzkoff is reporting that HBO has picked up Aaron Sorkin's new show about a cable TV newsroom.

The show is set behind-the-scenes at a fictional cable news channel and stars Jeff Bridges. 

Think Sports Night meets The West Wing (still one of the best television shows ever).  Except annoying.

Don't believe me?  Here's the tagline they are pushing:

“Together they set out on a patriotic and quixotic mission to do the news well in the face of corporate and commercial obstacles and their own personal entanglements”

Sound at all familiar?   Last winter news leaked that Sorkin was shadowing Keith Olbermann as research for his show and had based his main character, Will McCallister, on Olbermann.

Which would be great if there was any chance Sorkin planned to use his new show to skewer the ridiculous, spoiled, self-important, ratings-obsessed, short-sighted, hyperbolic characters that populate cable news -- think an updated version of Network.

Instead, what we are likely to get is President Bartlet recast as a cable news host bearing a passing resemblance to Keith Olbermann as he sets off to avenge American democracy and save the world from evil corporate interests and the treasonous Fox News with his rousing nightly patriotic mission statements.

Maybe Sorkin should change the name from 'More as the Story Develops' to 'Lean Forward.'

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GET READY FOR IT: Tomorrow Is Going To Be Huge

Today stocks around the world rallied in dramatic fashion, but there really wasn't that much news, just some (mostly expected) events unfolding in Europe.

Tomorrow, however, should be a pretty big day.

First, news aside, it will be interesting to see whether or not markets continue the new two-day up-trajectory.

As for news, it starts out with the ECB and Trichet's press conference. The calls are growing louder and louder for him to reverse his interest rate hikes from earlier this year, but right now the expectation is that no cuts will be announce tomorrow or even called for.

Recent ECB days have seen major disappointment on the part of the market, as Trichet comes off as oblivious to the fires raging around him.

Also, the BoE is up tomorrow morning, so watch for signs of more QE.

At 8:30 AM, there are two economic reports. Initial claims and the trade deficit. Right now initial claims are one component of the labor data holding up alright, and analysts expect 400K right on the button.

Then there are the two big speeches.

First up is Bernanke at 1:30 with a speech on the economic outlook. Obviously this will be parsed like crazy.

Obama's big jobs speech is at 7:00 and details have already leaked out. Check out out preview of it here.

So, it should be good on policy (BOE, ECB), data (initial claims and the trade gap), and headlines (Bernanke and Obama speaking).

Just want you want for a nice, busy news day.

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