The market is entering one of the quiet trading periods of the year. The last tow trading weeks in August match in trading volume to the last week of trading in December.

This year is proving to be no different if trading volume of the previous weeks are any indicators. However, there are 240 companies are expected to release earnings, government is set to report on durable goods orders and new home sales and two IPOs are scheduled to be priced.

Oil price movement will be in the headlines if current refinery problems in Venezuela and unrest continue in Ecuador and Nigeria. Nervous traders have used every opportunity in the past to drive oil prices higher.

At the current price level, oil is trading 58% higher than a year ago. The protestors in Ecuador managed to curtail daily crude production from 210,000 to 33,000 on Saturday. The government is still hard pressed to regain the normal production level. The 50% of Ecuadorian production is exported to the U.S.

In other news International Copper Study Group stated that copper demand in the first five months ending in May 2005 rose 17% in Russia, 12% in India and 8.8% in China. Demand for refined copper declined by 2.9% and out put from copper mines rose 5.8% narrowing the supply deficit to 37,000 tons in May from 48,000 in April.


EARNINGS CALENDAR

Toro, lawn mowers maker, is estimated to report a profit of 69 cents per share on revenue of $482.43 million and sales growth of 6.3%. The stock in the last three months has dropped some 20%.

Williams-Sonoma, home products retailer, is estimated to report a profit of 25 cents per share, up vs. 23 cents a share for the same period last year on revenue of $782.99 million. The company share has risen some 7% in the last three months.

Resmed, medical equipment manufacturer, is forecasted to post on Monday earnings of 55 cents per share on revenue of $113.54 million. The company stock has increased by 5% over the last three months.

Wind River Systems, microprocessor and related software provider, is estimated to report a profit of 5 cents per share, up vs. a loss of 2 cents for the year-ago quarter on revenue of $64.87 million and strong sales growth. The company stock has jumped 11% for the last three months.

J.M. Smucker, jams, jellies, and preserves producer, is expected to report on Monday a profit of 63 cents per share, up from 56 cents a share in the same period last year on revenue of $516.30 million. The company share has dropped some 5% for the last three months.

Intuit, accounting company, is estimated to report a 2Q loss of 10 cents per share on revenue of $281.88 million. The company stock has gained 6% for the last three months.

Petsmart, specialty retailer of pet food, is expected to report 2Q profit of 22 cents per share, down vs. 23 cents per share in the year-ago period on revenue of 905.20 million. The company share has declined 12% over the last three months.

Coldwater Creek, upscale retailer, is estimated to report 2Q profit of 8 cents a share, up vs. 5 cents a share in the same period last year on revenue of $139.18 million. The company stock has risen 22% for the last three months.

Restoration Hardware, upscale home furnishings seller, is estimated to report a 2Q loss of 3 cents per share, up vs. a loss of 6 cents per share in the year-ago period on $142.24 million. The company stock has gained 17% for the last three months.

Chico's FAS, specialty stores company, is expected to post 2Q profit of 27 cents per share, up vs. 19 cents per share for the same period last year on revenue of $337.14 million. The company stock has increased 11% over the last three months.

Toro, lawn mowers maker, is estimated to report a profit of 69 cents per share on revenue of $482.43 million and sales growth of 6.3%. The stock in the last three months has dropped some 20%.

Williams-Sonoma, home products retailer, is estimated to report a profit of 25 cents per share, up vs. 23 cents a share for the same period last year on revenue of $782.99 million. The company share has risen some 7% in the last three months.