Only a few economic reports came out this week, although June retail sales were pretty good and helped lift the second quarter's pace. Consumers are certainly concerned about the state of the stock market, but whether this will impact consumer spending in the near term is still unclear. Corporate malfeasance could turn out hurting investor psychology and share prices more than the economy. The question is whether the corporate chicanery leads to bankruptcies and job losses. As long as job losses don't spread, the economy is not likely to suffer the dreaded double-dip.

Several key economic indicators will be reported in the coming week. However, all eyes will be on Fed Chairman Alan Greenspan when he testifies before congressional committees in his semi-annual report on monetary policy. Greenspan's testimony on Wednesday will be a repeat of his remarks on Tuesday, except for the question-and-answer period. Also, if the chairman feels that his remarks on Tuesday were misinterpreted, Wednesday will give him a chance to get his point across.