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Big Week Ahead for Traders

Traders began leaving the building, mentally and physically, just after noon ET Friday, but next week is one of the biggest weeks in a long time, on all fronts:

1) Legislation: financial regulatory reform goes into the final couple weeks, with Rep. Barney Frank talking tough on the Volcker Rule surprising traders this morning;

2) A few companies with quarters ending in May report:

-Best Buy Tuesday,

-Federal Express on Wednesday,

-Pier One on Thursday...good clues on whether retail really is that weak;

3) the US-UK spat over BP : president meeting with BP officials Wednesday, House Energy and Commerce Committee hearing on Thursday...traders dreading this will turn into another public lynching of BP, another nosedive in energy stocks.

4) Economic data: biggest week of the month, with capacity utilization and PPI and CPI which will give us a much clearer reading on the choppy data this week

5) credit cards: master trust data on credit cards on Tuesday.

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