On Monday, the SEC filed suit against Mark Cuban for insider trading. The suit alleges that in 2004 Cuban used non-public information to sell shares in Mamma.com, then a fledgling internet search engine.  The action allowed Cuban to avoid a $750,000 loss on the shares.

This week is loaded with very important reports for the market, and judging by how things are looking, it could be a good time to grab some aspirin.

Circuit City (CC) made it official on Monday and filed for bankruptcy. Only a week ago, the company announced it would close 155 stores that were underperforming. On September 29, the company reported a third-quarter loss of $239 million, which was three times larger than the loss for the same quarter a year ago.

We have to wait until Thursday this week for the economic calendar to get underway, and even then there isn’t too much going on outside of the Retail Sector.

Both the ISM Index and ISM Services reports come out this week, and it looks like the slide continues. The Index report coming out this morning is likely to show a drop to 42.0 from last month’s 43.5 reading.

The Chevrolet Volt is scheduled to roll off the assembly lines in Hamtramck sometime in late 2010. The vehicle will be powered by onboard batteries and a 1.4 liter 4 cylinder engine that will kick on after the 40 mile range of the battery charge has run out. General Motors likes to refer to it as an “electric car” but in reality it is a hybrid gas-electric vehicle.

The vehicle should provide a long enough range on just the battery charge for an estimated 75 percent of American’s to be able to make it to work and back on a single charge. Re-charging the batteries will only take an estimated 10 hours. It is very likely that many who purchase the…

New Home Sales for September are announced today and this will sound like a broken record, but they are expected to disappoint.  In the face of the frozen credit markets, I guess a drop of only 2000 units could be viewed as a small victory.

There is no way to sugar coat it or paint a rosy picture. This week could be disastrous for the market. Coming off eight straight down trading days, and the largest weekly percentage drop in the history of the Dow, the economic calendar provides no relief.

The economic calendar this week isn’t particularly exciting, but coming off the pain inflicted on the markets last week, that could be a good thing. The market will have its hands full with earnings season starting up again, so a full week of reports could have been dangerous.

This week shows an incredibly busy economic calendar and this might not bode well for the market. The first report of the week comes out at 8:30 this morning and the schedule doesn’t let up until Friday morning. With so many important reports expected to show a decline versus last month, this could be a painful week in the market.