A hectic week on the economic calendar is highlighted by the initial look at second quarter gross domestic product (GDP). Remember, a recession is defined as two consecutive quarters of negative growth, so doomsayers have targeted this week’s release as confirmation of their pessimism.

Wachovia Cuts Dividend and Jobs; Caterpillar Builds a Global Business; Home Prices Collapse; UPS Delivers More Revenue, Less Profit; Fed Directors Split; Oil Hits Six-Week Low; UAL Stock Soars; Two For, One Against Satellite Radio Deal

Editor’s Note: Money Morning’s William Patalon III says crude oil prices above $142 a barrel and the 20% slump in the Dow Jones Industrial Average (DJI) since October are the chief concerns for investors.

The base metals were mixed on Friday. Copper was flat until the late morning, then shot upward, peaking around noon before flattening out after that to finish at $3.6656/lb., up 5 cents.

The base metals were mixed again on Wednesday. Copper had some big ups and downs but in the end was little changed as it finished at $3.6206/lb., down a penny and a half.

“It’s just crazy to think of oil over $100,” one snowy-haired gentleman said. “It will be interesting to see what happens when it goes to $150″ says Justice Litle.

As the post-Memorial Day hangover lingers, and $4 per gallon gasoline becomes a national reality, expect more and more daily energy prognostications.

Dow Enacts Biggest-Ever Price Increase; South Africa Inflation Soars 10.4% in April; GE Closes the Spigot on Water Use; Dollar Tree Sprouts 14% 1Q Profit, Fed Governor Retires; Rockefeller Proposal Defeated; DHL Delivered by UPS; Deceptive Dell.

I hope you enjoyed the Memorial Day weekend – and that your wallet still has a pulse if you did any traveling.

HP Buys EDS; St. George Agrees to Westpac Takeover; UPS Fights Uphill Battle Against Gas Prices; Cameco Profit’s a “Cake” Walk; Petrobras Post 68% 1Q Profit; High Cost of Oil Dampens Demand; AIG Raises Capital; Yahoo Jumps on Possible Proxy Battle.