RPT-Wall St Wk Ahead: Stocks eye retailers as jobless ranks grow

* U.S. retail earnings take center stage

* Wal-Mart eyed for insight on consumer

* On tap: September trade gap, November consumer sentiment

* U.S. Treasury refinances record debt (Repeating column that initially moved late Friday)

By Edward Krudy

NEW YORK, Nov 8 (Reuters) - As unemployment in the United States edges above 10 percent, anxious investors will look to earnings reports from major retailers for signs of life in the beaten-up consumer.

Comments from Wal-Mart Stores Inc (WMT.N), the world's largest retailer, as well as from a host of smaller stores, will be of vital importance to investors trying to judge the recovery's pace.

"The best way of gaining an insight into the consumer is from hearing from the companies that sell to them," said Peter Boockvar, an equity strategist at Miller Tabak & Co in New York.

Stocks are up 50 percent since the lows in March, but the market has languished recently as investors try to determine the strength of the economic recovery.

"Fundamentals and valuation pretty much fully reflect reality so now we have to rely on liquidity, momentum and psychology to help guide the direction," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.

Unsurprisingly, discount retailers are expected to do better. Wal-Mart and Kohls Corp (KSS.N) are both expected to post slightly better third-quarter earnings than a year ago.

Wal-Mart should see earnings of 81 cents per share, compared with 77 cents a year earlier, when it reports results on Thursday, according to analysts polled by Thomson Reuters.

Kohls also will give its quarterly scorecard on Thursday.

Higher-end department stores probably will not fare as well as their discount cousins. Macy's Inc (M.N) is expected to see third-quarter losses widen on Wednesday and JC Penney's (JCP.N) profit is likely to be down sharply when it reports results on Friday.

What these companies, and especially Wal-Mart, say about the future will potentially overshadow profit figures. Top-line revenue performance will be key in judging to what extent business is creeping back.

October retail chain sales showed half of retailers fell short of Wall Street's expectations -- another blow for hopes of a widespread recovery for the holiday season.