1.Geopolitical and Fiscal Events Congress is on recess for the next week and markets should continue to like this vacation from the political nonsense. President Obama visits Estonia on Wednesday. Thursday sees Federal Reserve Cleveland President Mester speak in Pittsburgh and Federal Reserve Dallas President Fisher speaks in Dallas. Also, Federal Reserve Minneapolis President Kocherlakota speaks on Thursday. Friday sees Federal Reserve Boston President Rosengren as well as Federal Reserve Philadelphia President Plosser.
2.Economic Releases. Releases of note this week other than the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims include construction spending, ISM Manufacturing, factory orders, Q2 Productivity and jobs data including ADP Payroll and Challenger, Gray & Christmas.
3.Earnings Releases. Notable releases include (in order of day’s reporting with Monday first and Friday last) GWRE CONN PVH HRB COO JOY PAY PNY among others companies as we continue Q1 earnings.