It may be possible that this week there will be a focus on something other than Europe. Possible, but not probable. While economic reports have been generally surprising to the upside, news out of Europe continue to lead the tape.
Assume that all is under control and there won’t be a disorderly default, all good. If there are delays and worries, bad. So now that the default is partially out of the way and the credit default swaps have been triggered, there is room to focus on other items – like the FED decision this week. (Of course Portugal is next in the lineup for default)
Here is the list of the reports scheduled for release.