Economics and earnings reports will be coming in hot and heavy again. Europe will be the focus and we are probably going to be subject to a few wild swings over the near future as the 50-DMA will be contested. This is the line-in-the-sand that we often discuss as a place that volatility picks up.

As for U.S. economics, there are several important happenings this week. For one, Tuesday will bring more FED talk and the monthly decision on rates. Markets are still yearning for more stimulus to add liquidity to boost equity prices. At this point of the cycle, it is hard to see how that will be coming in the near future.

The Case-Schiller report will be watched closely as many are calling for the bottom of the housing price depression and GDP updates will be released at the end of the week.

In general, EuroZone economics continue to slide. German confidence gave a temporary boost to markets on Friday, but overall the region is very sick.

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