The really good news is that the number of economic reports that will be making their way to the headlines is light this week. The markets have been very driven by any news and a breather is in order. While the focus will still be on anything that comes out of the mouths of the fellas and gals over the pond, perhaps the markets will be less apt to react with these lesser reports of lesser importance.

New home sales will be watched closely as the NAHB report shows a good deal of confidence among builders. Other than that, the durable goods orders and the initial claims will be the real market moving reports to watch.

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