Twiddling Thumbs Awaiting Debt Ceiling Resolution

The S&P 500 put on a few % last week during the 'rumor' of a debt ceiling resolution and did not give much of it back when no such resolution came to be.  So much like Greece.... we can rally on every development or rumor of said development multiple times.   Things were not looking so well a week ago Monday with the chart of the index, but at this time headlines are dominating technicals, and by Tuesday everything was reversed back upward.

There were rumors Saturday that a "framework" HAD to be agreed to by 4 PM EST Sunday or all the world would end, as Asian markets would revolt!  Well no Mayan 2012 event yet.  Yawn.

We have another heavy week of earnings, but we begin to move into more of a mix of the big S&P 500 types with some mid cap names that are more interesting (but less influential on the major indexes). 

As for economic data - its another lighter week as we await the first week of the new month which is always the blockbuster.  Some home sales data tomorrow (new home sales, Case-Shiller), and the first run of Q2 GDP Friday (remember if its good you celebrate it and buy stocks, if it is bad you say it is backwards looking).  Some lesser reports like durable goods, Chicago PMI fill out the week.