No Rest for the Weary

The first week of the month is normally jam packed, and next week is no exception with a Fed meeting thrown into the soup for good measure!  With several Fed members hinting at QE3, this is the first time the market seems a bit confused on what is going to be announced in a long while.  We haven't heard anything explicit from Mr. Bernanke himself, but we did have that leak in the WSJ a week ago today, so it remains to see if it happens this meeting or next. 

Bernanke will also have his quarterly press announcement Wednesday 2:15 PM so that might be the opportunity to stress to markets QE is coming if they don't deliver at the meeting.

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Overnight Monday we will have the Purchasing Managers Indexes from China and Europe.

Tuesday: ISM Manufacturing

Wednesday: ADP Employment Report with the FOMC announcement in the afternoon

Thursday: ISM Non-Manufacturing

Friday: Employment data

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Unlike the past few months where expectations were very low, we've piled on some 200 S&P points in a month, so economic data needs to start coming in better for the momentum to continue. 

We can also begin the hand wringing over the super committee which has an initial deadline towards the end of November to come up with a plan to find over $1T in cuts.