Global News: The political and global scene has been quiet lately. No major developments other than the same stories we have heard. The situation in Iraq seems to have stabilised this week, with government forces taking back key towns in the battle against fighters. This is still a market mover and should be watched closely. Tension in Ukraine continue causing some unrest in that region. No major news from the Syrian war. Nor is there any reports on major hostility from North Korea lately. One interesting story to keep an eye on, is the spying allegation against the US. Germany was already very upset about the leaks showing the NSA was spying on Angie. This week a US spy was caught within german's secret service. This is sure to worsen diplomatic ties between the two countries. Its interesting to watch how the markets react to any sanctions or business loss due to this.
Economic News: Unemployment data released last week show another strong month, now marks the 4th consecutive month of 200K+ job gains, with unemployment now at 6.1%. This is of course very positive news. Though even worst than expected news would be good news because the Federal reserves would continue pumping money into the market.
Economic Calendar: Light Economic Calendar for the week, with the usual Jobless claims report to watch for. Also important to watch for any comments during the FOMC minutes.
Earnings Calendar: A quick look at the Earnings Calendar for the week shows Wells Fargo $WFC reporting.
Markets: Markets continue their breakout, with major indices staying close to all time high. This indicates a strong bullish sentiment, so unless we get major negative news, we should continue higher.
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| $SPY Daily Chart |