A crucial week for markets lies ahead, as the market battles the 200 day moving average in the SPX index for only the second time this year. But with quiet markets overnight (Asia and Europe both mixed, SPX futures +0.2%, dollar and commodities flat), and the bond market closed, there is little new to discuss this morning. The rest of the post is a quick rundown of important events this week, and then a worthwhile video in honor of Veterans Day (courtesy of the Global Macro Monitor blog)
Important events this week:
- Greece, Portugal, Spain and Italy’s various unions have organized a strike for Nov 14th
- White House will meet with labor unions and progressive leaders on Tuesday, business community leaders on Wednesday, and bipartisan congressional leaders on Friday to discuss the fiscal cliff
- Minutes of the FOMC meeting and Retail Sales data on Wednesday
- Wal-Mart closes out the main earnings season with earnings on Thursday morning
- 5 billion euro Greek bill payment is due on Nov 16th. Some compromise will almost surely be reached, but more headlines coming.
Video in honor of Veterans Day: