We are back to square one as it were, with Wall Street now needing to see more signs that the recession is continuing to recede. Therefor the data has to look not necessarily great, but just a little bit better.
The data will include information on new and existing home sales, the summation from a Fed meeting on rates and how rates will or will not change over the next year, and eventually second quarter results from all concerns.
So far, the course has been bumpy but most data has been showing slight improvement. Several of the financial articles from the past week have been uncharacteristically positive. We've been seeing the "return of optimism" versus "concerns about the economic climate."
The script is probably already known by some, the data is already pretty much etched in stone, so sit back and enjoy the show. All we can do is follow along and decide how we want to react to the news. We have become pros at getting through this recession
Reuters: Rally's fate hinges on Fed, home sales
Investors will assess data on new and existing home sales...
"They will probably have to send a clear, credible signal that rates are not going to be raised in 2009 or even in the first half of 2010..."
"What's going to drive the market is the third-quarter outlook when companies report second-quarter earnings..."
Other economic data next week includes a report on durable goods orders for May...
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