Wall Street will react to two things this week.
First there will be the remaining corporate quarterly reports. Roughly two thirds of all reports are already in. This is what has propelled the DOW and S&P rally. Several corporate food companies will be reporting this week.
The second thing will be data on unemployment in July. Yes, the numbers are being tallied and as usual we suspect the final figure will grossly under-report the facts.
If both things are reasonable or better than expected then watch the S&P break 1,000 and possibly remain there for the week.
Reuters: Nikkei off to soft start as earnings reports eyed
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