A slew of economic data will be released this week - Existing Home Sales on Monday, Consumer Confidence on Tuesday, Fed meeting on Wednesday, Durable Goods Orders / Jobless Claims on Thursday, and GDP / Consumer Sentiment on Friday.
Whereas last week the earnings reports moved the markets, this week the economic data will assuredly be the driving force. Now is definitely a time to be on your toes and be ready to shift the composition of your portfolio. Last week I took a little off the table as the markets sold off, jobless claims spiked, the VIX jumped, and uncertainty increased around the financials. However, as I wrote in my recent post , the key to accurately gauging the health of the economy and the stock market is to following the economic reports and earnings data.
The uptrend lines on many charts were broken last week and bearish long-term MACD crossovers abound on many charts - from the FOREX market to the DJIA. The U.S. dollar looks poised to strengthen in the coming weeks, though it is due for a pullback after last week's surge.
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