Current Events: A very strong week across all major U.S. indexes has each within striking distance of new year-to-date highs. The lack in data from an earnings and economic standpoint this week may leave the market without enough fuel to break through obvious resistance that will be waiting at index highs. Moreover, with a big five day surge in oil prices last week, concerns over rising gas prices affecting consumers may soon weigh on investor's minds.

What to Look for This Week

With this clearly being the a very quiet week of the year thus far in regards to earnings announcements, investors will look elsewhere for signs of strength and stability in the U.S. and global economy. However, barring the housing data, few signals will come from economic reports as this week is a relatively light one for such scheduled data announcements. Thus, most investors will look abroad and play close attention for key updates on the euro-zone crisis.

News Affecting the Markets

A report released on Sunday by a German magazine outlines a radical new plan that the European Central Bank is considering. This controversial plan would cap borrowing costs for struggling euro-zone governments by buying unlimited amounts of bonds. Such a move would mark an aggressive and drastic turn by the central bank in an effort to bring down borrowing costs for Spain and Italy. Designed to prevent borrowing costs from climbing to unsustainable levels and ensuring that the spread between peripheral and core yields does not grow too wide, this plan would see the ECB step in to buy bonds when the spread between yields on distressed government bonds moved above a certain, unspecified level versus German government debt.

Smart Investing

Set Investment Goals:  The fact is setting goals is not just about achieving success, but experiencing an enriching journey while on the process of acquiring your goal. There is so much to be had when you have set your goals in life. One of which is achieving self-development. Setting goals is a sign of maturity in a person. Clear cut intent will help develop motivation and forces you to practice some of the important values in life like determination, perseverance and discipline. Setting a goal will also give you a clear road map on which direction and will enhance your self-esteem as you know what you want to achieve and how to get there. People who lack goals in life have no clear cut directions and are just relying on fate and luck to lead their life. Even though there is no guarantee that you will achieve every goal, what matters most is the growing process that you will experience even as making that journey that will enable you to take on similar or even better opportunities. Thus, whether dealing with investments, or life as a whole, it is essential to set clear and realistic goals for yourself in order to achieve success.

Earnings for the Week

Monday: No earnings announcements

Tuesday: No earnings announcements

Wednesday: No earnings announcements

Thursday: No earnings announcements

Friday: No earnings announcements
* Earnings dates and times are subject to change

 Economic Data this Week

Monday

No announcements scheduled.

Tuesday

FOMC Minutes @ 2:00 PM for 7/31

Wednesday
MBA Mortgage Index @ 7:00 AM for 08/18 (Est. = n/a, Prior = -4.5%)
Existing Home Sales @ 10:00 AM for July (Est. = 4.30M to 4.55M, Prior = 4.37M)
Crude Oil Inventories @ 10:30 AM for 08/18 (Est. = n/a, Prior = -3.699M)

Thursday
Initial Claims @ 8:30 AM for 08/18 (Est. = 365K, Prior = 366K)
Continuing Claims @ 8:30 AM for 08/11 (Est. = 3298K to 3300K, Prior = 3305K)
FHFA Housing Price Index @ 10:00 AM for June (Est. = n/a, Prior = 0.8%)
New Home Sales @ 10:00 AM for July (Est. = 368K to 375K, Prior = 35K0)

Friday

Durable Orders @ 8:30 AM for July (Est. = 2.5% to 3.5%, Prior = 1.3%)