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| By Kenny Polcari |
Let's get right into it and take a quick look back at what happened last week.
We had a very interesting week. The market continued to march higher until Friday when we saw stocks back off a bit. There were a couple of reasons why this happened:
1. The market got a little bit ahead of itself based on what investors are assuming the Fed is going to do in five or six weeks when they have the next Federal Open Market Committee meeting.
2. Friday was a big $2 trillion-option expiry date, which caused all kinds of volume and commotion.
But beyond that, we have a very interesting week ahead.
A lot of macroeconomic data will be coming our way, namely the S&P Global Services PMI, which is a very interesting number.
It's supposed to come in at 50, up from last month's 47. This speaks directly to the services side of the U.S. economy, which makes up 70%–75% of the economy in the U.S.
Plus, we're going to be getting the Richmond Fed Manufacturing Index and — you guessed it — more housing data, including new home sales and pending home sales. Both are expected to be lower as the housing market saga continues.
With gross domestic product data also coming through, here's what we're expecting to see:
Click here to get my rundown and be sure to check your inboxes tomorrow for the next installment of my weekly video interview series, Wealth & Wisdom.
To your Wealth & Wisdom,
Kenny Polcari
Host
P.S. Tomorrow, Dr. Martin Weiss is offering a free tutorial for an all-weather strategy to help you consistently beat the market. Testing shows this simple strategy would've beaten the S&P 500 nearly 5-to-1 over the past 19 years! See how it works by signing up here.
