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The few people left on Wall Street in the coming week will likely debate whether the stock market is on a course to new highs, or just in the final stages of a head fake rally that will end in pain when September rolls around.
During the summer doldrums, stocks have continued to move steadily higher, befuddling traders and analysts, who still see Europe lurking in the background as they worry about the U.S. economy, the election and the “fiscal cliff.” (Read more: Still Fiddling While the 'Fiscal Cliff Gets Closer: Bartiromo )
“It’s like a late December move,” said James Paulsen, chief investment strategist at Wells Capital Management. “Do you really put much credence in it? If everyone comes back in the first few weeks of September and this thing continues, then more people get on board. I think a lot of people think when the players get back, this thing is going to reverse.”
In the coming week, there are a few important reports including housing data and durable goods. There are also a few big earnings, including Hewlett-Packard and Dell .
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