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Stocks ride the tailwinds of central bank promises into the week ahead, and could continue to drift higher in the absence of any nasty surprises from Europe.
There are a few economic reports, and a steady stream of earnings news, including retailers Macy’s and JC Penney. But after major meetings this past week where both the Federal Reserve and European Central Bank held out the idea of more quantitative easing , the markets could coast in anticipation of central bank action in the fall.
“It’s a very thin calendar,” said Art Cashin, director of floor operations at UBS. “This was all about Europe. They’ve got to keep their act together for the next couple of days … Technically, the market looks like it’s trying to break out to the upside.”
While Fed Chairman Ben Bernanke appears twice in speaking engagements in the coming week, his next major speech is not expected until he attends the Fed’s Jackson Hole symposium at the end of the month. It was at that event two years ago that he discussed quantitative easing, and traders are hoping for a repeat performance, anticipating that QE3, or that a third asset purchases could be announced when the Fed meets in September.
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