The Week Ahead

I think we're probably in for a quiet day of two, regardless of market direction, traders, investors and portfolio managers will have to digest the enormous trading volume experienced on both Thursday and Friday, especially Friday. This will be an incredibly thin week for earnings releases. The headline-level names reporting this week will be Micron Technology (MU) on Wednesday afternoon, and Costco (COST) on Thursday afternoon. Other than that, a couple of well-known names like AutoZone (AZO), Cintas (CTAS) and Carmax (KMX) report, but the pickings will be slim.

On the macro side, the headline events will be August Durable Goods Orders on Thursday Morning followed by August PCE inflation on Friday. Along with that, we'll see August Personal Income and Outlays as well as a revision to the University of Michigan's survey for Consumer Sentiment that comes with inflation expectations built in.

What will be most important this week, will still be the Fed, or what exactly they try to drive home this week, as Powell fumbled the opportunity to adequately explain the Fed's actions last week. Thursday is the day that the Fed will be out in force, with Powell himself and Treasury Secretary Janet Yellen (no longer a Fedster) taking leading roles.