The Week Ahead...

This coming week's highlight is likely the Fed's FOMC decision. Taper is expected to end bond purchase programs but there may be some dissent based on recent FedSpeak. Traders will be focusing on the state of the economy and guidance on the timing of the first rate increase likely next year. Manufacturing has shown signs of softening so the durables report will be important for evaluation of forward momentum in this sector. In contrast, the consumer sector has been improving on average and the personal income report will add detail to this sector.