The Week Ahead...

Housing is the week's theme led off Monday by the home builders' housing market index which, at a 10-year high, is expected to extend gains. But less is expected for housing starts & permits on Tuesday and existing homes on Thursday where very strong gains in June are expected to take the edge off July's comparisons. Consumer prices on Wednesday aren't expected to show increasing pressure which, combined with ongoing declines in commodity prices, would point to less pressure on the doves to give into the hawks at the FOMC. Minutes from last month's FOMC will be posted Wednesday afternoon. Of special note will be Thursday's initial jobless claims data where the sample week matches the sample week for the August employment report.