After last week's Hurricane Sandy-shortened trading, Wall Street hopes for a full week as New York area residents get back on their feet and start rebuilding. More earnings are out this week, but the elephant — or donkey — in the room is tomorrow's election. Markets crave certainty and nothing has been more uncertain for the past few weeks than the presidential race outcome.
Many believe Wall Street has priced in a victory by President Obama while the "Greed is Good" guys are ready to rally if Mitt Romney's tax and fiscal policies prevail. Either way, traders will sleep easier once the election is settled — at least for a night.
Watch for a lightning-fast pivot to worries about the "fiscal cliff," the pesky combination of tax increases and federal budget cuts set to kick in Jan. 1.
Today, Toyota and Time Warner Cable report earnings. Tomorrow, CVS Caremark, Nissan and Dish Networks will report as we all watch the swing states and wonder whether the Boston Convention and Exhibition Center — Romney's Election Night base — will be hosting a victory party or not.
On Wednesday, Macy's, Prudential Financial and Whole Foods will announce earnings — and hopefully the presidential election will be decided.
On Thursday, Disney, Nordstrom, Kayak, Kohl's and Zipcar report earnings. We'll also get the weekly jobless claims report.
Covidien and JC Penney announce earnings to round out the week Friday and we'll get a read on consumer sentiment heading into the holidays.
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