GET READY: It's Going To Be Another Monster Week

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Remember Summer break?It’s over, as the entire world faces what promises to be another jam-packed week of news.

In the US, the news should revolve around 3 things:

First, obviously is the debt ceiling fight. Expect progress to stall out, as The House focuses on passing a Balanced Budget Amendment (all for show, of course, since it has no chance of actually passing). Work an an actual deal will be going on behind the scenes, but if you’re nervous about “headline risk” then watch out for a lot of signals in the media that the two sides are further apart than ever.

Then there’s earnings. We’ve already got a decent smattering of earnings, but now it really begins, with tons every day. Apple is the big one on Tuesday that a lot of investors are watching. Johnson & Johnson — one of these big, super-cheap blue chips that everyone’s been talking about — is also on Tuesday.

Finally, it’s a decent week for data. Housing starts comes out Tuesday and existing homes comes out Wednesday. On Thursday, the Philly Fed survey will be picked over with a fine-tooth comb.

And then of course the newsflow in Europe should be pretty intense, with concerns ongoing about Italy, and the urgent need to get a new bailout deal for Greece.

One last thing: On Tuesday, Rupert Murdoch and his son testify in Parliament over the hacking scandal. It could be epic entertainment.

For more on what’s going on this morning, see here.

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