THIS WEEK'S MARKET MOVERS

Monday: 
Economic: NAHB (prior 29). Wildcard Eurozone credit markets as long-awaited second election in Greece finds pro-austerity New Democracy looking to squeak by with a narrow majority much to the joy of our dear friends the Bovinus Optimist.

Earnings: IHS (IHS).

Tuesday: 
Economic: Housing Starts & Building Permits. 

Earnings: Economic bellwether FedEx (FDX) is one of two potentially influential reports this week with regards to the broader market. Shares of FDX have been in a four-month long tight counter-trend channel which has drifted lower against its in-motion weekly W5 which sports an estimated mid-TAPP of about $110 by the first half of October. Analysts expect the air and ground shipping giant to report profits of $1.92 per share compared to the prior year's $1.75 on sales of $11.13B.

Discover (DFS), FedEx (FDX).

After Hours: Adobe (ADBE), Jabil (JBL), La-Z-Boy (LZB).

Wednesday: 
Economic:  Weekly Crude, MBA Mortgage Index, FOMC Meeting!!

Earnings: Actuant (ATU), JinkoSolar (JKS).

After Hours: Bed Bath & Beyond (BBBY), CLARCOR (CLC), Micron (MU), Red Hat (RHT).

Thursday: 
Economic:  Weekly Claims, Continuing Claims, Existing Home Sales, Philly Fed, Leading Indicators, FHFA Housing Price Index.

Earnings: CarMax (KMX), ConAgra (CAG). 

After Hours: Oracle (ORCL) is the sole earnings report Thursday night and the second of two corporate confessionals which might rustle the undercarriages of either bulls or bears this week. Analysts expect profits of $0.78 per share compared to the year ago period's $0.75 on sales of $10.88B and revenue growth of 12.9%.

Technically, shares are carving out a symmetrical triangle of nearly 11 months on the weekly chart. For its part, our friend PS Elliott shows that same pattern signaling a Wave 4 EBOT and estimating markedly higher prices with a mid TAPP of $41 by mid-July. Our view is a downside resolution with an estimated short-term target of 23 – 24, has a much higher probability of occurring and you don't have to be an Oracle to appreciate that.

Friday: 
Economic: NA.

Earnings: NA.