Traders will be reading between the president's lines to see what the administration's new approach means for business and the market. And given stocks's steady rise for the past eight weeks, profit-taking and choppy action should be no surprise.
Whether this rally can last or is merely the latest upswing in a months-long pattern of sideways trading depends on the economic news, particularly about unemployment. Consumer confidence, personal consumption and GDP are three other big items on this week's calendar.
Alcoa reports its second-quarter earnings after the market closes Monday. But of much greater importance than what the Dow component -- and the slew of companies to follow -- earned in the period is what it says about future growth prospects.
This week's rally was welcome -- the Dow, S&P 500 and Nasdaq all tacked on about 5% in the last four days. But there's not much to read into the action because so many traders are still on vacation from the July 4 holiday.