The European debt crisis will be a major focus of Merkozy meeting on Monday. Potential credit downgrades in the euro zone may press euro downward, the results of bond auctions in Italy and Spain are also ahead.

In the week ahead, US data are in focus, including important retail sales data, weekly jobless claims and consumer sentiment; but, most importantly, it is an Earnings Season.

Adding more than a half dozen Fed speeches we prescribed to hear on whether the Fed could consider more easing. The Fed meets in the following week and has already disclosed plans for a new communications strategy but is not expected to announce more quantitative easing.

“This is the first time in this recovery, we’re going to see earnings growth falling to single digits,” said Gina Martin Adams, institutional equity strategist for Wells Fargo Securities.

The case is mounting against Greece. “The numbers are not good” for Greece, Blanchard said on CNBC television. “There’ll have to be substantial haircuts.”

Read more at: http://www.cnbc.com/id/45906723.