1) German elections: good and bad news for Chancellor Angela Merkel over the weekend.
First, the good news: Regional elections in Bavaria gave her regional sister party a landslide 49 percent of the vote. Now the bad: Her coalition partner in the national parliament, the Free Democrats, received only 3 percent of the vote.
You need 5 percent to get representation in the parliament in the national elections; failure to get to that level means Merkel's party may have to form coalitions with less desirable parties like the Social Democrats. There's even worse news: a new anti-euro party is polling well and could get 5 percent of the national vote on Sunday. That would be a big headache for Merkel.
2) earnings will quickly become a topic after this week. According to S&P Capital IQ, third quarter earnings growth is expected to be about 4 percent, while revenue growth will hit 4 percent. This is the same as Q2: With expectations low, companies are likely to get over the low bar. The economy is picking up, so there may be a modest taper. The fourth quarter is the big hurdle, with expectations of a 10 percent gain.
—By CNBC's Bob Pisani