Greece's debt crisis may finally come to a head in the coming week, testing markets that have been relatively complacent about the potential for collateral damage.
"There are two things. One is what's going to happen in Greece, which nobody knows for sure, and the second thing is are we going to go back to a period where good news is bad news, where people think strong growth is going to lead to a stronger reaction from the Fed and higher interest rates," said Ed Keon, portfolio manager at Quantitative Management Associates.
There are several important U.S. economic reports including Monday's existing home sales; Tuesday's durable goods; Wednesday's final look at first-quarter GDP; and Thursday's personal income and spending. Keon said the reports that will be the most important are the ones that would show whether wages are picking up, since the Fed has been waiting to see an improvement in inflation and that could influence the timing on rate hikes.