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The Mortgage Bankers’ purchase index was released at 7:00 AM EDT, and there was a week to week decrease of 27.1% last week, since the second financial stimulus program for home sales came to a close at the end of April.  That decrease sent the index to its lowest level since 1997, and is a sign of impending weakness in the housing market.

At 8:30 AM EDT, the Consumer Price Index report for April will be released.  The consensus is that CPI will be flat for last month, with a 0.1% increase in CPI when food and energy are removed.

At 10:30 AM EDT, the weekly Energy Information Administration Petroleum Status Report will be released, giving investors an update after a negative week for oil prices.

At 2:00 PM EDT, the Federal Open Market Committee will release its minutes for the meeting held on April 28, 2010.  This report contains quarterly economic forecasts from the Federal Reserve and policy changes that were discussed.

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