Markets closed mixed on the first day post Greek elections.  Since the bailout party appears to be able to form a government markets are now looking to next shoe to drop as the Spain debt yield has moved to 7% during today’s bond action.

Investors will be watching for any clue or hint of QE3 as the Federal Reserve’s policy setting Open Market Committee (FOMC) begins a two day meeting today.  On Wednesday Fed chairman Ben Bernanke will hold a news conference summarizing the meeting.   More and more analysts are leaning towards some kind of easing from the FMOC to at least not disappoint markets.

Federal Express (FDX, [stock FDX] announced First Quarter earnings of $1.99 per share beating analysts’ expectations of $1.92.

Key Economic Data to Watch Today

08:30 am ET        May housing starts forecast are for a 0.4% increase with an annual rate of 720,000 units

10:00 am ET        Labor Department’s April JOLTS survey.  The JOLTS survey is a measure of job openings.