As we begin another the first full trading week of November traders are likely to maintain their focus on U.S. economic data reports.

Traders will be combing through the data for any hint or golden nugget that will provide insight to the Federal Reserve’s next move when it comes to tapering.

With Federal Reserve opting to maintain its $85 billion per month buying program the past two meetings but with hints that the Fed may taper sooner than analysts were predicting this week’s economic data will be watched very closely.

The global question from developed to emerging markets is the U.S. economy – the largest economy in the world ready to finally stand on its own two feet or will continue to need a crutch?

Across the pond traders will be keeping an eye on the European Central Bank (ECB) this Thursday on whether the ECB will finally need to act and implement policy changes to fight off deflation. Analyst’s expectations are however, for the ECB not to make any moves Thursday but caution traders to watch the forward guidance for next month’s meeting.

Looking at the U.S. futures we find the upward trend continuing in November with a positive start to the month as we head into the final stretch for the year.

As mentioned above traders will be watching economic reports closely as we begin to get “catch up” reports from the government delayed by the 16 days the government was shutdown.

One of key delayed reports will be this Friday’s, October non-Farm Payroll report.

For complete listing of the week’s economic reports and scheduled speeches click on the link to be taken to the calendar.

Key Earnings to watch today are: