Economic releases are light today

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Today's event calendar is light, with no important reports scheduled.

The only two data releases are Italian manufacturing and mining early in the morning and weekly U.S. mortgage applications at 7 a.m. ET. Neither is likely to affect trading and could instead prove more useful as indicators on the health of Europe and residential real estate respectively.

Tomorrow is more active, featuring European economic sentiment, initial jobless claims, and revised economic-growth numbers. Japan also announces industrial production Thursday night, which could affect sentiment given the Nikkei's stunning rally this year.

In addition, biotechnology companies could be active before the annual conference of the American Society of Clinical Oncologists starting Friday.

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