With the Bernanke news a non-event, traders will be watching the Case-Shiller Housing Report and the Conference Board’s Consumer Confidence figure for direction. The Case-Shiller Report is expected to show a decline of 16.4%. This number would be the smallest drop in almost a year. Despite recent negative economic reports, traders have been buying equities when negative news ends up better than expected. Traders somehow feel contractions less than forecast are bullish signs. Investors will also be watching the Conference Board’s Consumer Confidence figure. This report is expected to show that consumer confidence rose for the first time in 3 months.