Jay Woods, chief market strategist at Freedom Capital Markets, said traders' heads on the floor are moving fast as the week begins with a ton of headline risk coming out of Washington. But soon this market will get back to the basics this week, he said. "We got earnings...we got data," said Woods. Here's what he's watching: The Consumer Price Index is out on Tuesday with economists polled by Dow Jones expecting a 2.7% year-over-year increase for December. "Let's see if we can keep that under the 3% and then work our way back to that goal of 2%," said Woods. Bank earnings: JPMorgan kicks it off Tuesday. "Technically it's broken out ahead of earnings," said the trader. "Any pullback... watch $315 as a key level," said Woods. Transport earnings: J.B. Hunt and Delta report this week. The trader said if J.B. Hunt continues it's run higher after earnings, be careful around major past resistance at the $215-$220 level. Regional bank earnings will end the week. Woods sees Regions Financial as one to trade. Finally, the trader is eyeing if the Dow Jones Industrial average can break above 50,000. "We have those hats ready.. the champagne's on ice" down at the NYSE, said Woods. (See the video above for the full analysis from Woods.)
