The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- Emerging from last week's EU Summit, European leaders apparently managed to say just enough of the right things to sooth investor fears and give the market a bullish jolt. But after several months of extreme mood swings by the market, it will take a steady stream of good news to turn that jolt into a steady trend. Wall Street is currently on track for one of its best Octobers ever, with the major indices gaining enough over the course of the last two weeks to place both the Dow Jones Industrial Average (DJIA) and the S&P 500 Index (SPX) in the black for the year, at least for the moment.
But for the moment, at least, the EU fix seems to have mollified investors. But knowing a little bit about firepower and dropping a couple tons in my career, this shot sounds like a dud. Now, Wall Street will turn its attention to the U.S. economy. Announcements by the Fed on Wednesday, followed by unemployment reports on Friday, will reveal a lot in terms of our economic health. If the news is positive from these, as well as other government reports due out this week, then there is a good chance that the market will gain some traction and continue the upward trend into year's end.