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) -- Was last week's market rally a Halloween trick or a treat for investors? European leaders announced a deal last week that produced a sigh of relief felt around the world as markets welcomed the news of a breakthrough in what had been the biggest threat to the global economy and markets since the 2008 financial crisis. In general, markets last week provided a treat to investors:
We expect these trends to continue into November. As November gets underway, this week there are several potentially positive drivers for the markets:
Important economic data is due to be released including the October readings on jobs (employment report from the Department of Labor), business sentiment (ISM), and consumer spending (vehicle sales and retail chain-store sales). This data should be solid - certainly relative to investor and consumer confidence readings, but it is getting harder to surprise to the upside after so many weeks. On Nov. 3, the European Central Bank (ECB) is set to meet. The next step in a successful plan to stabilize Europe is for the European Central Bank to cut rates soon to promote growth and lending and reverse the two rate hikes they made earlier this year. A rate cut by new ECB head Mario Draghi would be welcomed by markets. In addition, the Reserve Bank of Australia, Australia's central bank, may cut rates this week. Small components of President Obama's jobs bill with a higher likelihood of passing Congress may be proposed this week. However, there are some potential negatives on the calendar for November. The government is funded through a continuing resolution that runs out Nov. 18 and will result in a government shutdown if not extended. The Nov. 23 deadline is looming for the super-committee to vote on a plan with $1.5 trillion in deficit reduction. So there are still a few scares coming in November that may spook the markets and reintroduce some familiar volatility.