We can expect a normal flow of economic data this week featuring key reports on housing, the FOMC minutes, and the monthly inflation reports. The backdrop for this news includes four additional factors.

AstraZeneca and Pharmacyclics will collaborate on a non-exclusive basis and multiple studies may be considered and conducted. The studies will be led by AstraZeneca.

Now that’s what I’m talking about. I have been discussing the overbought technical conditions of the S&P 500 for some time and the need for a pullback to test bullish support levels.

Pharmacyclics, Inc. (NASDAQ: PCYC)’s shares soared more than 12 percent, trading up at $122.12 (2:07 PM EDT) after the company announced yesterday of its FDA approved IMBRUVICA (ibrutinib) for the treatment of chronic lymphocytic leukemia (CLL).

The Biotech Bubble Burst of 2014 will forever be remembered by the sector's investors and traders for the pin that did the pricking in late March: a letter from US Representative Henry Waxman of California to Gilead Sciences (GILD - Trend Report) about the pricing of their hepatitis C drug Sovaldi.

Over the weekend we reported that even Goldman has now highlighted what has been clear to most, but certainly not the Fed, for quite some time: stocks are in such an epic bubble, with many of the key valuation metrics notably EV/sales, off the charts and at all time highs, that even Goldman's own clients are asking "When does the party end?"