Another weekend is upon us but I must say that waking up Friday to the horrendous news overnight about the violence in Dallas and the general but definitely stepped-up violence we have been seeing all over the world is pretty sobering.
However, the business of business must go on and so must the business of our markets and that of the world over. Were it not for the shocking events so close to home, it would have been all in all a good week -- at least from a market perspective.
We began the week on Tuesday with the markets swooning in response to the tremendous but incessant "noise" coming from across the pond. However, from that point on the markets were higher every single day, with the exception of an intra-day swoon when oil got hammered.
The jobs data Friday seemed to set things straight regarding our economy not keeling over and at least treading water, albeit just staying afloat overall.
Next week will bring out Federal Reserve Presidents in droves. We will be treated to a full 12 different speeches from the pointy heads, starting with Loretta Mester on Monday, James Bullard, Neel Kashkari and Loretta Mester again on Tuesday, Robert Kaplan and Patrick Harker on Wednesday, James Bullard, Dennis Lockhart, Esther George, James Bullard and Robert Kaplan on Thursday, and finally James Bullard yet again on Friday.
On the earnings front we have Alcoa (AA) on Monday, Fastenal (FAST) on Tuesday, Yum Brands (YUM) on Wednesday, JPMorgan Chase (JPM) on Thursday and finally, Action Alerts PLUS holdings Citigroup (C) and Wells Fargo (WFC) reporting on Friday. Can you believe it's already earnings season again?
On the domestic economic data front, we have the usual plethora of this, that and the other but on the international economic data front, we have a biggie -- Chinese GDP, with the gurus, swamis and pundits expecting 6.6% GDP growth.
My article from last weekend asked the question, "Could we be in for break-out new highs?" Something for all of us to consider this weekend as well, no?
With that, I wish each and every one of you a safe and joyful weekend with your loved ones.