Stocks had another strong week after a better than expected unemployment report. Despite consensus estimate of nearly 20%, May unemployment was recorded at an astonishing 13.3%, a decrease from April's numbers (14.7%). While this news will continue to squeeze market bears out of their position - we should expect some light selling next week as this market takes a breather. With the Nasdaq back to all-time-high's it would only make sense.
Next week is FED-time. While there is only a 9% chance of the FED raising rates at their meeting on Wednesday - what investors will really be listening for is for commentary from the FED on economic outlook & future decisions.
On the economic calendar & reporting this week: FED announcement (Wed. 2 PM ET), Weekly Jobless Claims (Thurs. 8:30 AM ET) & Consumer Sentiment (Fri. 10 AM ET).
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