Another wild and wooly week...

Talk about a roller coaster! Stocks swoon, then soar. Interest rates drop on bad news at first ... then surge on bad news later. It's enough to make a man pine for the weekend -- good thing it's only a few hours away!

So what about the markets I follow? It looks to me like we've shifted into "bear" mode for many financial stocks (though we could rally a bit more near term). And unless we get devastating economic news between now and the end of the month, the Fed is going another 25 basis points higher with the fed funds rate. Longer-term Treasury yields should get dragged higher as well. After all, it's extremely rare to have a 5.25% FF rate and a 5.14% 30-year bond yield.

One last thing: Next week is light on economic data. So we may actually enjoy some tranquility for a change! We'll see ...