Another day of meandering, and I can't quite figure out if it's the weather (spring is really here now), or confusion about the domestic and global economy.

The Global Flash US PMI came in higher month to month and above the consensus.

• Headline 53.5 consensus 51.2
• Service 53.7 consensus 51.5
• Manufacturing 50.4 consensus 49.0 

More fodder for those that would like to see the Fed hike rates into the end of the year. Part of the pause is for next week when we get a bunch of big-time tech reports.  

Meanwhile, Consumer Discretionary is leading the charge followed by Consumer Staples.  The consumer keeps spending - but how much is on borrowed time at the higher interest rates?

The companies will report in nominal numbers, which is why we have exposure.  But the underpinnings of the economy will grow weaker as credit card debt zooms past one trillion dollars.

The thing is this stuff can play on forever.