One of the fun things about being a money manager is that I don't have to sneak behind the bosses back to watch the markets' amazing gyrations during the day. Signs of weakness in the economy sent bonds and stocks straight up Friday morning and they stayed there all day. Several of the biggest financials couldn't open at the bell because demand was so high. Credit the latest economic indicators. The biggest surprise came from a 0.2% rise in the unemployment rate, to 4.1%. Change in payrolls came in significantly below expectations, as did the increase in average hourly earnings at 0.1%. Other indicators are pointing to a slower economy as well.

The markets love it, of course. Hopes are high that the Fed won't raise rates in June. But one concern is Greenspan's belief that "the stock market" is overvalued. Will a return of the bull cause him to raise rates? He claims he hasn't been trying to jawbone the market with rate increases; we'll find out if that's true.

If you have a growth-oriented, tech-heavy portfolio, you gained back a noticeable chunk of your declines last week.