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For investors, the theme of the week should have been “mixed bag.” In terms of returns, we’ve once again returned to the up one day, down the next pattern that has been a constant refrain all year. This week, it had the markets hitting new record highs, only to see them vanish the next trading session.

Mixed bag could also be used to describe the economic data that was released this week, which could only be described as “meh.” Measures of inflation, manufacturing and housing, all came in at just ok levels. Even the Fed was mixed. The central bank released its latest FOMC meeting notes this week and, like the rest, it showed that the bank was mixed on its decision to raise rates next meeting.

Keeping up with the trend of the week, earnings also followed the pattern. While earnings season is winding down, we are still seeing some important bellwethers report. And guess what? Earnings, and guidance from them, have either been absolutely stellar or pure heartbreak.

All in all, it’ll take more than “meh” to keep equities moving higher for the rest of the year.

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