The summertime ennui finally might be here. Since early March, when the markets hit what can safely be described as a generational bottom , equities have embarked on a ferocious rally which has seen the major indices jump as much as 50%. But now there seems to be no reason to buy with conviction. The boost from better than expected corporate earnings is in the rearview mirror and while people believe the recession has or is about to end, nobody knows what the recovery will look like. It could resemble a V or W or even a square root .

Stocks broke their four-week winning streak this week as the Dow fell 0.5%, the Nasdaq 0.7% and the S&P 500 0.6%. The only major positive for stocks this week was the optimistic outlook of the Fed and their decision to go easy on buying treasuries. On the other hand, the main concern among traders has been the weak retail environment and lethargic consumer consumption. Today, those fears worsened when the University of Michigan consumer sentiment index came in at 63.2, much worse than expected . A weak earnings report from JC Penney further exacerbated the problem. The major indices traded in red for most of the day after these #s were released but pared back some of their losses as the session wore on. But will consumers ever hold their wallets wide open again ?

The pressure is rising on the American consumer:

The world needs Americans to spend

Are consumers responsible for the economy?

Boeing was again in the news for problems with the Dreamliner jet. Here is a catalog of all the problems the Dreamliner has had and their impact on Boeing's stock

Stuff making news

BB&T stepped in and picked up the mess created by the Colonial BancGroup. It's a trend, the big banks have been feasting on the weak .

Inflation continues to be muted , disappointing traders who look at it as a barometer of economic activity.

Tax evaders have to make a key decision now that UBS has reached a settlement with the IRS about disclosing identities of secret accounts -- sing to the govt now or pay heavily later .

FDIC chair Sheila Blair has been emboldened by how well her agency has handled the bank crisis and that is giving her the confidence to fight Tim Geithner on his proposed financial reform plan.

Interesting View Points

India's progress may be derailed by that big bad neighbor.

The almost obligatory commentary on Bernanke's job security .

Best and worst CEOs of all time

Some light reading for the weekend

Who lost and who made money when Michael Vick decided to sign with the Eagles.

Jet Blue is taking the all you can eat buffet concept to a new elevated level .

The PGA is going all out to get golf in the Olympics.