Dubai's late-day announcement that it would be seeking to restructure $26 billion in debt lifted U.S. and European bank stocks (the theory is that there is a number on the restructuring).

Retail spending for Black Friday was up 0.5 percent, about as expected. Traffic was much better than last year, but the average person in that mall spent a bit less.

Despite the Dubai World distraction, the Street is very much focused on U.S.-based events.

For all the talk about a lack of transparency on the part of Dubai World, for all the talk about how they dumped it on the market over a long holiday, for all the talk about retail sales fractionally up on Black Friday being a disappointment (why?), the markets are...flat this morning.

Stock futures are up this morning on the continued weakness in the dollar and a flurry of economic data before the Thanksgiving Day holiday.

After pausing for the past couple of days, the risk trade resumes. The dollar is having its worst day in 2 weeks, pushing stock futures up nicely this morning. Commodities are rising on the weak dollar, with the metals complex (gold, silver, platinum and copper) rising to new highs.