Rosenberg said the bond market is likely to keep its focus on the Fed. Yields rose Thursday after the European Central Bank announced a major new stimulus program, but they slipped back Friday after the jobs report came in well below the 225,000 expected.
"Retail sales is probably the most meaningful print, but there was a lot of movement in front of the payrolls. Now I think, you're in between payrolls and the meeting, and there will be a lot of debate about whether or not this is the meeting at which the language will change," he said.
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The inconclusive jobs report may keep the Fed from moving on changing the language, he said. Economists widely expect the Fed to wind down quantitative easing in the fall, and then move toward a first rate hike in the middle of next year or later if U.S. data continues to show improvement. Bond traders have been gaming when the Fed will signal the rate hike.
"My own view, and this is admittedly influenced by (the jobs) number, is there's no rush to make a change," he said. "You can leave the language unchanged, and then use the press conference to reflect your shifting view."
Fed Chair Janet Yellen holds a quarterly press briefing after the September meeting.
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Rosenberg said the markets will also focus on the large amount of new issuance expected in the credit market in the coming week. Certainly, the stock market will also focus on issuance with Chinese e-commerce company Alibaba, an anticipated high-flier, embarking on a road show ahead of its Sept. 18 IPO. Alibaba would be the biggest IPO ever, if it raises the more than $19 billion expected, surpassing Visa's $17.9 billion IPO.
After the European Central Bank announced rate cuts and an asset purchase program this past week, European data will also be a focus and traders have their eye on German trade data Monday and comments from ECB President Mario Drahgi at the Eurofi Financial Forum in Milan Thursday. Eurozone industrial production is reported Friday. The Eurogroup meets in Milan Friday to discuss banking union and Greece.
The market standout in the past week was the dollar index, which completed an eighth week of gains—the longest streak since 1997 and also the best since the creation of the euro in 1999. The euro, a heavy influence in the dollar index, lost 1.4 percent for the week and broke below the key 1.30 level for the first time since July 2013.
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"That would be a trend to watch," said Art Hogan, chief market strategist at Wunderlich Securities. "You had a pretty aggressive dollar/euro movement that would be a trade to keep an eye on."
For that reason, Hogan said the stocks of commodities-related companies and multinationals exposed to Europe could continue to feel the heat in the coming week on dollar strength. Commodities, like oil, gold and wheat were all lower on the week, as the dollar gained. West Texas Intermediate crude was off $1.16, finishing Friday at $93.29 with a one-week loss of more than 2.5 percent.
"Counterbalance to that, this pull back in energy prices is already a positive to the consumer," he said. "That already has manifested itself in back-to-school sales. The checks we've had from retail have been pretty good…we're going to find out at the end of next week if back-to-school was successful."
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Stocks in the past week were higher, but the Russell 2,000 lagged, with a 0.4 percent loss. The Dow edged within a point of its all-time high, ending the week up 0.4 percent at 17,137. The S&P 500 regained 2000 on Friday, to end the week at 2,007, a weekly gain of 0.5 percent and a new closing high.
"It feels like barring a major change in the Russian, Ukraine situation, we can have an up week," said Hogan.