Market Insider

Here's what traders will be watching before they head to the beach

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One of Allianz Global Investors' top strategists argues a market melt-up is coming, but it may not last as long as you think.

With an early close for bond trading, markets are expected to be quiet Friday, with just consumer sentiment and another look at first-quarter GDP ahead of the long Memorial Day weekend.

Traders have also been hanging on the idea that Fed Chair Janet Yellen will discuss policy when she is at Harvard University on Friday afternoon to receive the Radcliffe Award, but Fed watchers doubt she will. Yellen will also be questioned by Harvard professor and economist Gregory Mankiw at 1:15 p.m. EDT. Yellen is slated to speak on the economy on June 6, and economists expect her to use that speech to send a message on policy instead.

Read MoreThis may be the tell-tale sign the Fed is about to hike rates

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