Last week we got better than expected employment numbers, but please keep in mind there still remains a lot to be accomplished.

Also positive were the improving average hourly earnings that went up by 0.3 percent (2.3 percent y/y), which was the fastest increase in 5 years, but that remains well below +3 percent y/y gains we saw before the financial crisis.

It could become interesting what the Fed comments.

On the other side of the world, IMF Deputy Managing Director Mitsuhiro Furusawa said in a speech that was mainly aimed at emerging markets: “… there is considerable scope for negative spillovers from (the Fed’s) monetary policy normalization … asynchronous monetary policies have spurred rapid dollar appreciation and sharply increased volatility in foreign exchange markets.”

Furusawa said that Fed can reduce the risk of disorderly capital outflows by continuing to communicate its policy intentions and added that countries can cope with market volatility through foreign exchange intervention or capital flow management measures … Many asset managers offer funds that allow investor redemptions on a daily basis, while taking positions in assets that may become illiquid in periods of stress. We believe that this trend increases the risk of herd behavior if investors scramble for the exit … emerging economies need to ensure that their financial systems are resilient to asset price volatility and a sudden decline in market liquidity. ”

In simple words, investors who have emerging markets on their wish list — or in their portfolio — should probably not err preparing for a bump in the road.

In context of rising uncertainties, once again, and because it’s for all investors of huge importance (beyond most people’s imagination) it could be helpful to have at least some understanding about what’s going on (or not) with Greece here are some quotes of Greek Prime Minister Alexis Tsipras of what he said at the Greek Parliament on Friday: “… Let’s not be fooled: The crucial element in the negotiation is not just the reforms required by our partners to conclude the program. The critical factor is to break the vicious cycle of this crisis. And this can only be achieved by changing the “recipe” — by terminating tough austerity that produces recession, and combined with an effective solution for the sustainability of the debt. Because truth be told, this is the only way that the Greek economy will once again become safe for investors and markets. In order for the Greek government’s entire reform effort to succeed, an effective solution to the problem of the debt is required. An effective solution — and not just a reference to a promise in a decision by the Eurogroup which never materialized, as was made in 2012…”

Now, the problem with the Greek politicians is they continue to speak only part of the truth, which includes the "textual" part of it.

For the example, the 2012 Eurogroup decision reads: “… As was stated by the Eurogroup on 21 February 2012, we are committed to providing adequate support to Greece during the life of the program and beyond until it has regained market access, provided that Greece fully complies with the requirements and objectives of the adjustment program …”

To me it’s clear as long as Greece’s leadership doesn’t change at least its talks, I can’t see any serious and durable solution in the offing and therefore as an investor I think you should better be prepared for the worst.

Of course there is always the European Commission leadership that could provide us with the unexpected. On Sunday, the President of the European Commission Jean-Claude Juncker said: “… a Greek exit from the single currency area was not an option but cautioned that that did not mean he could ‘pull a rabbit out of a hat’ to prevent it.

Whatever is said, Greece’s implied default rate jumped today back above 90 percent while just released data of the Bank of Greece show that bank deposits fell by 4.89 billion euros ($ 149 billion) in April to 133.65 billion euros, dropping for the 7th consecutive month.

Never forget: “Just because things are going well now, doesn’t mean they can’t suddenly go horribly wrong.”