Everyone can't stop talking about the rally that emerged since the market's lows back in January and February. But the fact remains true, the Nasdaq is still down about 5%, the Dow is up less than 1%, and the S&P 500 is as flat as a pancake, so far in 2016.

It seems the Fed is blowing smoke up our backsides by trying to talk our economy higher, although there is no denying that we are adding low-paying jobs by the truckloads. As Fed Chair Janet Yellen says, "look at our unemployment rate of 5%."

However, if we buy into that hogwash from the Fed regarding our "booming" economy, we either go with the Fed's nonsense, or believe in the Efficient Market Hypothesis (EMH). The hypothesis is that old time and tested theory that goes "the stock market is the best discounting mechanism." The market has been telling us the opposite of the Fed stance and has been for nearly two years now. Based on the EMH, the economy is not getting better any time soon.

Sorry to be a downer on the weekend, but I am calling it like I see it.

Meanwhile, none of our "genius" Fed heads have issued a comment on the first-quarter U.S. gross domestic product forecast by the Atlanta Federal Reserve, which calls for whopping, big, fat zero growth.

Over the years, I am on record, in fact on the pages of Real Money, that a laissez-faire form of government is always the best. I continue to believe that today, although I might be in the minority at the moment. This view comes as a result of increased interference from our government into every aspect of business, such as the FBI bullying the best of the best in techland, or the DOJ, FTC and, even now, the Treasury Department, going after anyone they want to. Things bode poorly for our markets as a whole. Even the presidential candidates have started taking pot shots at the best companies in America, in order to further their own political agendas.

On a more optimistic side, forget the crap that the S&P 500 has been spewing about first-quarter earnings coming in 10% lower. While it may be true earnings may decline, there are still many companies that will report good numbers and give good guidance going forward. Techland, especially, may have a strong quarter, given the dollar tailwind. I believe stocks in that sector will have share prices that go up as a result.

If one listened to what the S&P 500 had to say, we would be still holding onto Lehman Brothers and Bear Stearns paper and buying collateralized debt obligations (CDOs) and collateralized mortgage obligations (CMOs) like it was going out of style, no?

Next week, one of the biggest international economic data points will be released on Thursday, China's first-quarter gross domestic product growth. That will be preceded by the Export-Import Bank of China (Exim) data on Tuesday.

In addition, the usual slate of economic data here at home will be released, which will include the Producer Price Index (PPI) on Wednesday, Consumer Price Index (CPI) and the jobless claims on Thursday and the Empire Manufacturing, Industrial Production and Michigan sentiment numbers on Friday.

Next week, the first-quarter earnings season will officially kick off, starting with Alcoa (AA) on Monday, after the closing bell.

Finally, sadly, but absolutely true, is the fact that currently money markets are predicting the first rate hike by the Bank of England will happen in ... (ready?) ... January 2020. Talk about global economic doldrums, no?

With that, I wish each and every one of you a safe and joyful weekend with your loved ones.