The Non Farm Payrolls Report was insanely strong, yet yields (interest rates) did not budge. Good economic news usually spikes yields because it means the Federal Reserve is more likely to raise interest rates. This was a perplexing disconnect. However, it appears as if it was a delayed reaction. Today yields are spiking. The 10 year yield is up 4.29% to 1.424%. The important factor for today is the strong reversal. This likely means a near term bottom is in rates. Thirteen Federal Reserve Presidents are speaking later this week. Based on today's price action in yields, it appears the market is starting to expect hawkish commentary.

SAP and APWorks Aim to Transform the Manufacturing Supply Chain with 3D Printing

London, UK — July 12, 2016— SAP SE (NYSE: SAP) announced the signing of a co-innovation agreement with APWorks, a subsidiary of Airbus Defence and Space GmbH, which aims to accelerate the adoption and standardization of industrial 3D printing initiatives for the aerospace and defense industry. This announcement was made at the Farnborough International Airshow being held July 11–17 in Hampshire, England.

APWorks plans to use the 3D printing services recently announced by SAP to operate a bionics network that connects 3D printing experts and end users. These services will allow APWorks to manufacture 3D printed components such as armrests and brackets, improve fuel efficiency and reduce CO₂ emissions. APWorks can also better manage spare part orders in real time to deliver qualified products for safety-critical applications in aerospace and other industries.

The PowerShares QQQ Trust, Series 1 (NASDAQ:QQQ) is kissing a key double top. A double top is known as a resistance level in the technical analysis world. While many think it is a likely pull back level, I have it penciled in that the NASDAQ 100 should go ever-so-slightly higher. Just above double top there is a gap fill level. This is another major resistance point in technical analysis. In a extremely bull driven market, when a chart shows two resistance levels near each other, always choose the higher one to short. In this case, it is the gap fill at $111.85. The QQQ is currently trading at $111.18 +0.88, (+0.80%). In reality, a pullback point is near but patience may give a much better entry point. Note the chart below.

The week ahead promises to be volatile. With the stock market near all-time highs, the markets have shrugged off worries about Federal Reserve rate hikes, economic signals of weakness and Brexit. So what happens now? Is the all clear given for new all-time highs?

This week we will begin earnings season. The first big name company to report will be Monday after the market closes. Alcoa Inc (NYSE:AA) will report earnings, and economists will be looking for signals of growth or lack their of, in the aluminum industry. This could tell investors if a global slowdown is getting worse or easing. The consensus estimates are for $0.09 per share on $5.20 billion in revenue.

The rest of the week will mainly be devoted to financial stocks. Banks such as JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc (NYSE:C) and Wells Fargo & Co (NYSE:WFC) will report. Investors will be looking closely at these reports to decipher how much of an impact low rates are having on their earning potential.