There were no major economic data releases last week but a number of minor ones. News was generally positive, despite some weak spots.

One way to think about what’s next is to consider what no one is really talking about. We have heard so much about recessions, global economic collapse, the oil market, and so forth that you could be forgiven for believing the world is coming to an end.

That’s not the case, of course. At least here in the U.S., things have been getting consistently better, at an accelerating rate. But is anyone taking that seriously? Given current conditions, it’s not unreasonable to consider that an economic boom could be on the way.

I wrote the other day about the next crisis and why it might well come from Europe. The news from the European Central Bank this morning reinforces my convictions. Although markets seem to be cheering the announcement of more stimulus, to me it looks like one more sign of increasing systemic stress.

Today’s economic news comes straight from the campaign trail, but it might not be the news you think. The big story is that opposition to free trade is now a major vote winner—and an issue that stands to affect the policies of both parties.

As the market creeps back up, investors may be inclined to doubt the recovery. After all, there must have been a reason for the pullback we just saw. Couldn’t stocks drop again for the very same reason?

Last week’s economic news was very good, with all major releases beating expectations.

Once again, it’s time for our monthly update on risk factors that have proven to be good indicators of economic trouble ahead. After flashing a yellow light for the last several months, the change in consumer confidence indicator has declined even further, moving closer to the worry zone. Some signs of weakness are also appearing in other areas, such as the yield curve indicator.

I am traveling today, speaking to investors, and during the discussion after my presentation, a question arose: where will the next financial/economic crisis be?

We’ve talked about many different risks but not about where the next systemic crisis might come from. It’s a question worth considering.

Today, I’m launching a new monthly feature on key market risk factors. I’ve written on this topic from time to time, but given recent market conditions and behavior, I think it’s useful to review these factors on a regular basis.

In my latest Market Thoughts video, I discuss the markets and economy in February, which was turning out to be a scary month before a late rally left the market flat. Why did the pullback happen, what caused the recovery, and what does the future hold?