NEW YORK (TheStreet) -- Greece, China, a speech by the Federal Reserve chief and key economic data are among the things you should be watching Friday.
TheStreet's Jim Cramer, co-portfolio manager of the Action Alerts PLUS charitable trust portfolio, will be awaiting any new developments abroad. In Greece, a resolution may come about this weekend, which Cramer said would drive the U.S. stock market higher. Greece missed a payment to the International Monetary Fund on June 30.
The Greek government is seeking a parliamentary vote on Friday for immediate reform commitments to the eurozone creditors. The country hopes to win a new loan and avoid a bankruptcy, as well as a possible exit from the eurozone. Greek banks have been shut down since June 29, after previous bailout talks collapsed.
Cramer is also watching the Chinese markets after the benchmark Shanghai Composite index fell sharply earlier in the week amid volatile trading. The Chinese government has been trying to control the market, ordering company executives to not to sell their shares.
Don't trust China's market and don't be invested in companies doing a lot of business in that country, Cramer warned. He said the moment China started trading up Wednesday night, the S&P futures also traded up, and that's not good.
On the economic calendar, Federal Reserve Chairwoman Janet Yellen is scheduled to discuss the U.S. economic outlook at the City Club of Cleveland. Also, Boston Federal Reserve President Eric Rosengren is set to speak at the Rocky Mountain Economic Summit in Idaho. Finally, wholesale trade numbers for the month of May will be released. The figure measures the dollar value of sales made as well as inventories held by merchant wholesalers.