The holiday-shortened first week of July provided a solid reversal, however, and traders will be undoubtedly be keenly watching each earnings report for signs of where markets go from here. Any early mixed results are almost certain to keep volatility high unless a series of strong cross-sector beats emerges.
Volatility: Moderate (VIX 23-37)
Direction: Highly Negative
The Style-Box was calculated using the following PowerShares™ ETFs: Small-Growth (PWT), Small-Value (PWY), Mid-Growth (PWJ), Mid-Value (PWP), Large-Growth (PWB), and Large-Value (PWV). The Sector-Ribbon was calculated using the following Select Sector SPDR™ ETFs: Materials (XLB), Industrials (XLI), Energy (XLE), Staples (XLP), Discretionary (XLY), Financials (XLF), Technology (XLK), and Healthcare (XLV). The Standard & Poors 500, Dow Jones Industrial Average and NASDAQ 100 may be traded through ETF proxies, including the SPY or IVV, DIA and QQQQ, respectively.