After a brief bounce, investors pounce on any hint of positive news as a great chance to buy. While the European leaders are starting to fight about how to solve the latest regional problem in Spain, the U.S. market has been focused on some weakening manufacturing numbers. Unemployment and job growth remains sluggish, and some earnings disappointments may be in store for multinational firms in the second quarter earnings releases starting soon.
My outlook is for the S&P 500 to decline to below 1,100 at a minimum by the end of September. I remain in the UUP position and you may want to purchase some VIX funds to protect your portfolio.
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