After a dismal June dominated by Brexit worries, July has offered a flourish of favorable economic and earnings announcements. Eric Wiegand, senior portfolio manager at the private client reserve at U.S. Bank (USB) , said investors should enjoy the good times, but be prepared for some market storms ahead. 'We are about 20 percentthrough earnings season at this point, but we've seen results be less bad,' said Wiegand. 'They are exceeding an easy hurdle and if that maintains we could certainly see the markets advance from here but it will be somewhat challenged. We really do think this is going to be a very choppy and volatile environment.' He said his current 2016 price target for the S&P 500, now trading around 2,170, is 2,100, within a range between 1,900 and 2,200.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.