The market sits in the middle of its three month trading range.  Last week the trading volume was light as the market pulled slightly back after the three week rally.  This is normal market behavior especially during the summer months.  Earnings reports last week continue to come in strong.  This market correction will eventually sort itself out but until it does we remain range bound on light volume.  Under the surface, I continue to observe healthy action in stocks and emerging market sectors.  For instance, the Malaysian, Thailand, and Indonesian ETFs hit new highs last week.   A sign of strength. As long as earning reports continue to come in better than expected I suspect by year end the upper range of the consolidation will be exceeded.  Let’s see what August brings.