In addition to the nation's macroeconomic challenges, we will get a taste of Spain's corporate conditions this week when top banking institutions announce their quarterly earnings and outlooks. Names on tap include Banco Santander ( STD), BBVA and Banco de Sabadell. All three names are found at the top of EWP's underlying index. Together, they comprise 30% of its portfolio.

Consumer Staples Select Sector SPDR ( XLP)

The recent spate of weak market performance has led some to question whether the early year rally was truly indicative of improving economic conditions. In looking at the performance seen across the consumer sector, however, it is difficult to deny that things are looking up.

Whether it was the bout of disappointing economic data seen at the start of the year, or the irritatingly high energy prices that have lingered throughout the past few months, U.S. shoppers have been faced with pressing challenges in 2012. Still, they have remained resilient.

Both XLP and the Consumer Discretionary Select Sector SPDR ( XLY) are worth watching in the days ahead. XLP will be of particular interest as top holdings including Procter & Gamble ( PG), PepsiCo ( PEP), Altria ( MO) and Colgate Palmolive ( CL) announce earnings.
At the time of publication, Dion Money Management was long QQQ.

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