Risks to Consider: There's certainly the possibility that a different exogenous event will have the greatest effect on the market in the second half of the year.

Action to Take: On balance, we look poised for more "upside" surprises than negative shocks. But we have to get past a tough summer with tepid-sounding economic reports and cautious management commentary when companies are discussing near-term prospects.

David Sterman does not personally hold positions in any securities mentioned in this article. 

StreetAuthority LLC does not hold positions in any securities mentioned in this article. 

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage. This contributor reads:
Barry Ritholtz
Paul Kedrosky
Brad Delong
Joshua Brown
On Twitter, this contributor follows:

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