UK manufacturing plunged 1.3% in May. It was a shock, in part, because last week's ISM was very strong. However, unlike in Germany, this was the first decline in six months, which means it could be just a fluke. U.S. markets turned lower on Tuesday morning as traders digested the European data and awaited the start of the earnings season. Mark Newton, Chief Technical Analyst at Greywolf Execution Partners, has a shared view with his broker and dealer colleagues. He is optimistic about this earnings season. While July is an historically slow month, traders hope the earnings will add more meaningful movement to the market.