July Has Been Swell But Bulls Better Not Get Too Comfortable

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) - Get Report , 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.