Following a historically strong month of June for stocks where the S&P 500 climbed 6.5%, the market is again trading near its all time high. A strong non-farm payrolls report released last week gave a boost to the bullish case for stocks showing the economy remains resilient with companies confident enough to continue hiring. On the other hand, a number of weaker macro developments suggest a more cautious approach is appropriate. Global indicators such as monthly trade and PMI data are trending lower, while the inverted yield curve implies little optimism about a growth recovery.