It looks like the European economy is turning a corner and that is good news for stocks.

It shows growth for the U.S. economy but also points that the Fed will keep raising rates. Growth is good, but everybody is afraid that the Fed might kill growth if they do hike too much. That is a fear and could be the biggest headwind for equities this year, if it happens.

Companies are cautious for the second half of the year. It's been a mixed bag so far for results.

Production costs have now become the most important factor for oil companies. They will drag down the shares.

The companies are profiting from these higher prices. This is becoming a familiar picture among energy and mining stocks and we expect it to continue.

Some companies have given disappointing results. Their shares suffer in an environment with risks, including high oil prices and rising interest rates.