Despite concerns about global economic growth and a persistent lack of inflation, especially given all the global quantitative easing, fundamentals for U.S. stocks still look good.

Stocks were able to leverage some optimistic news and dovish words from the Fed to take another stab at an upside breakout attempt last week.

The technology world is aflutter this week with the news that Apple will be releasing new versions of its iconic iPhone along with a new wearable device. As a result, numerous exchange-traded funds have been impacted across the investment universe.

In this weekly update, I give my view of the current market environment, offer a technical analysis of the S&P 500 chart, review our weekly fundamentals-based SectorCast rankings of the ten U.S. business sectors, and then offer up some actionable trading ideas, including a sector rotation strategy

The Materials sector ranks seventh out of the ten sectors as detailed in my Sector Rankings for ETFs and Mutual Funds report. It gets my Dangerous rating, which is based on aggregation of ratings of 11 ETFs and 15 mutual funds in the Materials sector as of July 16, 2014.

Bulls are having their way as summer draws to a close. Indeed, U.S. stocks and bonds seem to be the best and safest place to invest in a global economy that is at once hopeful and cautious, with lots of available cash hunting for attractive returns.