Once again, stocks have shown some inkling of weakness. But every other time for almost three years running, the bears have failed to pile on and get a real correction in gear. Will this time be different?

Our Most Attractive and Most Dangerous stocks for July were made available to the public at midnight on Wednesday.

Our Most Dangerous stocks (+0.8%) rose by less than the S&P 500 (+2.1%) and outperformed as a short portfolio. By far the biggest decliner in the portfolio was PowerSecure International (POWR), which declined 62% in May after a poor Q1 results.

The technical picture for stocks has shifted from bearish into neutral, and our fundamentals-based sector rankings appear to have moved from bullish to neutral, as well.

Stocks continue to trade in a sideways technical consolidation just below their highs. With the start of earnings season underway, investors appear to be looking for a catalyst for some renewed buying that can launch a bullish breakout.