Editor's Note:

This could be a pivotal week for the U.S. markets with the first full week of Q2 earnings reports and the informal debt ceiling deadline on Friday, July 22nd. Corporate news may end up taking a back seat to the bickering in Washington.

The market seems to be in a state of flux. If we don't see a deal on the debt ceiling soon I'm concerned that stocks could see a sharp sell-off. Therefore I am not suggesting any new positions at this time but I will post some trading ideas in the watch list note tonight.