EFTA Document EFTA01377505

Global Equities - With global risks (e.g. Greece/China) apparently fading, U.S. equities have taken their direction from fundamentals (e.g. earnings), as well as the outlook for economic growth and monetary policy. - With -60% of the S&P 500 companies having reported Q2 2015 earnings, the S&P 500 has been able to rally as earnings have come in -4% better than expected. - In addition, while earnings are on pace to come in modestly negative in Q2 (-1% YoY) the bulk of the weakness has be