July was generally a good month unless you were primarily in energy. The SPY led the way up 2.21%, the overall US markets as measured by the VTI increased by 1.70%, world markets as measured by the VT were up 0.50% and the aggregate bond index, AGG, increased by 0.86%.

The energy sector (XLE) declined 7.69% and materials (XLB) were down by 5.04%. Consumer staples (XLP) advanced by 6.36%, utilities (XLU) 6.10%, and REITs (VNQ) were up 5.77%.

Greece dominated the headlines in the early part of the month and the SPY fell to 204.83 on July 8. But that low coincided with an agreement between the Euro countries and Greece and the markets took off from there. The SPY closed at 210.45 on the 31st. The market continues to trade in a range between 204.40 on the downside and about 213 on the upside. This range dates back to February.