I hope you enjoyed the Fourth of July fireworks on Sunday, because there might not be much to celebrate on Wall Street this week.

Last week we warned that if most of the impending economic releases were negative, the market would likely fall worse than it did the week before.  And that’s what happened.  In fact, it dropped approximately twice as much as the week before. (It doesn’t feel so good to be right.)

This week should be another interesting one, but it’s hard to say whether it can match the market’s behavior last week when it donned rose-colored glasses to view four days of mixed economic data.