The data and graphs in this link show weakening global economic data, rising unemployment, and a lack of consumer confidence for July 2012:
http://strawberryblondesmarketsummaryextras.blogspot.ca/p/global-economic-contraction.html
These problems pose difficulties for businesses to try and grow their way out of without
real support from government fiscal and economic policies and actions...and not
just temporary Central Bank monetary stimulus programs.
At some point, the U.S. markets will reflect this weakness, as noted in my post of July 30th.