David Fry's Market Outlook for Tuesday

Let's see, credit card debt rose by nearly $13 billion last month doubling most estimates. I mean what's a shopper to do in June if you don't have the cash? Ya gotta use the plastic, as old habits die hard. With employment still strong, shoppers must think they can afford the extra load from increasing credit card interest rates, and aren't put-off by high gas prices.

Headlines were more likely to point-out another DJIA record in sight. But, it was a relatively quiet Monday as earnings season gets under way. Volume was summertime light, and breadth was relatively flat.

The star of the show was gold that rallied sharply for no particular reason. Some analysts cited the weak dollar, but it was slightly stronger. Maybe it's just a short squeeze attempt by some folks.

The focus is now on earnings, and tech will have to lead the way higher, notwithstanding deal-making from other sectors.

Overseas still offers superior upside action.

Earnings will start coming fast and furious. This should show the way forward. Alcoa Inc. (AA) led off with a miss, but that will probably be shrugged-off unless others also start to disappoint.

There are many fans of Chucky [the consumer you can't kill], and I was going to post another image of him. But then the shopper pictured above seemed too good to pass up. But despair not Chucky fans, because this video is way too cool to pass up.

Disclaimer: Among other positions the ETF Digest maintains long or short positions in: PowerShares DB US Dollar Index Bearish (UDN), United States Oil Fund ETF (USO), PowerShares DB Energy Fund (DBE), iShares Goldman Sachs Technology Index Fund (IGM), First Trust DJ Internet Index ETF (FDN), PowerShares Dynamic Semiconductor (PSI), iShares Goldman Sachs Network Index Fund (IGN), iShares MSCI Emerging Markets ETF (EEM), iShares MSCI South Korea Index Fund ETF (EWY), iShares MSCI Hong Kong (EWH), iShares MSCI Brazil Index ETF (EWZ), Market Vector Russia ETF Trust (RSX), iPath MSCI India ETN (INP), iShares Trust FTSE-Xinhua China 25 Index Fund (FXI), iShares MSCI Australia Index Fund (EWA), iShares MSCI Canada Index ETF (EWC), iShares MSCI United Kingdom (EWU).