Rally, interrupted. Following a rousing rally from March lows, U.S. stocks have been stuck in neutral lately. One need not search long to find the reasons why. While these short-term constraints may soon be alleviated, it should also be noted that longer term risks are rising for U.S. stocks.

Still holding on. While the uptrend in U.S. stocks from the March 23 lows remains intact, they have fallen flat in recent weeks. After peak on June 8, the S&P 500 has been trading in a sideways channel for the last five weeks and counting.

Rumblings. Adding to recent concerns about U.S. stocks are developments in volatility markets. After trending consistently lower from its March 23 peak, the CBOE Volatility Index, or VIX, bottomed at

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