Southern California's seasonal "June gloom" weather, caused by a marine layer that traps smog over the Los Angeles basin, will probably pay an extended visit this year.

CNN: Western U.S. to get smoggy summer, fall

Many times over the past two years (such as Armageddon Fears Are Overblown on June 1, 2012 and Can Doom and Gloom Save the Market? on September 16, 2011), I have made the case that the internal strength of the stock market was signaling that the economy was actually stronger than most thought.

FORBES: The Week Ahead: Are Stocks Too Far Ahead of the Economy?

Another reason not to overdo the gloom is that services activity rose in June according to the monthly purchasing managers' survey.

ECONOMIST: A weaker economy needs easier money