There's no Great Rotation, but inflows into stock funds continue:
Lipper reported $5.3 billion inflows into stock mutual fund and exchange-traded funds (ETFs) this week — but there was also $4.56 billion in inflows into taxable bond funds. However, much of that cash went into high yield funds, which has in fact seen large outflows in June. The loser was money market funds, which saw outflows of $12.68 billion.
(Read more: Great rotation still a 'long way' off)
This makes some sense, since we know June saw large outflows from bond funds (including high yields), and much of the money went into money market funds. That money is now finding its way into stock and high yield funds.
Halfway on earnings: with 52 percent of the S&P 500 reporting, earnings growth stands at 4.5 percent, with revenue growth at minus 0.5 percent. Third quarter growth is holding up reasonably well: expectations are for 5.1 percent versus 6 percent expected on July 1; this is also contributing to holding up stocks.