Markets still on edge after Fed decision

Second quarter earnings growth varied widely by sector. Healthcare earnings grew 15.3% year over year while energy companies' earnings  were down a whopping 55.5%. With such a wide dispersion in company performance, heightened market volatility and scarce growth, stock picking becomes more significant than in an environment where a high tide is floating all boats. 

Active managers skilled in stock selection will ferret out the opportunities but be prepared for even more volatility especially in light of the mixed message by the Fed last week. The Fed essentially added global markets to their mandate and this has left investors more confused than ever as to when rates will finally be raised.