Some say 3rd quarter will a turning point for economy, but direction is a bit uncertain. My opinion is that big banks won't have much bad bombs to drop and we will not see big decline but more like steady growth. Remember that main problem of US economy still exists, people have too much debt. That is the reason why i think certain sectors like "luxury item" retailers will be in trouble for at least a year to come. There will likely be spike in hifi electronis etc. when tax returns come. I would encourage american people to think if really need to buy new TV now or should they safe for growing normal living expenses for later times.
On global view things are not looking too bad. Brazil is going well after oil discoveries and other good wind have blowing there lately. Even Standard & Poor's upgraded Brazil's long-term foreign currency sovereign debt to investment-grade this year. Brazil has already quite good portion of my portfolio, so i won't be making new investments to brazil in 3rd quarter.
Other good territory might be russia and and it's former satellite countries. Russia seems to have got the most western friendly president for sometime. Still there is still risk in certain areas that goverment thinks are vital to national security like energy.
Asia is still a place have some portion of your portfolio, but now i would look more countries like singapore, malaysia, indonesia more than china or india. Japan is also now still quite low and there might be good oportunies when things go even better in US.
My next investment are likely to be some of these:
Oil service and equipment ETF, like "IEZ"
Norwegian multisector giant, ORKLA
iShares MSCI Eastern Europe 10/40 ETF
HealthShares Diagnostics "HHD"
Outotec and Larox at OMXH
As side note i have been commented to have bad english. So sorry about that but i am still learning.
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