Just as I do with the economy, I review the stock market each month for warning signs of trouble in the near future.

Last week’s data showed that, despite a small pullback from the previous month, business confidence remains positive across the board. Consumers also continued to demonstrate their confidence by spending. Finally, the jobs report came as a very positive surprise, suggesting that consumers are both willing and able to keep doing their bit for the economy.

The economic news this month remains good, largely validating last month’s positive moves and increasing the chance that recent downward trends are changing. Although two months of data aren’t quite enough to declare victory—particularly since some gains were given back—the continuation of the positive trends is very encouraging.

The big news of the week will be the employment report for July, set for release tomorrow. U.S. consumers remain confident and business remains in the dumps, so the future really depends on whether consumers continue to feel good and whether businesses manage to expand.

I dropped my phone the other day, severely cracking its face. It still worked, but I felt like I was getting slivers of glass in my finger every time I used it, so I took it in for repair. The fix worked fine in the short term, but last night, the phone just died. Nothing.

Both domestic and international markets had a strong month of July. Improving fundamentals, including job growth and consumer spending, helped boost investor confidence. Still, as I discuss in this month's Market Thoughts video, economic growth in the first half of the year was disappointing, mainly due to lower levels of spending in the business sector.

One of the most unusual aspects of this presidential campaign is how both parties have lined up in opposition to free trade. No surprise there from the Democrats, who have substantial interest groups that have always been anti-free trade, but it’s a complete reversal for the Republicans.

You have to figure that when both parties agree on something, government action becomes significantly more likely. And that means we as investors should start thinking about what protectionism means for us.

Last week’s data showed that, although consumers continue to work and spend, business remains a weak point for the economy. Consumer news continued to surprise to the upside, but weak durable goods orders suggested that the industrial sector hasn’t stabilized yet. Lackluster business activity also led to a substantial disappointment in overall economic growth for the first half of the year.

Writing my last few posts, about the real possibility of lower returns over the next few years, I got to thinking about how financial advisors add value—and how a skilled advisor can really help investors advance toward their financial goals.

The past two days, we’ve considered the likelihood that future returns for bonds and stocks will be disappointing.

Now, we get to the punch line: what does this mean for our own investments? And is there anything we can do about it?