Have the markets correctly priced in the current risks?

This question now looms. On Friday the labor department will report the June unemployment numbers. Also things seem to be quieting down a bit over in Europe. So with the market correction that has taken place since the April 26th highs, are we fairly priced now and are the current risks factored in? To me the¬†market action looks like a catalyst is needed for confirmatory direction. I have said in my previous posts that just maybe the upcoming 2nd quarter earning season could very well be that catalyst. This week should be pretty mundane although there could be some institutional window dressing at quarters end which is Wednesday and of course the Friday’s jobs report could be a market mover.

Wishing all a very good week.