As noted two weeks ago, the uncertainty caused by the European elections--particularly in Greece--has spilled over across global financial markets, including the US. Shorting Europe (e.g., EPV) and going long volatility (e.g., TVIX) has allowed investors to exploit the market distress and experience gains.
Given the elevated levels of volatility, and the recent FOMC minutes indicating a heightened interest in engaging QE3 should US economic data (particularly jobs) continue to be weak, it may be appropriate to reduce short exposures and begin reversing course on volatility.
US earnings reports continue to be decent in general, with most companies providing a mixed outlook for future revenue.
A prudent exposure to global market indices, coupled with the sale of (covered) OTM calls (to take advantage of the elevated volatility premium) may be indicated here.