Today’s highlight will be the release of the consumer price index, which could show inflation hitting a four-decade high. But for now, let’s look further out into the future — okay, Thursday — when second-quarter earnings season begins.

Make what you will of summer price action, but nothing has quite seen highs and lows over the last two months like the energy sector. Up as much as 66% as recently as June 8, the Energy Select Sector SPDR ETF XLE has dropped so much that it now is trading more or less where it stood before…