Try to surround yourself with people who can give you a little happiness. Because you can only pass through this life once, Jack. You don’t come back for an encore”. Elvis Presley

The major indices continued to sell-off. Below are the major events which occurred this week.
1. European banks lobbied the ECB to cushion the impact of expiration of the 442 bil Euro ($543 bil) in 1-year loan. This represents approximately 50% of ECB’s liquidity operation. On June 29, the ECB allotted 131.9 bil EUR ($160.9 bil) in funds for a 90-day at a fix rate of 1% to 171 banks.
2. VIX (6/29) hits 34. Below the high of 48 (May 20).
3. China Conference Board cuts its forecast to 0.3% from 1.7%; Fear of China growth rate slowing.
4. China ‘s Manufacturing down in June to 52.1 from May 53.9; China’s factories reduced output prices the first time in 2010;
5. Automakers sales for June slipped from May; Ford down 13%; Toyota down 14%; General Motors down 13% and Chrysler down 12%;
6. Unemployment rate down to 9.5%; 600,000 unemployed workers gave up looking for work;
7. The SPX, DOW & NASDAQ slipped further from the 50-SMA AND 200-SMA;

Below are the charts of the major indices (S&P500, Dow Jones & Nasdaq)

NASDAQ — slipped furthur under the 200-SMA

S&P500 — slipped furthur under the 200-SMA

Dow Jones 30 — slipped furthur under the 200-SMA