“As for it being different this time, it is different every time. The question is in what way, and to what extend ” — Tom McClellan

The major indices encountered resistance at the 50SMA and closed down about 3% for the week. Below are the major events which occurred this week.
1. UK adminstration announced $59 billion in spending cuts and raised taxes by 20%.
2. Financial Legislation Overhaul passed the House & Senate — Fannie Mae & Freddie Mac were left out of the overhaul.
3. 1Q GDP 2.7% versus estimate 3%
4. New Home Sales dropped sharply after home-stimulus expired
5. President Obama fired Gen. McChrystal after a negative article in the RollingStone magazine — replaced by Gen. Patraeus.
6. G-20 Meeting in Canada — no major results were accomplished. Global recovery is “Uneven & Fragile”.
7. FOMC meeting — rate to remain “low for an extended period”

The week ahead:
1. Greece looks to financial market to raise $4.9 billion in July.
2. Tues 6/29 — Consumer Confidence; 2Q earnings -> GIS