The major indices were down around 5% this week despite the Facebook offering today. Even though it was option expiration, there was no bounce that stuck all week and the slow motion crash continued. Perhaps buyers were still too energetic early and added to the selling pressing as we kept making lower lows. It was a rough week for the bulls with only the G8 meeting to look towards this weekend. It’s a slim chance, but any coordinated action to contain the Euro zone crisis may be well received, or a wash out may happen on no action. If we do bounce, 1340 on the S&P maybe a target.
