The Market Strategy Radar Screen

The S&P 500 Index ended last week a relatively modest 0.4% lower than where it began the week even as the geopolitical landscape significantly worsened as terrorist actions in France, Kuwait, Tunisia and Iraq claimed many lives and as representatives of the Greek government abandoned their debt negotiations with European officials and pushed Greece closer to defaulting on a payment due to the IMF on Tuesday.

With the announcement by Greek officials on Sunday of a July 5th referendum seeking a vote from the Greek electorate as to whether to accept or not accept solutions offered by ECB officials to resolve Greece’s predicament, a de facto default on Tuesday now appears inevitable.

As to what this will mean ultimately regarding Greek membership in the EMU, or its access to the singular currency, is not likely to be known for some time...
 

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