Investor excitement over the M & A activity in 3Par and Potash quickly faded. There wasn’t much in the way of sustainable news. Volume was exceptionally light. We did post a minor reversal day to the downside. However, the current trend is down, so this is more of a continuation type pattern, and not a reversal, which doesn’t carry the same significance. Despite the light volume, the usual suspects were present. Very defensive groups were on the top of the list. Despite the M & A activity in Tech, they were the weakest performing group. Other economically sensitive groups were also on the bottom of the list. The Dollar was higher, but more due to weakness in the Euro following Moody’s comment that we may see some of the smaller Euro-zone countries’ debt downgraded. Still, the strength in the Dollar led to weakness in the “risk trade”. The Russell 2000 lost 1.33% versus just a 0.4% dip in the S & P. Commodities were weak, led by a drop in crude. This is going to be a tough news week. We have Existing Home Sales, reflecting the first month of sales after the stimulus. Late in the week, GDP for the 2^nd quarter should be revised dramatically lower. Data we’ve seen since the initial GDP report suggest that we should see a downward revision. Expectations are for a reading of 1.4%, down from 2.4%. With the revision due on Friday, it’s going to be tough for the market to do anything but bounce around this week. This morning’s pressure is due to the WSJ article saying the Fed is split on whether or not to ease.