Judging by the market’s overwhelmingly positive reaction last week to the announcement of a rescue package on the part of European leaders for the ongoing saga with Greece, one would have thought that Greece was the only obstacle preventing the stock market from moving higher. While we believe that there are still many other headwinds (Ex. jobless claims, high unemployment, weak consumer spending, lackluster real estate market, rising commodity prices, etc…) confronting the economic recovery and stock markets, this European dominated market sentiment was confirmed this week as the markets have now given back approximately 500 points (at the time of writing this post) of their recent gains over renewed concerns that the terms of the most recent rescue package may not be accepted by the Greek government and/or be enough to prevent further contagion and fully stabilize affected European banks.

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