Dow under pressure on the back of EU talks with Greece

There is a lot of room for the market to decline pending the Fed's announcements

The consensus is that rates will hike September or later

If Fed does not rates in September, Election year next year might also put off rate hikes

Bloomberg article quotes B of A hinting that additional stimulus would further damage the economy

B of A admits this risk has been getting the least amount of attention

Empire State Manufacturing Index missed 5.9 forecast - came in at -1.98

May Industrial Production expected +.2 - came in at -.2

Capacity Utilization dropped 78.3 to 78.1

Manufacturing down .2

Industrial Production has been negative for 4 of the last 6 months

Currency markets still believe Fed will raise rates

Consumer spending was up in May because of rise in gas prices

Weekly Jobless claims saw a slight uptick - exceeded forecast

Bloomberg Consumer Comfort Index continues to decline

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