The Chicago PMI rose but is still showing a contraction.
MBIA says it's fine. (FYI: so did Bear Stearns)
A morgage ruling could really play havoc with lenders
The S&P 500 fell 8.6% in June
The SPYs opened with a quick move down, but then rallied until just before lunch when they ran into their 200 minute moving average. THey tried to break through, but couldn't. Right after noon CST they fell through all the SMAs, but recovered and tried to rally into the close. But they couldn't maintain momentum and they fell hard in the last 15 minutes of trading.
The QQQQs also opened higher and fell quickly. But notice they couldn't rally to their 200 minute SMA. The QQQQs broke their upward trend a bit after 11 AM CST and then fell until about 1 PM. They tried to rally but again got to within the 200 day SMA and fell. Notice they closed near their low of the day.
The IWMs opened a bit higher and then fell. They rallied to the 200 minute SMA where they traded until noon. Then they dropped, rallied to the 10 and 20 minute SMAs and then fell into the close.
