Thursday, June 19, 2008

Today's Markets

-- Over 400 people have been arrested on mortgage fraud charges.

-- Oil prices drop on news that China will raise fuel prices.

-- Leading indicators increased for the second straight month

-- The Philly Fed index dropped

-- Regional banks are taking a nasty hit

-- The median home price in California dropped 30% in May

Technically, this was a very interesting day because the indexes traded in a different manner.

Note the SPYs spent the first 2/3 of the day trading in a triangular pattern. Then they broke out on strong volume but sold-off at the end of trading.

The QQQQs consolidated in the morning. They rallied at 11 AM, consolidated, and then rallied again at 1:30 CST.

The IWMs were in a nice and gently upward sloping channel for the entire trading day.