-- 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.