Video Technical Wrapup:

Craig from Stocktock.com gives us a great overview of today's action in the major indexes and oil. Craig admitted some fault in his thinking today which I always like to see and he is putting his neck out there again calling for a big shortsqueeze upmove next week. See for yourself but his analysis seems pretty rational to me. **not trading advice do your own research and take responsibility for your own trading.


Fundamental Wrapup:

Dow Down 220 on Oil and Renewed Concern over Financials - That puts the market down 466 for the week and below 12,000 for the first time in 3 months. For those of you who have been following these market updates the theme remains the same here folks. Oil and the financials are going to dictate market action for the foreseeable future it seems.

CNN Money: Oil up $2.69 on Isreal Military Excersize - The New York Times reported today that Isreal went through a major military excersize this month which appeared to be in preperation for a strike on Iran. Remember that the Saudi Summit so watch for any news over the weekend relating to this that may provide direction for Monday's trading.

Bloomberg: Treasuries Post Second Weekly Gain This Month - Traders paring back bets on how aggressive the fed is going to be with rate increases.

Bloomberg: Fifth Third , Sun Trust Lead US Banks to Worst Month in 10 Years - the KBW Index which tracks the value of bank stocks is down 17% so far this month and 38% so far this year.

Bloomberg: The S&P Has Posted an Average Drop of .6% This Year on Friday's - this is a very bearish sign for a market as it means that traders are not wanting to hold positions into the weekend for fear the market may open significantly lower the next week.

US Dollar Posts Biggest Weekly Drop in 3 Months on Fed Rate View - It seems that traders are starting to think all the fed rhetoric on inflation may not be backed up by much action.

Bloomberg: Treasuries Post Second Weekly Gain This Month - Traders paring back bets on how aggressive the fed is going to be with rate increases.

Chart of the Day:

GBP/USD - The pound broke out of and closed above the triangle we outlined in yesterday's chart of the day. Good call on this one in today's morning market preview by Oscar.

Hello David...had a good week..(183 pips)..just watched the oscar video which was actually made yesterday..(today is friday 6/20).I have a bit of trouble trading breakouts because I dont know if it is just slightly breaking out and will possible quickly reverse...or if I just take it as a definate buy signal...I get confused because when I check a lower time frame chart, the stochastics show overbought....so now that the gbp/usd broke above the descending triangle...I cant figure out which way to go with it....should I not check these shorter time frame charts ??? Mayby Im flipping too much back and forth...can you set me straight on this?? Jerry

Hello again David....Jerry here again...nevermind that last question I asked...I was able to find your video regarding wedges and breakouts....you already beat me to it..thanks Jerry

no worries Jerry good to hear from you as always. Also regarding Oscar's video, the video was put out last night but it was for today's trading as you can see behind him on the board and in the beginning of the video that was his analysis for the 20th.

Have a good weekend.

Best,
Dave