Bounce

As morning trading began today, it seemed like the broad selling in Asia and Europe was going to continue into the U.S. market. The bulls kicked in, however, late afternoon to enable the major indices to close in the green. The NDX failed to break below its support level, and the Dow maintained its short-term uptrend line. But all this could very well turn out to be noise as we head into earnings season. As for tomorrow, there are no major earnings release but the government will be reporting on the past week's crude inventory and the trade balance for the month of May. I am not sure how equities will react to tomorrow's data, but gold and silver are likely to use tomorrow's data to test their resistance levels. Note the bounce of gold and silver off the 200-day MA, compared to the Dow's diving plunge...

P.S.

While people are still finger pointing at Zidane for France's lost, I still believe that he is one of the greatest football players of our era. He should have received a yellow card, just like Figo did after he similarly headbutted a Dutch player.