Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for July 16.

In the 20-minute chart, we see some early evidence of a possible change in trend.

All the world's major markets are in major declines.  The worst hit so far are those in the Far East.

Federal Reserve Chairman Ben Bernanke's semiannual testimony on monetary policy to the Senate revealed increasingly bearish views on the US economy, and mounting concerns about rising inflation pressures.

The US headline consumer price index for the month of June is expected to rise 0.7 percent upon release at 8:30 ET, while the annual rate of growth is forecasted to jump to a nearly 3-year high of 4.5 percent.

The US dollar hit a record low against the Euro as risk aversion continues to seep through the global markets.

The relative wealth of America versus the rest of the world has slid precipitously over the past few years.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for July 15.

U.S. retail sales are expected to have increased 0.4% in June after a 1% gain the month prior.  Economists are predicting that Americans continued to spend their stimulus checks as the government has distributed $86.1 billion of the expected $100 billion planned.

FDIC can bail out a few of these banks, but not all of them.  And there is no way it can bail out Fannie and Freddie.  Together, the twins have more than $5 trillion in liabilities.