Earnings season appears to be cushioning the fall in both the US dollar and the Dow.

Durable goods orders in the US are anticipated to stage a strong recovery in June after plunging the month prior.

Surprising the market, the Chinese yuan gained to a record high since the revaluation to 7.5576 against the US dollar in the overnight.

The US dollar posted its strongest single-day gain since January, as a sharp rise in risk aversion led a flight to safety to the otherwise downtrodden greenback.

Price has fully retraced the ending diagonal and found support, which gives scope to a continuation of the uptrend in wave 5.

Profit taking was the theme of the day, as EUR/USD dropped more than 100 points from its Asian session high tripping stops along the way.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for July 25.

Todd Gordon writes that the market's pent up fears of the mortgage situation send the traders long equities and carry trades running for cover.