Gambling on rising housing prices through Freddie Mac and Fannie Mae may just be fatal.

Federal Reserve Chairman Ben Bernanke has the market guessing about whether interest rates will be increased this year.  His comments this morning about increasing the duration of emergency lending to investment banks reduces the chance that borrowing costs will rise.

The sharp drop in oil prices has helped to strengthen the US dollar.  Pending home sales dropped more than expected, but it has failed to put a dent in the greenback which continues to follow equities higher.  The dollar is becoming a safe haven bet as the Federal Reserve reminds us that they will be the lender of last resort.

Although the reversal pattern Toni Hansen had been watching for on the 60-minute time frame failed to provide confirmation on Monday, it has not confirmed a failure either.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for July 8.

Today's decline in crude oil and its ETF the US Oil Fund (USO) confirms a near-term peak last week against the top Bollinger Band line.

Now Americans are getting their supersized desserts. Not because they haven't been nice. But because they haven't been good.

The US economic calendar is very light this week, leaving pending home sales as one of the few potentially market moving numbers.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for July 7.

Given the current price formation on the 60-minute time frame, Toni Hansen is expecting the market to bounce back this coming week.