Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for July 1.

Things are pretty bleak on the major index stock charts, with the Dow Jones Industrial Average officially hitting a down 20% bear market from its October 2007 high.

The combination of '30s-style asset deflation and '70s-style consumer price inflation has spooked investors everywhere.

The Institute for Supply Management is expected to report at 10:00 ET that their survey of conditions in the manufacturing sector held below 50 – signaling contraction – for the fifth consecutive month at 49.0.

Both the S&P 500 and Dow Jones Industrial Average have established three waves of selling on the daily time frame. The Nasdaq has only had two waves since highs, so it can have a more difficult time correcting off lows and instead break to a third low on the daily time frame before it puts in a larger correction off support.

James Mound reviews futures and commodities in his weekly report for the week of June 30.

John Mauldin looks at whether we should be worried about inflation, takes a mid-year check on the economy, and muses on the malaise in the stock market.

With the recent onslaught of afternoon sell-offs we've reached the 2008 bottom for the third time.  Are we anywhere near a bottom?

Tim Bourquin interviews Wayne McDonnell, who talks about how he trades the currency markets, how he finds opportunities each day, and the various timeframes he uses for confirmation that it's time to execute.

More bad news from the oil markets is popping the economic bubble.