If the broad market loses support of Thursday's reversal low, this could bring another wave of selling on Wall Street.

About the only item of consensus in Europe is that Greece will eventually default.

Which nine stocks are we watching this week?

All this recovery talk has masked the real, underlying trend. That we're correcting 60 years worth of credit expansion.

he stock market indices started lower and kept on going lower all day today and closed not too far off the session lows. It was a fairly orderly decline, particularly in the afternoon but still a nasty day.

Dave Landry takes a one-minute look at the stock market in his video for June 24.

The fact that all five major indices formed distinct bullish reversal candles is significant enough to possibly neutralize any bearish effects of the distribution day on the DJIA and S&P 500.

The stock market indices had a very strong rally after a very weak opening today. They snapped back with a vengeance, particularly after Greece agreed to a five-year austerity plan in Europe, which gave a lot of confidence to traders. The indices rallied sharply from steep morning losses.

So far, this 21st century has been a delightful flop. A washout. At least, for Americans. At least, from an economic point of view.

Slowing Chinese growth and climbing inflation remain part of the problem, which is good news for the ProShares UltraShort FTSE/XINHUA 25 Stock Index (FXP).