june 27 SP 500 gap up to 1295 1300 then fall

Looks like we are going to gap up after todays action and then fall again. Nothing looks that positive except for the "opportunities that are available for the gullible. It is still a little early for real estate unless you are cash positive. Be careful out there. The Bond underwriters are all loosing their ratings and their stock is becoming worthless.

SP 500 daily june 25 pre fed

June 24 SP 500 Emini Daily Chart

The small green line of support is holding well, we could see it bounce back up to the 35-39 target then a continuation down to lows.

Fed meeting coming up on wed.

Treasuries rose as reports showed consumer confidence fell to a 16-year low and housing prices dropped more than forecast, reducing the likelihood that the Federal Reserve will boost interest rates.
Traders see a 90% chance policy makers will leave the target rate for overnight lending between banks at 2 percent when their two-day policy meeting ends tomorrow, according to futures contracts on the Chicago Board of Trade. The odds policy makers will raise the key rate by at least a quarter-percentage point this year are 98 percent.

U.S. securities began to tumble in March as traders forecast the Fed will push borrowing costs higher later in 2008 to quell quickening inflation.
In an indication companies are passing higher commodity prices onto consumers, Dow Chemical Co. said it will raise prices on its products by as much as an additional 25 percent in July because of ``relentless'' gains in the cost of energy. How do you think it effects commuters?

The difference between yields on 10-year Treasury Inflation Protected Securities, or TIPS, and conventional notes was 2.46 percentage points, compared with 2.51 a week ago. The figure, which reflects the inflation rate that traders expect for the next decade, has increased from 2.20 percentage points in January.
Investors bid for 2.28 times the amount of government debt on offer at the Treasury's previous two-year sale on May 28, versus an average of 2.60 times for the past 10 sales.