SP 500 Weekly still headed south June 17 watch out for Stagflation.

Weekly looks like headed to support and maybe beyond.

Broke below the 200 EMA. Volume is low and it is time to head through this OB condition from last month and get some new lows.

What is going to push us down?

Oil $134.01 a barrel they are screaming about speculators---how about demand. Producers paid 9.3 percent more for gasoline, the biggest increase since November, and diesel fuel gained 11.2 percent. Natural gas costs were up 5.7 percent from the previous month.

Housing starts at lowest in 17 years, the ten year bond is at 4.10% and that is the starting point for mortgages, 6.25% 30 year is a gonner this summer will see 7% 30 year rates and that is for the few that can qualify. Foreclosures, we are just seeing the first waves coming through and everyone is going out bargain hunting. Careful you could get wiped out if you are not cash positive, more foreclosures are coming. California Foreclosures are just blossoming, plenty of room to ride prices down another 15%. High end will be fine, it is the 1600 square foot condo for $500,000 that will get hit.