Today was a 'Risk Off' day...

S&P Down 8pts, -.68%

The following is a daily S&P chart, with the circles showing an inverse head and shoulders pattern.  This is a bullish pattern however today's price action, closing price, has broken this pattern.  The next support levels are 1265 and 1246.  The current 200SMA is 1251 which will be a strong support level as well.


Source: FXCM


Oil down -1.4pts, -1.4%; Gold +3.5pts, +.23%; Silver +.67pts, +1.85%



Commodity Currencies flat for the day: AUDUSD, NZDUSD, and USDCAD oddly flat considering risk off in equities

GBPUSD, EURUSD: biggest losers amongst majors down 54 pips and 66 pips respectively

Carry trades, against, YEN all lower

Cross currencies: GBP/AUD biggest decliner, down 57 pips

Macro News of the Day:

IMF: Cuts UK Growth Forecast for 2011 to 1.5%

Canada building permits fall to -21%

Canada Ivey PMI: 69.1 actual vs. 59.1 forecast vs. 57.7 previous

John Taylor: Buy US Dollars in the next 3 or 4 days, Global equities on the brink of downtrend

Plosser: FED Exit Should Start Long Before Recovery in US Jobs

EUR/USD: Eurogroup's Juncker says EURO Overvalued

Overnight Risk:

Australia RBA Decision - June 7 12:30AM EST, expectations to keep interest rates unchanged at 4.75%

Look for 'risk off' to continue during both Asian and European sessions.