H & S correction ~ Sell, Sell, Sell ~

$COMPX 2135.18 -85.47 -3.85% 2,776,744
$INDU 9870.30 -268.22 -2.65% 1,679,162
$INX 1041.24 -33.33 -3.10%

• • Wednesday: Rough Quarter on Wall Street Comes to An End

    Call it window 'undressing.' Stocks took a beating in the second quarter, and the final days are bringing out the worst. Don't be Fooled by Market Gloom Selloff Aside, S&P Actually Bullish?

  • Bank Tax to Be Killed for Passage of Financial Overhaul
  • US Crisis Panel to Examine Goldman, AIG Ties
  • BofA Reclaims Top Spot in Capital Strength: Study
  • Verizon Stock Briefly Spikes on Report of iPhone Offer
  • US House Backs Homebuyer Tax Credit Extension
  • Citigroup Trading Halt Triggered by New Circuit-Breaker
  • Kudlow: 'Double-Dip' Trade Is Probably Overdone

  • World's Most Expensive Places to Live 2010

  • Faulty Computer Suit Is Window to Dell’s Decline
  • Can US Stocks Regain Mojo After a Disappointing First Half?

    US stocks plunged in the second quarter, wiping out all the market's gains for this year. Even so, US stocks have still been a better investment than foreign stocks. Stock Values Are 'Better Now,' Big Rally On the Way: Cohen

  • Consumer Confidence Drops In June On Jobs Worries
  • Economic Worries Keep Bond Yields Low: Economists
  • Home Prices Rose Sharply in Final Days of Tax Credit

  • World's Most Expensive Places to Live 2010

  • Is Home Ownership an American Right?
  • Fannie-Freddie Bailout Could Cost Taxpayers $1 Trillion

  
  

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• • Fannie-Freddie Bailout Could Cost Taxpayers $1 Trillion

    For American taxpayers, now on the hook for some $145 billion in housing losses connected to Fannie Mae and Freddie Mac loans, that amount could be just the tip of the iceberg.

  • European Banks Make Me Nervous: Naill Ferguson
  • Europe Double-Dip May Bring Correction: Roubini
  • Spanish Banks Rage at End of ECB Offer
  • Wall Street Bill Seen as 'Too Big to Fail,' Delay Looms
  • Google to End Automatic Rerouting from China Site
  • Faulty Computer Suit is Window to Dell’s Decline
  • Taiwan and China Sign Landmark Trade Deal
  • Russia Awaits US Explanation on Spy Case
  • China Labor Unrest to Speed Up Automation Trend
  • Wall Street Hiring Picks Up As Rest of the Nation Lags
    • Life After Wall Street
    • Top Entry-Level Employers
  • Oil at $100 If Dollar Doesn't Jump: BofA
  • Your First Trade for Tuesday
  • Dow 30: Extra-Hour Quotes
  • G8 Communiqué Is 'Drivel': Economist
  • Shanghai Leads Asia Down

• Europe took it on the chin as well, with major markets down 2% or more.
  
  Britain's FTSE 100 -2.0%
  France's CAC 40 -2.5%
  Germany's DAX -2.4%
  
  Moreover, the euro is plummeting back towards its lows, with EUR/USD down to $1.2187 as shown in the Finviz graphic below. In contrast, the dollar index (DXY) is up half a percent to 86.10, though still below the recent peak above 88.
  
  
  
  Spanish ten-year bond yields are rising, but remain below their recent peak. Yet Greek 10-year bond yields appear to be charging higher again and are now at 10.66% as shown by Bloomberg below.
  
  
  
  U.S. futures aren't liking any of this, already pointing to more than 1% declines for major indices.