WEDNESDAY: Bernanke speaks; weekly mortgage applications; CPI; crude inventories; Earnings from FedEx

THURSDAY: Weekly jobless claims; leading indicators; Philly Fed index; Earnings from Research In Motion

FRIDAY: Quadruple OE friday




Markets are in early stage of a correction period.SPX 911 and DOW 8500

* Markets are showing an initial stage of a correction period after trading to the noted targets: SPX 950, DOW8800, NYA 6200, and NASDAQ 1880

* After showing extended period of negative divergences in price and breadth momentum on daily price actions, markets are now showing a correction period closing below a primary uptrend supports.

* Major indexes SPX, DOW, TRAN, BKX, and XBD closed below primary supports and ST price actions are now showing downside momentum.

* Intraday 60min price actions are now showing vst positive divergences. However, daily momentum is now down from very overbought condition.

* BEST CASE SCENARIO: correction to DOW 7500, SPX 750, QQQQ 30.50 into mid July is the best case scenario.