Markets: Your Must-Read Morning Report 6.24.10

The exclusive Markets Morning Report is supplied by Precision Capital Management.

The Precise Take – Equities down overnight toward critical support

Big Picture Analysis:  After retracing half of the entire down leg as of Monday’s open, the ES has now retraced over half of the recent gains.  Not even bullish FOMC seasonality could prevent further losses yesterday.  Though the selling pressure is not yet great enough to ensure the failure of the rally, sentiment is such that if the rally does not get back on track today or tomorrow, it is likely over.

Leaders Analysis:  The US Dollar Index is consolidating recent gains, and long term Treasury yields decisively broke to the downside over the last few days.  This would ordinarily get continuation, weighing on equities, but…

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