1) Treasury Secretary John Snow and Fed Chief Alan Greenspan backed down from protecting American interests against China. The Senate is set to vote on a 27.5% trade tariff against China, but the Bush administration said they would veto the measure. The markets reacted negatively on the news.

2) Oil prices leaped above the $60/bbl mark. This level has been a point of resistance. A rise from here could bring much higher oil prices.

3) World Bankers are looking for a way to control the problem of worldwide oil demand. The speculation is to lessen demand by creating a worldwide recession. Since interest rates continue to remain stubbornly low you may be asking how can a recession occur as long as interest rates remain low. How about $100/bbl oil ? That would probably do the trick.
For those of you who have been wondering how the Real Estate bubble can pop with low interest rates, now you have your answer. If energy prices drive the economy into recession, lower interest rates will not matter. Even Donald Trump is selling $1.8 billion of his New York real estate holdings.

4) June end's the NASDAQ's best 8 month's according to the Stock Traders Almanac. Technology stocks have been touted by guests on the financial channels for over a month. I think I'd wait.