Courtesy of Tyler Durden at Zero Hedge First, Darrel Issa taking on Bernanke in what may prove a fateful and timely opposition against the Federal Reserve, now Alan Grayson going for Bernanke, Geithner, and Vikram’s jugular. Just when it seemed that the D.C.-Wall Street crony alliance would last forever (don’t worry Barney, we still love...

The Dollar closed higher due to short covering on Wednesday while extending this month’s trading range. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes above 81.97 or below 79.62 are needed to clear up near-term...

The NASDAQ 100 closed sharply higher on Wednesday due short covering as it consolidated some of this week’s decline. The high-range close sets the stage for a steady to higher opening on Thursday. First resistance is the 10-day moving average crossing at 1454.02. Second resistance is the 20-day moving average crossing at 1464.03. First support...

INO Market News 4:08PM Advocates blast Ohio Gov.’s proposed budget cuts 4:08PM NMU drops plans for partly coal-fired power plant 4:08PM Even cops losing their jobs in recession 4:08PM Venezuela eases price controls on basic foods 4:06PM Jobs’ liver transplant shows power of the rich 4:06PM Dollar and Precious Metals At A Glance 4:08PM CBOT...

Hat Tip Infectious Greed [via The Oil Drum] [via Goldman Sachs] [via Goldman Sachs]

Courtesy of Business Insider There was a time when Jim Cramer didn’t like Bernanke. You know, early on in 2007 he accused Bernanke of being asleep at the switch. But with the crisis abating, Cramer’s decided that Bernanke is the greatest Fed Chair ever, and he’s not happy that Darrell Issa would question Bernanke’s handling of...

Courtesy of Mish Those who think Asia is going to lead the recovery need to think again. Please consider Japan Export Slump Deepens, Casting Doubt on Recovery. Japan’s export slump deepened in May, casting doubt on the nation’s growth prospects as the economy struggles to emerge from its worst postwar recession. Shipments abroad dropped 40.9 percent...

Bankers Privilege? I want answers! Time to audit the FED.

(AP) — MGM Mirage said late Tuesday that a recently amended credit agreement as well as some offerings of stock and notes have removed doubt about its ability to continue operating. In March the casino operator faced a going concern qualification after the company delayed filing its annual results. MGM Mirage also said it may default on its debt. A...

The S&P 500 index was higher due to short covering overnight as it consolidates some of Monday’s decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends the decline, the reaction low crossing at 874.00 is the next downside target. Closes above the 20-day moving average...

(MarketWatch) – Better orders for airplanes and machinery translated into a better-than-expected 1.8% increase in durable goods orders in May, the Commerce Department estimated Wednesday. A narrower gauge of business investment marked its best increase in more than four years. It was the third increase in the past four months for durable-goods...

Courtesy of Phil over at Phil’s Stock World No change from yesterday. We’re going to be watching the same bounce levels as we were yesterday and that was 8,370 on the Dow, which was the level I predicted we’d test in the morning post and was the day’s high on the morning “rally” at 10:06, after which the Dow quickly dropped 80...

Courtesy of The Pragmatic Capitalist According to Bloomberg and Jim Reid, we’re likely to see much lower valuations (and stock prices) at some point in the next few years: June 22 (Bloomberg) — U.S. and European stocks are destined to fall below March’s lows if bear-market history is any guide, according to Jim Reid, a strategist at Deutsche...