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SYDNEY (MarketWatch) — Asian shares mostly advanced Tuesday to pare some of Monday’s steep losses, as investors hoped that policy makers would step in to stem growing concerns over the global economy.

http://www.marketwatch.com/story/asia-stocks-rebound-after-steep-drop-2012-06-04

Today, the United States Oil Fund (NYSEARCA:USO) rebounded higher after a sharp sell off from May 2, 2012. At that time in May, the USO was trading around the $40.00 level. This afternoon, the USO is trading higher by 0.30 cents to $31.73 a share. The daily chart of the USO will usually trade inverse to the U.S. Dollar Index. This afternoon, the U.S. Dollar Index futures (DX-M2) are trading lower by 0.29 cents helping to inflate oil higher. The daily chart of the USO remains very weak and in a down trend, however, the USO is short term oversold. Often, equities could see some minor bounces from oversold conditions before moving lower, which could be happening today in the USO. Short term traders can watch for intra-day resistance on the USO around the $31.80 area. 

Some leading energy stocks also caught a small bid higher today as the U.S. Dollar Index pulled back. Leading energy stocks such as Chevron Corp (NYSE:CVX), ConocoPhillips (NYSE:COP), and Suncor Energy Inc (NYSE:SU) are all trading slightly positive. All of these stocks remain in a confirmed down trends by trading below the important daily chart 50, and 200 day moving averages, however, these stocks are all oversold in the short term. 

Better than expected economic data made the dollar appear like a ruby in the rubble that everyone wanted to own. Unfortunately the world’s appetite for dollars changed after Friday’s abysmal non-farm payrolls report. Investors are rethinking their strategy of buying dollars blindly now that they know the U.S. economy faces as much risk as the Eurozone. 

http://www.fx360.com/?et_cid=21432912&et_rid=wallstreet1928@gmail.com

Talk of possible further fiscal consolidation in the EZ helped steady the euro. Over the weekend financial press reports suggested that European leaders are considering  the creation of a central European authority to manage euro area finances, as well as an expansion of power for the European Commission, European Parliament and European Court of Justice. Such policy would move the EZ towards a much more integrated fiscal union providing much better credit support for the region including the prospect of Eurobonds.

http://www.fx360.com/commentary/boris/7673/risk-fx-stabilizes-on-talk-of-fiscal-union.aspx

This leading financial stock made a new 52 week low last week and is also currently trading at the March 2009 low level. The next important support levels for the stock are around the 2003 and 2002 lows. The low in 2003 was at $15.53, this would be short term support for the stock. The 2002 low for CS stock was $13.25. This level will be the last line of defense before fresh all time lows are made for the stock.

http://www.inthemoneystocks.com/rant-and-rave-blog/item/94691-the-european-levels-you-must-know

 The stock chart of STD looks very similar to the Deutsche Bank chart. This tells us that the European banks are trading in tandem with each other and the banking crisis is systemic. Traders should watch for near term support around the $4.85 area which is also the March 9, 2009 low. Should the stock continue to decline below this support area the next support level on the chart is really anyone's guess. Simply put, the stock looks dreadful on the charts at this time.

http://www.inthemoneystocks.com/rant-and-rave-blog/item/94691-the-european-levels-you-must-know