New financial bill to protect consumers.

The financial overhaul bill that has taken final shape would give the government a larger role in guarding the wallets of consumers — many of whom, it became clear in the financial crisis, did not always understand what they were signing up for.
The creation of a central Consumer Financial Protection Bureau will act as a watchdog to safeguard consumer interests.Formerly there were too many scattered agencies and are inefficient in monitoring the tricks and traps and the fine print laid out by those finanacial instituitions.
Auto dealers would not be subject to the new bureau’s oversight, for instance. And stockbrokers and annuity peddlers are still not required to act in their customers’ best interest, at least not initially. But mortgage shoppers stand to gain under the new rules, and millions of people will now have access to a free credit score.
The bureau would be housed within the Federal Reserve, and headed by a director appointed by the president and confirmed by the Senate.
The new bureau would write and enforce rules for most banks, mortgage lenders, credit card and private student loan companies, and payday lenders. Smaller banks and credit unions, or those with less than $10 billion in assets, would have to obey the consumer bureau’s rules. But the smaller institutions’ enforcement and supervision would remain with their current regulators, said Travis Plunkett, legislative director for the Consumer Federation of America.

Tracking the Dow Friday,25/06/10.
Asian Index Futures Expiry:30/06/10.(Rollover contracts begin)
9:30am:--A shooting star opener.Disappointing data,GDP reading Q1 expanded 2.7%(expect 3.0%).Bearish continuation.
10:30am:--Bearish hammer.Personal consumption growth for the quarter was revised lower to 3.0%.
11:30am:--Double bottom,bulls finding ground. June Consumer Sentiment Survey from the University of Michigan came in at a slightly improved 76.0.
12:30noon:--Bullish shooting star at consolidation lunch hour.A positive reaction to the financial reform bill has helped financials trade with strength.
1:30pm:--A new session high being checked by a bearish shooting star.
2:30pm:--Bearish engulfing.
3:30pm:--A pullback that failed to hammer the MAV support line.Bullish spike.
4:00pm:--Last minute short-cover.
A week of downtrend with alternate dojis.The first is a graveyard doji and then two hangman dojis.
This must be a first half year window dressing,financial companies might be rebalancing stocks portfolios or derivatives positions in anticipation of this tougher rules:-"Volcker rule" -- named for former Fed chief Paul Volcker -- that would limit insured banks' speculative proprietary trading activities. The controversial proposal would also force big banks to divest their major interests in hedge funds and private equity firms, allowing them to hold no more than 3% of a fund's capital, though big banks could have as long as seven years to comply. The House-Senate bill also includes a controversial measure that requires big banks to divest certain derivatives units, such as those trading credit-default swaps, into separately capitalized affiliates.