Stocks are attempting to bounce off a double bottom formed over the penultimate hour. A modest bounce has started, and modest is the operative word. It has a LOT of ground to make up and with just over a half hour left, it is not that promising.
Most stocks are getting boxed around pretty hard. Oil, biotech, some chips. If they cannot put together a significant bounce we will be closing some positions. Yes it is Friday and it is just a pullback, but the breaks in some stocks are more than you want to see on a second day of a test.
The big event appeared to be a poll released regarding the Brexit vote to come. 55% want out to 45% wanting status quo. Stocks started lower but were moving up in some cases, holding the line in others. When this poll hit, however, the move was decidedly lower to session lows.
Again, bouncing some near the close, but needs to do a lot more
SP500 -21.77, -1.03%
NASDAQ -67.21, -1.35%
DJ30 -131.42, -0.73%
SP400 -1.46%
RUTX -1.64%
SOX -1.70%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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