Lots of stocks, indeed most, are trading well off their early highs. It is not a complete rollover, not at all, but the stock indices are well, well off their early highs. SOX is holding a 1.1% move, RUTX 1.25% and look pretty good though they too are well off their highs.
SP500 12.06, 0.58%
NASDAQ 35.25, 0.73%
DJ30 131.18, 0.74%
SP400 0.99%
RUTX 1.28%
SOX 1.08%
NDX 100 0.53%; Big name NASDAQ lagging again.
It is a case, as noted before not that UK staying in the EU brings any new prosperity, it just avoids the fears of uncertainty. Thus the upside on this news is limited versus the potential downside if the UK decides to leave.
MRO, CWEI and other oil stocks holding to some pretty good moves. Most others were stomping and snorting early but have yielded quite a bit. The patterns are such it makes you less than comfortable.
MRO and CWEI are decent. NFLX just hit the entry point and looking at it for the downside.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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