Stocks are up for a third session with DJ30, SP500, SP400 closing in on the pre-Brexit close. The other indices not so much. Growth is lagging the move even though the smaller cap indices show better percentage moves on the session.
SP500 1.16%
NASDAQ 1.12%
DJ30 1.13%
SP400 1.69%
RUTX 1.34%
SOX 1.50%
Lots of stocks again are higher but looking at many big names, they are up but not making headway. The smaller cap indices are up but at resistance. Perhaps the large caps lead here but after this three day move, still not at prior highs, there might be some 'what next?'
The central banks are doing their best. The BOE says it will likely provide stimulus 'over the summer.' Italy just got a 150B euro bank bailout, a payoff to Italy as it is likely one of the next to push the eject button on the EU. That bank largess has helped a third day upside as the central banks, similar to February, are pushing for stocks to hold.
We are mostly letting positions continue, both sides of the ledger. Stocks are coming off late a bit, may be a bit exhausted. Maybe.
We are looking at some EXAS late. It surged and is off the intraday high pretty big, but it was a good breakout. GRAM is moving, but not really making the break.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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