Choppy trading session as neither the bulls nor the bears are holding on to any king trading edge here.
This is in large part due to the suspense that the Brexit vote has the market in. Odds seem to point at them staying, however polls today show the “leave” vote evening up the score.
Where do I think it will ultimately go? I think they will remain, simply because the centralized power hates any thought of decentralization (just ask the Fed) and the people’s vote to leave the European Union may be what happens, but ultimately, the powers that be will force them to stay. Politicians never give up power.
As for the watch-list below. The bears could become relevant at any moment here. I am 20% long, 10% short on this market. Personally, I’d like to see a legitimate sell-off that takes price below some key support levels. I think it is the easiest path to profits at this point. The shorts I’ve listed have a number of setups that aren’t quite ready yet, but are hovering just above key support levels with double tops and head and shoulders patterns, and the like.
So be patient with this market, I’m not sure I’ll see a trade worth taking in any direction today, as the market is simply dull and boring right now.
Be sure to checkout more of Ryan’s Swing-Trades at SharePlanner.com