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Just about the only bright spot for me today has been my Steelcase short, which tumbled about 13% after hours yesterday. I promptly covered this morning, for the reason that it was awfully close to a huge amount of trading activity (tinted below) which I felt would represent a strong base. Good thing, too, as it is erasing most of its drop. The closer it gets to its gap, however, the more appealing it will become to re-enter this as a short.
The closer we slip to 131.69, the more attractive I believe bonds are as a long position. Of course, I am not touching a thing until this Brexit insanity is done.
The markets have been moving significantly on every new Brexit poll and moved up hard overnight on polls showing that the Remain camp now have a clear lead. My working assumption all along, as I’ve mentioned regularly, is that Britain will vote to stay out of fear of change. The status quo generally has the edge on these kinds of referendums for that reason.
This gap up may mean that closing resistance at the daily middle bands on SPX and RUT may break today, if bulls can sustain the move into the close. We’ll see whether they can but regardless of that, when there is a likely Remain victory overnight tonight there may well be another big gap up that could well have more staying power.
I am prompted to write this article because TA’s are starting to pick up on the Semiconductor index’s bullishness and even the overwhelmingly bearish website, the Daily Reckoning is calling bull on the Semiconductor sector.
These Tech Stocks Are Ready to Lead the Market. Before Buying, Read This…
The author uses only charts to clue readers in to this little secret (Semis led the market down and now they are leading it up) but there is much more to the story, and since it has been our story (for its upside and downside market leadership) since 2013 I’ll lay claim before the whole enchilada opens up and every wise guy with a chart or a stock pick is touting the Semis.
