Thursday, June 30, 2016

End of Day Post

The markets are seeming to say, "Brexit? What Brexit?" this week. All three majors have recovered most of their losses since last week's surprise Brexit "Leave" announcement.

For the third day in a row, all three majors were positive, each closing up over +1.3% today. The S&P 500 and Dow both broke through their 50-day SMAs, while the Nasdaq just inched above both its 50- and 200-day SMAs. Interestingly, the last three days' gains have all come on decreasing volume.

The second quarter of 2016 ended at the close of market today. While the both the Dow and the S&P 500 are up slightly in 2016 (around +2.7%), the Nasdaq is down over -3% year-to-date.

With only one day left before the U.S. holiday weekend, we do not expect much volume in the markets tomorrow but we could see some volatility. Attend to any weekly options positions that expire tomorrow and keep an eye on where we close out the week.

Don't forget, we are skipping the Trading Room this weekend due to the holiday.

Have a great holiday, everyone!

Your Maverick Trading Team