The markets continued to move higher today, displaying some bullish confidence. All three majors pushed above resistance levels and into new highs for the year. The Brexit looked to do little except fuel a bullish surge in the U.S. markets.
Volatility is back down to levels not seen since August of last year. Complacency and bullish sentiment is indeed in control here. The next question is, "When will the markets take some profits?" Even a healthy bullish move needs a pullback. However, the worst thing that you can do is to guess when it will happen.
We are coming into earnings season and July monthly options expiration is this week, so we do have some things that could slow this move down here. Keep these events in mind, but don't take action until it needs to be taken. Don't get too aggressive to the bear side if we see a bull pullback over the next week or so.
See you on Wednesday's Mid-Week Trading Room Update class!
Have a great night,
Your Maverick Trading Team
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