Markets July 1

Markets have recovered strongly from the brexit. Nasdaq spent the last three sessions rising about 1.5% a day on rising volume each day, which is very rare. At the same time soxx volume has been drying up as well as IBB. We are heading into the 4th of July holiday so the trading is prob a little distorted. I will wait for trend confirmation next week as big supply zones are overhead and a pullback looks to be in store.

Also pullbacks look to be in store for oil and precious metals as well. Perhaps a bigger one for metals than oil. Nat gas also looks very extended but it may just run like gold did early this year. Basic materials have also been performing well since the brexit Shock so I will be watching for confirmation and a pullback in the coming days for entry.

I will be spending time this weekend reading a little bit about canslim stock screening and finding new candidates to enter in case the market turns up and confirms. 

Update: markets close with big gains and string finish for gold and basic materials. SXCP up 13% 


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