Pick a Side, Any Side

Bulls did what they had to do today to stave off the selling in biotech and other names gathering steam to the downside. Despite biotech still clearly in the red, with horrific price action on virtually all timeframes for the likes of BIIB CELG GILD REGN, bears simply cannot muster the power even to hold the indices red. 

I suspect we may be seeing a bit of a holding pattern into the "Brexit" vote this Thursday, however, where overly-aggressive positioning either way is likely incorrect. Instead, we have some more rotations in play, namely most things natural gas-related today, as well as the usual standout individual issues in tech. 

I should also note that Treasuries are showing a bit more of a textbook reversal lower in recent sessions. 

On the weekly chart for TLT, below, note the reversal candlestick last week with actual downside conformation this week. Should the Brexit vote fail to inspire a move back into U.S. Treasuries, we have the makings of a more meaningful pullback coming in the bond market. And I am not so sure that guarantees anything regarding stocks.