Stay on or Get Off

Time seems as though it is coming to a halt in front of the big Brexit vote tomorrow. While the actual vote itself may not carry as much significance as some market pundits are arguing, clearly equities themselves remain in a holding pattern. The event, therefore, becomes a self-fulfilling prophecy in terms of the outcome and the reaction by equities. Indeed, stocks simply may be waiting on the vote as an excuse to do that which they wanted to do anyway. 

Biotechnology stocks are making some noise today with a sharp upside reversal on good buy volume earlier in the morning. I suspect $262 on the IBB ETF, below on the daily chart, needs to be cleared for the bulls to buy a bit more time for a relief rally. Still, much like the TSLA for SCTY bid, it does illustrate the need to be extra vigilant with any and all shorts in this type of market environment. 

As for equities as a whole, I will update Members with some specific levels to observe and ideas in play in my usual Midday Video now.