Discussing the Morning Action

Several prominent consumer names, such as F HD LVS V, are all bear-flagging on daily timeframes and in the red as I write this.

However, with the indices still drifting up and intraday pullbacks being bought up by eager dip-buyers who no doubt feel emboldened about the lack of a post-Brexit bonafide crash, I suspect holding off on pressing swing shorts makes sense until after the Fourth of July holiday, at a minimum. 

Instead, the focus turns to stocks which have exuded relative strength during the last few weeks. HSY and MBLY are both spiking up on news today (MBLY already had an improving chart, and HSY is a perennial takeover target). But, beyond them, a biotech like EXAS and some hot medical device charts, overall, are on the radar for fresh money longs. 

The S&P 500 Index is suddenly closing in on a major upside target. we have been discussing for Members, which should provide insight as to whether this market has fuel for new highs and effectively erasing the Brexit drama, or instead will turn back down to cause more consternation for bulls.