Might as Well Set Up Camp on the Range

Our working thesis over the last week or so inside Market Chess Subscription Services has been that the indices would largely be knocking out some type of range into the Fourth of July holiday, especially given the lack of immediate downside follow-through by bears in the wake of last week's FOMC fallout. And with Bitcoin apparently stabilizing in the interim, another opportunity has been squandered by bears for some pre-Fourth fireworks. That is not to say that bulls are in the clear--Quite the contrary, actually, as upside figures to be capped for a variety of reasons.  

But for opportunistic trader, that likely means we simply need to be both precise in identifying the fast-moving rotations, and then quick to lock in gains when the present themselves. As an example, consider select REITs moving nicely this morning. 

MAC is a name we are playing and one I have discussed often this year, a squeeze play improving technically. But also consider AHT IVR, and SKT (daily chart, below), which have all shown some good momentum at various times of late and seem to be pricing in a robust re-opening. 

Overall, my bias continues to be a rangebound market into the Fourth, which is going to frustrate directional index players but can prove fruitful for traders putting in the work to identify quick rotations.