S&P Daily Pre-Market Prep 6/27/16

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Thursday was a ban on exit polls - so no real news then.

Friday we saw a wild ride overnight but relatively sedate in the day time.

For the next few days, I'm "100% non-technical" and looking out to exploit/not lose money on "politicians mouth syndrome". Right now EU, German, UK and US politicians can easily send this market flying with an off the cuff comment. That could go either way.

Friday was pitiful in terms of leadership in the UK. What the markets need is for some semblance that the UK government isn't running around like a headless chicken. So far, Merkel has been conciliatory but there's not really been much out of the UK government other than 2 major the parties turning on themselves.

So I don't see the point of being in a trade unless it is off the back of a strong news driven move. Mostly because I know that once I get in off a technical level, there could be a strong news-driven move against me.

In terms of longer term outlook, we didn't really break out of our intermediate term range yet (white box). If the market does collapse, then I think time is better spent looking for good long term positions. So I'll most likely spend my trading day looking for stocks that got oversold in the past few days.

Posted by Peter Davies on June 27, 2016

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