Label The Bounce

Friends

Turnaround Tuesday, oversold rally or a dead cat bounce, whatever you want to label today’s stock market snapback, it was not unexpected. What happens after a day like this, though, starts to give us an idea of what lies ahead. If there is follow through tomorrow and the rest of the week to the upside, we might be able to see that the market’s getting past the Brexit shocker. Of course, on the other hand if we head lower, then today’s rally was nothing more than the aforementioned dead cat bounce.

We’ll try to enjoy today’s move while we can. By the close, the Dow Jones Industrial Average was up 269 points to finish the day at 17,409. The S&P 500 was up 35 points to close at 2036. Gold was down $7 to trade at $1,317 per ounce, while oil was up $1.49 to trade at $47.82 per barrel WTI.

We did get our final read on first quarter GDP and it was revised slightly upward which puts it just above 1%. Hey, at this point we’ll take it. The next few days of trading should be very interesting. We have the end of the quarter on Thursday, and of course Friday leads into the 4th of July three day holiday weekend. Let’s keep our seat belts fastened.

Have a nice evening everyone.

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