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Upside limited & Equities could give back 50% of last week's rally

 US Equity futs down nearly 0.70% following suit to the weakness in Europe along with Asia, with Crude down nearly 2.7% and Bond yields continuing to plummet, with 10yr Yield down to 2012 lows for first time in 4 yrs and German bunds trading down to -0.15 bps- SPX overdue for at least a minor pullback after gaining more than 5% in just the last few trading days and this am we're seeing S&P, DJIA and NDX all testing last Friday's lows.  Overall, upside should prove limited in the next 3-5 days and expect that S&P could give back 50-62% of prior rally before stabilizing and turning higher-  Breadth and momentum remain strong overall on snapback post BREXIT,  with Advance/Decline moving BACK to new all-time highs last week which historically has been quite bullish for stocks.  For today, expect that 2082-4 and then 2073-5 are possibilities for support while 2104 important on the upside-  Early movers:  ADVANCERS:  INSY, XBIT, GRSH, and on downside- ABIL, TSLA, FCX, CHK, ILMN, RIG-  Energy stocks might show greater than avg weakness today given near 3% decline in WTI..while Financials likely to also be weak with severe drawdown in Yields.  Look to buy dips in Healthcare and Industrials given last week's progress while eyeing Consumer Discretionary given this sector starting to stabilize increasingly more