06 July 2016

SP 500 and NDX Futures Daily Charts - Big Healthcare and Short Squeeze

Stocks sold off in Europe, and were selling off in the US in the early hours.

And then stocks turned around. I have heard several reasons for this. I think the most compelling is that the turnaround was led by the 'most shorted stocks.'

Healthcare sector picked up the ball and provided leadership to the upside after the initial short squeezing was dissipating.

Non-Farm Payrolls on Friday.

Have a pleasant evening.