Market Wrap (recording & summary)

Never step in front of a new extreme on Friday afternoons. It has been some time since the market had the opportunity to teach that lesson. This Friday made up for that lost time by ticking up, up, up ahead of this weekend’s Brexit vote.

Oops, I mean the French vote. Which is being approached similarly to Brexit, which was held on a weekday. Price had ticked up relentlessly through the Globex open, until the first polling station reported results for Remain that were narrower than expected. Granted, the polls aren’t nearly as tight, (or tight at all). But a win by the market’s favorite son won’t necessarily be a win for the market. Excessive optimism is difficult to satiate.

Friday’s 2396.00 cash session close was 5 points above the week’s highs. Futures closed another 3 points higher at 2399.00. Both are above March’s 2391.00 prior high close, although only futures exceeded March’s 2397.25 high close. The high’s retest is likely to visit 2405.00, if not also 2415.00. Sunday night and Monday morning will be fun.

Details and other markets coverage are discussed in the post-market Wrap recording here.

I’ll send Saturday Review login instructions in the morning… See you there!