Major averages finished Friday near break even on lower, below average volume. It was a quiet day all around as the majors have spent the last several days moving tight sideways as they digest the sharp gains on their post-Brexit move higher. The NASDAQ Composite achieved its highest closing high in history on Friday after failing to hold its all-time intraday high on Tuesday.
A number of emerging leaders on which we sent reports have shot higher as noted in our Weekend Review and Focus List. We also note that a large number of big-stock NASDAQ names are in tight consolidations, such as AMZN, BIIB, FB, GOOGL, MSFT, and PCLN, for example, as they mimic the NASDAQ Composite. If these names begin to push up and out of their tight formations this could easily help drive the index much higher.
Trading overnight in China and today in Europe so far remains relatively calm with markets trading higher. US futures are mildly higher at the time of this writing.
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