My view all month has been that June was a buy the dip for strength into July in the stock market. On the weekend I discussed some stocks to WATCH (specifically watch, not short), for clues on whether the market was starting to get tired. These stocks included the airline stocks as well as Nike and Visa. Since all of these stocks have pretty much gone up since Monday open in New York, the market is telling me it’s too soon to think about short, and odds lie toward new highs. After the close on Wednesday there was significant dark pool activity. I don’t know whether it is long or short. It does establish the Wednesday close in the SPY as an important level going forward — a sort of line in the sand for bulls and bears.

Thanks,

Joe