While everyone weighs and waits for the Brexit vote, don’t overlook the semi-annual Federal Reserve Chairman testimony in front of Congress this week.  Formerly known as Humphrey-Hawkins testimony, the grilling begins in the Senate on Tuesday and the House on Wednesday.  In addition to attempts to sway opinion and the policy beyond the purveyance of the Fed, we should get questions that really matter on the economy and interest rates.

On Friday, the market took a defensive turn with investors not shifting to the sidelines or treasuries camped out in blue-chip names.

NYSE

New Highs: 92
New Lows: 15
Advancers: 59%
Decliners: 38%

NASDAQ

New Highs: 41
New Lows: 43
Advancers: 41%
Declines: 56%

The Dow is still locked in the range that’s actually locked in a multi-year range.  This is a time to be coy, but also understanding that good stocks are drifting on anxiety.  Those names are high on our ‘buy list,’ but the risk is pulling back from key support points.

Today’s Session               

Global markets are up big on a new opinion poll that shows that Britain is going to vote to stay in the EU. U.S. equity markets are up double digits as oil goes higher, and gold and the dollar decline. We have lots of names on our shopping list, but let’s make sure this isn’t a head fake.