The FTSE 100 recovered all of its losses after the Brexit vote today as here in the US stocks recovered more than half of their losses. Preliminary results showed volume was mixed with NASDAQ volume coming in higher while NYSE volume dropped. This has been one heck of a rally the past two days and it would have been nice to see volume surge as investors rushed back into the market. Financials were the big winners on the day followed by Energy names as Crude Oil rose 4% on the session. The VIX was hit once again as investors simply are not expecting volatility to ramp back up even after the past 4 days. We have seen a tremendous 4 days with the fall and rebound. It remains to be seen whether or not Brexit will be a big drag on the economy and stocks. We will remain patient and allow the actually volatility play into our hands. Stay patient and cut your losses short.

In good news NTES broke out from its handle today. Volume was above its 50 day moving average and was good enough. Volume wasn’t tremendous, but given there aren’t many stocks like NTES out there it will certainly be one to watch. If NTES cannot hold its breakout will give a hint at to the health of the market. IPO TWLO is enjoying a great run. For those who were able to catch the move should look to take some profits. This market is quick to steal profits.

In the very short term we are in extremely overbought territory. On a daily, this market is not. A rest here would definitely do this market some good. A guess is this market continues to plow higher and filling the gap created last Friday. All speculation at this point, but this market is a bit psychotic. Anything is possible here. Keep an open mind and focus on price.

This market is crazy! Who would have thought on Monday we’d see the losses beginning on Friday would have clawed back 50%? I am sure there are a few, but a clue on Monday was the lack of movement in the VIX. What’s next to digest will be next week’s jobs report and the start of earnings season? At least we may see more fireworks. In the meantime, stay humble and focused.