Chop Ahead of Tomorrow’s Events

Dow: +37.46…
Nasdaq: +22.32… S&P: +3.81…

Equities have been relatively flat all week ahead of tomorrow’s full plate of events, which includes the UK general election, the latest policy decision from the ECB, and the testimony of former FBI Director James Comey.

Keeping in line with the week’s sideways trend, equities opened Wednesday’s session slightly higher but were hovering at their flat lines by midday.

However, in the afternoon, equities reclaimed their earlier gains after the prepared remarks that Mr. Comey will deliver before the Senate Intelligence Committee on Thursday were released.

The initial response was positive as market participants were seemingly relieved by the understanding that there wasn’t any overt obstruction of justice claim in Comey’s prepared statement.

Three names were put in play today. ESPR triggered this morning as the only long and I added BURL and SLCA as shorts.

BURL was a recent short that we lost a little bit on. The stock is at the upper end of this recent little rally channel. I like the risk reward and I’m using a tight stop. Also, for you techies, it looks like the right shoulder of a bearish head and shoulder pattern may be in motion.

I also added SCLA short today as well.  Looking for 30-31


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