The Closing Look

Stocks opened higher on Monday after the latest Brexit poll came out over the weekend and hinted they will stay. But sellers showed up by the close and stocks ended well off their highs. The British Pound (FXB) gapped up on the news. JD.Com ($JD) rallied after Wal-Mart ($WMT) said it would sell its online business to the Chinese e-commerce company. Elsewhere, Boeing ($BA) opened higher after news broke that Iran had reached a deal to buy 100 planes. On Tuesday and Wednesday, Fed Chair Janet Yellen is going to testify in front of Congress and the actual Brexit vote is on Thursday.

Gary’s Thoughts: Huge gap…sold into…which means gap to upside again tomorrow. No…really! The game is on.