Highlights
- The market's resilience despite META's disappointment confirms that it is just too oversold to make downside progress from here.
- We reiterate our view that we are in for a sideways, choppy summer leading up to the election, and that investors are better off fading the market's most recent move in either direction.
- With that, we expect a rally back to resistance, at which point we will be in a better position to reduce longs, add shorts, or simply hedge.
