At the end of a very volatile week, the S&P500 which started with the Brexit crash, finished up by 3.2%. Two reasons prevented the crash, we discussed both last week: The first one is the high probability that the Brexit will delay a new interest hike, and the end of quarter "Window Dressing", when the institutional traders are expected to buy and keep the market high in order to display high returns. Both of the factors prevented the market from continuing the crash and we have seen, in fact, a very strong upside week. The level of uncertainty remains high. Good news are not expected to drive the market higher, however, bad news may initiate some selling pressure, which may be much stronger than the buying pressure. What may move the market next week is the June employment report that will be published on Friday, and the quarterly earnings season, which will open soon.

Let's take a technical view of the market. Watching the S&P 500 daily, we can see the Brexit breakdown, however, we can also see how the market returned. As you can see, we are at a very strong resistance point and I don't expect, as mentioned earlier, the market to continue higher, however bad news may drive the market lower.

Let's take a look at last week picks. We had two picks from two weeks ago. The first one was Crown Castle International (CCI  ), which finally reached my target and reaching 7,8% profit. However, again, just as a reminder, I sell three quarters of my quantity at 3% gain and then leave the last quarter with the stop at the entry price. So I am just following the last quarter right now and I will not let it move under my entry price. The second pick from two weeks ago was American Electric Power (AEP  ), which also reached the 3% target, up by 4,6%. We also had two shorts last week. The first one was Morgan Stanley (MS  ), which did gapped down. It did great, but for swing I never chase stocks that gap down. Morgan Stanley did trigger, but there is no entry because it gapped down. The same happened to Goldman Sachs (GS  ). So both our shorts gapped down and we didn't get any entry.

Let's have two picks for this week. My first pick for the week is U.S. Silica Holdings (SLCA  ) long over 35,66 USD. SLCA is a silica producer in the US. On the chart we can see a very nice uptrend. My second pick for the week is Yahoo (YHOO  ) long over 38,19 USD. We can see a very nice consolidation at the highs. It looks like Yahoo is gaining some power in order to move over the recent highs.