The market is overbought and looking to get even more overbought. A good time to have been long, but not a good time to pile on long leverage.
In any case, although I don't believe Europe has a solution, the market is acting as if it does. And although I don't believe the Supreme Court ruling is good for the economy, the healthcare industry likes it.
XLV is running at the heels of XLF and could become the long sector as early as tomorrow. Just depends on price and volume movements during the day.
Why? Well, with the mandate firmly in place the healthcare industry is guaranteed income to pay for services by a captive audience who will be punished by the IRS if they don't comply. But the healthcare industry has ALREADY jacked up rates just in case the mandate didn't make it.
That means they get paid twice.
Earnings should go through the roof.
Also of note, I have a stock rotation currently scheduled for July 6th (this Friday). That COULD change to next Monday, but it's unlikely. The most attactive industry right now is OILINTEG, with stocks like Chevron.