Friends
Traders all week seem to be wanting to front run the Brexit vote, betting that a no exit vote will prevail. Today was another positive trading session for stocks with market averages moving quickly higher at the open of trading, and holding on to most of those gains throughout the day, even adding to them in the last 15 minutes of trading. Now we wait with bated breath for the voting results, which are supposed to be revealed at about 2:00 in the morning our time (feel free to stay up and text me the results, I’ll be asleep).
As for today, by the close the Dow Jones Industrial Average was up 230 points to finish the day at 18,011. The S&P 500 was up 27 points to close at 2113. Gold was down $5 to trade at $1,264 per ounce, while oil was up $.91 to trade at $50.04 per barrel WTI.
Not that anyone cares, but on the domestic economic front the PMI Manufacturing Index number for May was better than expected today, as was the weekly jobless claims number. No, first we have to get past this Brexit vote, and whatever consequences, perceived or real, that will result from the decision. If the vote is no, do traders sell the news given the recent rally, or do we charge to new highs? We’ll let you know how it all plays out tomorrow.
Have a nice evening everyone.
