Friends
In early trading, market participants were bold in the face of tomorrows Brexit vote sending stocks nicely higher, but as the day wore on and polls showed the vote to be almost dead even, some doubt and fear crept into the equation and stocks tumbled into negative territory. It appears that traders won’t be able to focus on anything else until this vote is behind us.
By the close, the Dow Jones Industrial Average was down 48 points to finish the day at 17,780. The S&P 500 was down 3 points to close at 2085. Gold was down $5 to trade at $1,267 per ounce, while oil was down $.75 to trade at $49.10 per barrel WTI.
The voting over in England goes on all day tomorrow, so the actual results of the vote may not be known until after the market closes on Thursday and before the open on Friday. Trying to handicap what exactly will happen, regardless of the outcome, is extremely difficult because we’ve never been through anything like this. As I mentioned yesterday, the first move is sometimes a bit of a fake out move. It appears that the markets have been betting that the outcome will be that Britton will not leave the EU, so a yes to exit vote could catch some traders offside. It will be an interesting couple of days. Stay tuned.
Have a nice evening everyone.
