What does this mean going forward? No one really knows, but we could see further downside action back to the February lows maybe. Japan's market already dropped to the Feb lows on Friday.
With all the uncertainty, including Brexit, I have a hard time thinking that the market will rally from here, especially since it hasn't been able to rally past the tops of just over 2100 for more than a year. But in spite of the huge drop on Friday, we're just back to the mid-May levels of around 2040, hardly a market crash!
Brexit cost investors $2 trillion, the worst one day drop ever
Fridays carnage:
| DOW | -610 | 3.4% |
| NASDAQ | -202 | 4.1% |
| NIKKEI | -1286 | 7.9% |
| DAX | -700 | 6.8% |
| CAC | -359 | -8% |
The British Pound was down almost 9% -a massive move for a currency!
Options watch: Take advantage of the current high Implied Volatility!
High IVR: FXE, FXY currencies! GDX, MON, POT -materials, Financials, TBT, and more
High volume: SPY, IWM, QQQ, AAPL, FB, BAC, HYG, GLD, GDX, USO, VXX, XLF, FXI, EEM EWZ, XOP
VIX is much more elevated now
All time lows: CS, LMCA, SEAS Many banks hitting 52 week lows...
Drops -TSLA
Mergers/Deals: TSLA to buy SCTY
Next week: Economic reports, Brexit fallout? End of the month & end of the 2nd Quarter.
10 year Bond keeps rising -spiked this week...
(which means lower interest rates -dropping since 2014!)
Links...
S&P 500 - turned down
CBOE VIX -rising
10yr Interest Rates -even lower!
ETFs - Ranked by YTD Percent Change
Natural Gas was unchanged, closing near 2.66
Crude Oil was down a bit, closing near 47.64
Gold was up again, closing near 1322
The 30 year Bond was up again, closing near 169.97
The US Dollar was up, closing near 95.68
NEWS:
Dow plunges over 600 points as U.K. 'earthquake' crushes global markets (vid)
Stocks Markets Globally are Plunging After Brits Vote to Leave EU (vid)
Cramer: Why now is not the time to buy
How Diane Greene transformed Google's cloud
Google's new robot can do the dishes (vid)
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