Richard's Thoughts on Dow Theory
As feared, the vote for the UK to remain in the EU was far from a lock, and traders had overplayed their bullish hand. Now the unthinkable is the reality, and markets spent last night and today scrambling to adjust accordingly. Further volatility is guaranteed, but for today:
London's FTSE lost a relatively modest 3.15%, while the British pound dropped 8%. German stocks fell 6.8% and European stocks as a whole declined by a whopping 7%, a sign of just how worrisome Britain's exit from the EU is. Asian markets were of course also lower, led by the NIKKEI, down 7.9%. Latin American markets lost "only" about 3%. Worldwide, shares fell 5.62%, per the Global Dow Index.
The US dollar had a good day, up 2%, though the yen did even better -- up 4% vs. the dollar! Oil prices tanked, while precious metals were the big winners, with gold up $62 ... Log in or subscribe to continue reading.
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