Friday, June 24, 2016

World not melting down from Brexit

On Wednesday the S&P 500 went up 30 points in anticipation of a Remain vote outcome.  Which is pretty stupid.  A Remain success meant that nothing changes.  So the market went up 30 points on the great investment logic that nothing changes.

As I write at 8:50 am PT, the S&P is down 56 points.  Subtract 30 from that and the market is down about 26 points from Wednesday.  Which is 1.2% which is not that big of a down day any longer.  Or an up day.

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