Nothing to see here, really, as markets took Tuesday to bounce back from the losses incurred by the Brexit result.
Participants in the market will likely take today's action to suggest that the initial panic was overdone, and that Britain leaving the EU is no big deal.
The truth may be something different from the offered narrative, but it is too early to confirm any kind of trend, although the Dow, in particular, will have to do some heavy lifting to retain its prior range between 17,500 and 18,000.
New all-time highs are still within hailing distance (S&P: 2134; Dow: 18,351; NASDAQ: 5232), though they are already more than a year old, getting stale and beginning to smell moldy.
Caution is still advised when dealing with a global financial system based entirely on the promises and good faith of either governments or central banks, mostly the latter.
Tuesday Turnabout:
S&P 500: 2,036.09, +35.55 (1.78%)
Dow: 17,409.72, +269.48 (1.57%)
NASDAQ: 4,691.87, +97.42 (2.12%)
Crude Oil 47.98 +3.56% Gold 1,314.70 -0.75% EUR/USD 1.1089 +0.61% 10-Yr Bond 1.46 +0.07% Corn 394.00 -0.06% Copper 2.18 +2.56% Silver 17.81 +0.34% Natural Gas 2.88 +5.25% Russell 2000 1,106.86 +1.58% VIX 18.89 -20.80% BATS 1000 20,677.17 0.00% GBP/USD 1.3354 +1.05% USD/JPY 102.6650 +0.76%
Tuesday, June 28, 2016
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment