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24Jun2016 Market Update: DOW Down Nearly 3%, Global Stocks Reeling From Brexit And Gold Prices Skyrocketing

Written by Gary

U.S. stocks fell sharply with the Dow Jones industrial average dropping as much as 538 points, a wave of carnage is sweeping through the global markets with no end in sight. The Sterling has plunged, world equities and government bonds yields are tumbling, crude is deep in the red and gold prices have surged.


Here is the current market situation from CNN Money

North and South American markets are sharply lower today with shares in U.S. off the most. The S&P 500 is down 3.14% while Brazil's Bovespa is off 3.13% and Mexico's IPC is lower by 2.64%.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall St. slides after shock Brexit vote

(Reuters) - U.S. stocks fell sharply on Friday, with the Dow Jones industrial average dropping as much as 538 points, as Britain's vote to quit the European Union roiled global financial markets.

World stocks tumble as Britain votes for EU exit

NEW YORK (Reuters) - Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money poured into safe-haven gold and government bonds. Sterling suffered a record plunge to a 31-year low.

Fed says ready to provide dollar liquidity after British vote

WASHINGTON (Reuters) - The U.S. Federal Reserve sought to calm global financial markets on Friday by saying it was ready to provide dollar liquidity following Britain's vote to exit the European Union.

U.S. business spending weak in May, Brexit seen adding more pressure

WASHINGTON (Reuters) - New orders for U.S. manufactured capital goods unexpectedly fell in May as demand declined broadly, indicating business spending will remain a drag on economic growth in the second quarter.

UK 'Leave' a final nail in the coffin for stalled U.S.-EU trade deal

WASHINGTON (Reuters) - Britain's looming exit from the European Union is another huge setback for negotiations on a massive U.S.-EU free trade deal that were already stalled by deeply entrenched differences and growing anti-trade sentiment on both continents.

SEC accuses Breitling CEO, others, of $80 million fraud

(Reuters) - The U.S. Securities and Exchange Commission on Friday charged Breitling Energy Corp, its chief executive and seven other people with defrauding investors out of around $80 million by misleading them about the value of oil and gas assets.

Sterling pares losses after hitting 31-year low on Brexit

NEW YORK (Reuters) - Sterling pared losses against the U.S. dollar after plunging 10 percent to its weakest in 31 years on Friday following Britain's vote to leave the European Union, but still remained more than 7 percent lower on widespread market uncertainty.

'Safe haven' U.S. tobacco stocks light up amid Brexit gloom

(Reuters) - Shares of the biggest U.S. tobacco companies were up on Friday as investors viewed them as safe investments amid a sharp slump in U.S. stocks after Britain voted to leave the European Union.

Gundlach: DoubleLine sold its European equities late Thursday

NEW YORK (Reuters) - Jeffrey Gundlach, chief executive of DoubleLine Capital, said on Friday his firm sold all of its European equities holdings before the market closed on Thursday, following a strong rally in global stocks.

Greenspan: "This Is The Worst Period I Recall; There's Nothing Like It"

During a CNBC inteview today, when discussing the historic Brexit vote outcome, Alan Greenspan unleashed a fiery sermon that could have been prepared just by reading a random selection of posts from this website, the former Fed chairman told his shocked hosts that the current period, far from the raging "Obama recovery" spun every day by adaministration propaganda appratchicks and one that prompted the Fed to unleash a ridiculous rate hike cycle in December just as the US is sliding into a recession, and is instead the "worst period" he has seen, surpassing even the infamous Black Monday in severity.

"This is the worst period, I recall since I've been in public service. There's nothing like it, including the crisis — remember October 19th, 1987, when the Dow went down by a record amount 23 percent? That I thought was the bottom of all potential problems. This has a corrosive effect that will not go away. I'd love to find something positive to say."

EXCLUSIVE » Fmr. Fed Chair Greenspan to CNBC: "This is the worst period I recall since I've been in public service." pic.twitter.com/mu0p471fAm

— CNBC Now (@CNBCnow) June 24, 2016

Of course, what he is referring to was a market shock which was the result of a massive capital account imbalance resulting from the aftermath of the Louvre Accord coupled with the then trendy Portfolio Insurance (in which everyone was on the same side of the boat, much like now) and not so much an all out economic malaise. Which, however, does beg the question when a Black Monday-like market crash is coming?

...

Gold Surges 15% To £968 Per Ounce - BREXIT Creates EU Contagion Risk

Gold Surges 15% To £968 Per Ounce - BREXIT Creates EU Contagion Risk

- Sterling and euro have fallen sharply on fx markets
- Gold bullion surged 20% in sterling to £1,015/oz
- Gold now 15% in higher in GBP at £967 per ounce
- Gold 8% higher in EUR and 5% higher in USD
- Stocks globally are down sharply - FTSE down 9%
- European stocks down sharply
- Euro Stoxx 50 Futures collapsed over 11% at the open
- Bank shares are down 20% to 25%
- Cameron has resigned - adding to uncertainty in markets
- Record online sales at this time of day for GoldCore
- Nearly all buyi ...

A Veteran Trader Explains "The Essence Of Mayhem-Day Survival"

"On days like today," Bloomberg's Richard Breslow explains "there's a penalty for overthinking. And a premium for being able to pull the trigger." That's the essence of mayhem day survival...

It's done. Britons voted to leave the EU. But this isn't the time to be sitting around with mouth agape, shaking your head. Market technicians talk about "key day reversals." They're important signals that are ignored with peril. Warning of a powerful rejection of a trend at its most extreme. If you look at the charts this morning you'll find them all over the place. Daily, weekly and monthly charts confirming each other.

In this case, it's an even more imperative call to action because it had a major fundamental cause. A key day reversal for U.K. governance with global economic implications.

Traders can't sit with positions that are obviously wrong way round hoping for a bounce. Hit the bid, get square, sell some extra if you think it's going to keep going. There's no clear thinking while you watch your trading life pass by your eyes.

Better if it bounces and you didn't get the best level than keep passing on lower and lower prices: which is soul-destroying.

Volatility is scary because central banks have tried to distort it out of existence. But the truth is, this is going to be a ...

Brexit: A Seismic Slap in the Face of Markets

Markets got Brexit dead wrong. Now comes the fallout.

Why 'Brexit' Is No Lehman

Massive market dislocations such as the immediate aftermath of the shock Brexit vote on Friday invite superlatives. But neither the change in the VIX volatility index, nor its absolute level, would make a mark in the record books—not even close.

Looking for 'Brexit' Bargain Stocks? Be Prepared to Dig Deep

Bargain-hunters need creative thinking and an appetite for risk as they look through the wreckage in markets following the 'Brexit' vote.

The Wall Street Journal: Aeropostale asks judge for permission to pay millions in bonuses

Aeropostale, which filed for bankruptcy protection, has asked a judge for permission to pay up to $3.41 million in bonuses.

Chuck Jaffe: Why today's Brexit market turmoil should be a non-event for your portfolio

Don't blow up long-term investment horizons over a significant event whose impact quickly will pass, says Chuck Jaffe.

Rex Nutting: Brexit's message: It feels good to tell them all to bugger off

What happens when you take away hope? You get a riot. That's what the Brexit vote was: A riot, a lashing out against The Man, the oppressor, the one who stole your dreams. Burn it down, baby.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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