One Last Thing

The declines today in US stocks need to be taken into context with the moves we've seen since last week.  For example prior to last night's vote, the S&P 500 had advanced nearly 2% since June 17th in anticipation of a remain vote.  Subtracting last week's gains from today's decline and you have a market that was down a bit over 1.5% today.  Further, it is likely markets would have been weak in the days preceding Britain's referendum if the prevailing wisdom had been that "leave" was going to win.   In that case we may have been at the same spot by now but without the shock of the unexpected result.

We'll have to see what Monday brings.  A lot will depend on news flows and how investors digest this news over the weekend.

*Long ETFs related to the S&P 500 in client and personal accounts, although positions can change at any time.