By Otto Rock of Inca Kola News
Yes gold is up big and yes the main indexes are down big, but…
…this is no Black Friday.
Yes, negative 2% and negative 3% days on the broad market indices aren’t a welcome sight (unless you’re short) but they’re nobody’s idea of a crash, either. There’s no need to panic.
The major loss on all boards is that of the British Pound (GBP), which is also off its lows of 1.33 at the worst of the action (overnight Americas) but at $1.38 and bits is still down a record amount for a single day. That, along with the way that most other things are down but in an orderly fashion, suggests that it’s the UK and the UK alone that’s going to be hit by the longer-term effects of this Leave result. Whether or not that’s true in the longer-term is up for debate, but that’s the market thrust this morning and it makes enough logical sense, too.Subscribe to NFTRH Premium for an in-depth weekly market report, interim updates and NFTRH+ chart and trade ideas; or the free eLetter for an introduction to our work. You can also keep up to date with plenty of actionable public content at NFTRH.com. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.