Traders Brace For Brexit Vote This Week

Friends

The polls over the weekend began to give the impression that the Brexit vote might be leaning towards Great Britain not leaving the EU, and stocks around the globe liked that possibility. Here at home the Dow enjoyed quite a nice 200 plus point gain, but as the day wore on, the euphoria seemed to dissipate and stocks drifted lower, but still stayed on the positive side of the ledger.

By the close, the Dow Jones Industrial Average was up 129 points to finish the day at 17,804. The S&P 500 was up 12 points to close at 2083. Gold was down $1 to trade at $1,293 per ounce, while oil was up $1.21 to trade at $49.19 per barrel WTI.

We get Janet Yellen’s testimony before the Senate Banking Committee tomorrow, and then her testimony before the House Financial Services Committee on Wednesday. Fed watchers will be watching to see if she tempers the dovish tone that came out of the recent FOMC meeting and subsequent press conference. Of course we get the Brexit vote on Thursday, which will likely move markets one way or the other. It should be an interesting week. Stay tuned.

Have a nice evening everyone.

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