Traders still in shock!

Market Recap for Monday, June 27th, 2016

 

Sunday, June 26th 2016 - Rockwell TradingAnd the volatility continues...

Although it was a slow day for the economic calendar, post-Brexit volatility was in full effect as stocks dropped for the 2nd day in a row.

Stocks were down across the board as the major indices began the day with a gap lower.

Once Friday's lows were broken, the E-Mini S&P was in a virtual free fall. But after sliding 18 points, the S&P sound support around 11am ET. Stocks then spent the rest of the session in a choppy range, trading above session lows.

The S&P eventually found support around the 2000 mark, finishing the day at levels not seen in 3 months. The S&P has lost 5.3% since Thursday's close.

Here's where the major indices ended the day:

  • The S&P finished with a 1.8% loss. Down 37 points, the S&P ended at 2,001.
  • The DOW ended 1.5% lower. Losing 260 points, the DOW closed at 17,140.
  • The NASDAQ was down 2.4%. With a 114 point loss, the NASDAQ finished at 4,594.

It was another ugly day for Crude Oil (CL) as well.

CL finished the session with a 2.4% loss. With a close of $46.48, CL ended the day at the lowest levels since May 10th. CL has lost 7.3% in the last 2 trading days.

One of the stocks hardest hit today was Barclays (BCS). Barclays plunged 21% over multiple downgrades that were triggered by Brexit concerns.

The British pound was pounded for the 2nd day in a row. The pound is now trading at a 31-year low against the dollar (down 12% since the Brexit results).

Looking at the economic calendar, we have two key reports  Final GDP at 8:30am and Consumer Confidence at 10:00am ET.

 


This Week's Economic Calendar


This Week's Economic Calendar

Real Time Economic Calendar provided by Investing.com.

Have a great trading week!

Like it? - Share it!

Leave a Reply 1 comment

Leave a Reply: