Major averages rose fractionally on lower volume. The NASDAQ Composite sits just between its 50 and 200-day moving averages while the S&P 500 and Dow Industrials closed just above their respective 50 day lines. Markets may remain relatively quiet ahead of Friday when the Brexit outcome is announced.
The results of the Brexit vote will not be announced until Friday 2 am ET (7 am GMT) at the earliest, so the US market can be expected to gap to some extent when they open for trading on Friday morning. Assuming the UK remains in the EU, it could be a sell on the news event should the UK market recover most of the losses that were caused by nervousness ahead of the vote. On the other hand, should material losses due to Brexit remain the day before the vote, the UK market could gap higher on the news.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2018 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.