June 28, 2016
Do We Have a Brexit Bottom?
Of course we probably have many ups and downs to go in the process of Europe working out the problems created by the Brexit Referendum. But, if you’re wondering whether your stock portfolio is going to continue going down from here, here’s a tip for possibly figuring that out. Yesterday’s low was 1991 on the S&P 500, and today we’re getting a nice bounce. We hope it continues. The more trading days we trade above yesterday’s low the more our odds improve that we could be forming a bottom. If the market turns south and we don’t hold the low, we’re probably going to have another sell off, and the market will attempt to form another bottom at lower levels.