A second bonus, though I'm already growing weary of writing about this, is today's Washington Post column about the Brexit. I'm including only the link since it's already old news and I do think the headlines says it all anyway: Investors, Forget the Brexit! Stay Calm, Know Your Investment Plan, and Stick To It! The worst thing anyone can do right now is panic and sell on a low. What everyone should be considering, as appropriate to one's goals, is to be looking at this market shock as a buying opportunity. As I've said, I'm sure much more will be written about this in the coming days and weeks. In light of Friday's bloodbath, I hope everyone at least tried to have a good weekend.
Succinct Summations of Week’s Events for 6.24.16
Succinct Summations for the week ending June 24th
2016
Positives:
1.Despite the plunge on Friday, U.K. stocks had their best week since early February.
2. Consumer sentiment in the U.S. remains strong, coming in at 93.5.
3. PMI manufacturing index came in at 51.4, up from 50.5 previously and better than the 51 expected.
4. Initial jobless claims fell to 259k, down from 277k previously.
Negatives:
1. They Brexited, the pound fell to its lowest level since 1985.
2. S&P 500 fell 3% for the first time since August 2015.
3. Durable goods orders fell 2.2%, well below the 0.7% expected decrease.
4. New home sales came in at an SAAR of 551k, below the 565k expected.
5. Chicago Fed index fell to -0.51, down from 0.10 previously.
Trump vs. Clinton Average Polling: June 2015 - June 2016 - The Big Picture
Trump vs. Clinton Average Polling: June 2015 – June 2016
A friend and I discussed the two big polls out this weekend: One from the WSJ, the other from the Washington Post, showing a double digit deficit for Trump.
The friend argued that Washington Post owner
Jeff Bezos hates Trump, and anything in WaPo is compromised.
Between the two, I argued, WaPo was trustworthy. (I write for WaPo, and gave never been told what I can and can’t say). Ever since Murdoch bought the Journal anything remotely political is suspect (others call it “comprised”), but I still find the important business and market related coverage to be excellent, and link to it frequently.
But if you don’t like any single poll — WSJ? WaPo? — then why not just average them all? That is what Pollster.com does, tracking 473 polls from 31 pollsters over the course of a year.
Here is what that looks like:
click for ginormous chart
Source: Huffington Post
About the methodology: HuffPost Pollster (originally Pollster.com) has aimed to report the results of every public poll that claims to provide a representative sample of the population or electorate. Our criteria have always been expansive — we have included polls of varying methodology, including automated, recorded voice telephone polls and online surveys using non-probability internet samples.
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