Friday was definitely considered a big news day wiith the UK election results and Nasdaq/Tech drama. The UK election did indeed spring a surprise, with Conservatives holding on, but it turned out to be only by a whisker, and Sterling plunged as a result.
The only certainty in the UK right now is that there will be more uncertainty in the short term, but that will also lead to opportunities … it always does.
And what about the Nasdaq and Tech stocks? This was not an overnight gap down, but a concerted surgical profit taking move that took the market by surprise. In such a case largely profitable positions would have been exited, which is fine. The markets don’t provide guarantees, and Guy Cohen always prefers adverse behaviour to occur during trading hours rather than overnight gapping.
The banking stocks were among the beneficiaries of the tech slump, with BAC, GS and JPM all defying their head and shoulders setups for now.
See what Guy Cohen predicts will happen next for the markets….
Read The Capitalist’s Take Here
PUERTO RICO VOTES IN FAVOR OF BECOMING 51ST STATE
Puerto Rico voted overwhelmingly in favor of statehood on Sunday in a referendum that begins the steps toward sending representatives to Washington, D.C.
According to The Wall Street Journal, 97 percent of voters chose statehood, though turnout was only about 23 percent. One-and-a-half percent voted for independence from the United States, according to Decision Desk HQ, while 1.3 percent voted to keep the current status of a territory of the United States.
Read More at The Hill Here
Read More at CNN Here
Read More at Business Insider Here
JEFF IMMELT LATEST MANUFACTURING CEO TO RETIRE AFTER 16 YEARS AT GENERAL ELECTRIC
General Electric, the sprawling maker of jet engines, light bulbs, M.R.I. machines and countless other products, is getting new leadership for the first time in 16 years.
The company said Monday that its longtime chairman and chief executive, Jeffrey R. Immelt — who worked to refocus G.E. on its industrial roots after the 2008 financial crisis made its vast financing business much less attractive — would retire and be succeeded by John Flannery, the chief executive of the company’s health care division.
Read More at NY Times Here
Read More at Fortune Here
Read More at CNBC Here
– Monday, June 12th
Markets Drop DOWN as Tech Continues Fall
Big Insider Trades
– Zayo Group Holdings, Inc. (ZAYO) CEO Dan Caruso Sells $1.6m
– IDT Corp. (IDT) Chairman of the Board Howard Jonas Buys $15m