The FTSE 100 Index in the U.K. surprisingly fell just 3% (in local currency), slightly outperforming U.S. stocks.
We see some reasons to think things could actually go right during the second half of this year.
The markets are concerned that the U.K. leaving would strengthen independence movements in Scotland.
A wide gap exists between reported earnings and operating earnings for S&P 500 companies.
The month's events will be highlighted by the “Brexit” vote and the Federal Reserve (Fed) policy meeting.
We continue to expect a volatile, range-bound stock market for the balance of 2016.
The good news is that economic fears and drags from oil and the dollar are abating.
Markets do not like uncertainty, and Trump undoubtedly brings that to the table.
Value stocks have staged a comeback versus growth after a long losing streak.
The latest rally has been driven by many factors and has pushed the S&P 500 to within 2.4 percent of its all-time high.
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