there, sister. >> absolutely. our thanks to bill griffeth who joined us the first hour and simon hobbs. we'll see you at "fast money." we wrap it up on "power lunch." thanks for watching. "closing bell" picks it up right now. hi, everybody, and welcome to the "closing bell." i'm kelly ervans at the new yor stock exchange. >> and i'm bill griffeth. after that historic night where great brittain voted to leave the european union. it will be a very interesting last thundershower say the least. >> we have an all-star lineup of guests including bond guru bob miner, dallas president richard fisher, michael duffy and michael beal who predicted a selloff like this two days ago on the "closing bell." >> using data that sort of -- an

amalgamation of data that we don't arch put together. it's very interesting his kind offer er, we'll get to thachlt in the meantime, we have full day coverage. bob pisani has been covering it for us. bertha coombs at the nasdaq market site and wilfred frost is live for us once again in london with what may be next for the uk. bob, why don't you start us off here. >> we're essentially at the lows for the day. it's going to be a complicated close thanks to the russell 1,000. come on over here. excuse me, old boy. take a look at the financials. goldman sachs and the financials. they all rallied in the middle of the day. goldman's been around 141 for most of the afternoon. anyone you move to your left here, let me just show you nike. many of the consumer discretionary names have had a tough time. nike has had a lot of sales in europe, about 20% of its sales

are in europe right now. it rallied in the middle of the morning, but it's also drifted lower here, up well off of the close. 52.82. it's been here for a good part of the late afternoon. of course, the name of the game, sensitive interest stocks with no prospect of an interest,ing in that has got a nice yield. here's the one, verizon, that's been doing well all throughout the day. of course, verizon has got more than 4% dividend yield. verizon and others have been doing well on top of that. caterpillar is another one. the big industrials. the bigger problem, strong dollar really hurts industrial names like caterpillar, 3m, general electric. most those have been down for the day. caterpillar hasn't rae covered much at all. the bottom line is waiting for the balancing to close. back to you. >> let's send it over to bertha coombs. it's the worst performer.

>> it is the worst performer, kelly. 47.20 on the composite. 47.07. watch that into the close. technology has been hit extra hard. apple down 3%. it's a chance especially. there were yesterday's biggest gainers. if you shorted them yesterday, you'd be in fat city. also the nasdaq biotechnology index also giving back. a lot of folks worried about the currency impact about biopharma as they go forward here. but near term, people are really worried as well about some of the cloud players. software managers in particular. take a look at some of these names. juniper, cisco, microsoft. they're all getting crushed. you have to wonder how many have seen delays in signing contracts in europe just leading up to the uk vote and how uncertain they might be now. take a look at the nasdaq 100. the large cap index is on pace for a four-day losing streak and

a second straight quarterly streak. come quickly to the wall. in terms of the nasdaq 100, fewer than a handful of stocks in the green. o'reilly auto parts, whole foods. guys, people go to those things they absolutely need here in the states. back to you. >> all right, bertha. thank you very much. now to wilfred frost who's been doing such a great job all week out of lauchblt everybody catching their breath. is it too soon to start thinking about what's next? >> it's never too soon, bill. i do think people need to catch their breath and have a chance to relax and recover after a crazy day and a very bruising campaign battle. no one more so than prime minister david cameron. but as we do look ahead, the first thing to note is cameron stays in his space as prime minister until october. over the summer we'll have a leadership battle within the conservative party t winner of which automatically becomes prime minister.

once the new prime minister is in place, then during the winter, negotiations with the eu can begin in terms of the settlement arrangement for pulling out of the european union. the key thing to note, therefore, is until then nothing changes. everything is still in place today. on that level, you think what's all the fuss about? why do markets false? it's because of the huge uncertainty. negotiations could take very long, well over two years. that's causing worry around europe. even if a deal is struck in principle, get this. this is what has to happen to get it approved. it needs 72% approval from the remaining 27 countries by number and 65% by population. that needs to get a majority in the european market. that points to why it's fallen off. there are so many hurdles to get

through. the prolodged uncertainty the issue. there is next week a european council meeting on tuesday. david cameron will go. he'll deliver the results to the rest of the european counscil. the second meeting, not allowed to attend. some spite, friction we might see with britain and the european union. i have to say the focus despite this monumental decision to pull out of the european union, the focus not so much on any negotiations yet, but really on the battle domestically for who will be the next prime minister because the negotiations won't begin until then. >> another friction. a polish guy i know said a lot of his compatriots are washing closely. they're afraid that their status living in the uk is going to change. what have you heard about that? >> this is an important point to

note. boris johnson this morning when he gave a speech, he was very clear that he, himself, he very much favors migration of people into the uk, that existing citizens wouldn't be affected and this wouldn't be an issue for him. nigel has been outspoken but he cannot be considered a member of the prime minister position. i think when you look at other leading conservative party members who potentially might take over, their views on the issue are not quite so controversial. so they've also said that existing eu members in bryn are less likely. who knows. that's why there's uncertainty. that's why the markets have suffered. i think there's a long way to go before you see people worried that they eat have to leave the

country, for example. >> as to the negotiations, i don't want to get too arcane, whose call is that and how onerous is that when that happens? >> so article 50 of the lisbon treaty of the european union as you say, if it is invoked, there ooh a two-year time period to get all of its negotiations sorted, but it doesn't have to be invoked. the uk could begin negotiations very amicably and in a relaxed fashion in less than two years or a lot longer than two years. there's a set time for it that can be set to make sure we have a period of time that it stuck to, but it doesn't have to bchlt it's up to the government that wants to leave to invoke it. so the europeans can't say you've got to invoke it straight away. it's up to the government do so. prime minister david cameron could have spitefully invoked it straight away, setting that

pressure cooker going of two years but he hasn't. he also stood down much quicker than people expected to allow a battle to take place. so there's a bit of uncertainty on both sides which one might say was quite gracious of the prime minister despite the fact that, of course, in general today, this hasn't been a great day for him. >> that's for sure. well, thanks. we'll be seeing you later. wilfred frost in london. the big question back here is what do you do with your portfolio during a selloff. let's talk about that. dani hughes is back from capital at post 9 and our buddy rick santelli is in chicago. keith, our selloff is not as bad as we saw in some european countries and certainly in japan overnight. what do you make of that and is this the kind of a dip that you're wanting to buy here? >> certainly we got it there.

it's bumped along at that level. we may drift a little lower, but, yeah, i would be picking and choosing the right spots in here. you've got to be selective. i'm not sure i would be touching the financials. when you take a look at some of the technology name, health care names, everything got thrown out and you can step in and find good value. you can buy the u.s. market broadly speaking and get a nice trade out of that. so, yeah, i think there's been a massive overreaction. one of the reasons you haven't seen as big a selloff as we've experienced in europe, wilfred is talk about the uncertainty, not only the broader europe but the independent or existing countries inside of the eu and the u.s. market we've seen for the last month has been the best house in a bad neighborhood and that's why the monies are okay here for right now.

>> dan i, do you agree? >> i would agree with keith. what we're seeing is a highlight of the political playbook being a big gaping hole everywhere. we've got a crisis of epic proportions with respect to migration, we've got the fear of terrorists within our ranks. we've got the growing disparity between the haves and have-nots and a sum bling. wh stumbling. we think this is an opportunity. cat a littic, not cataclysmic. i would agree with keith, there are places to put your money. you look at telecos, where people put their money. you have at&t and verizon at all-time highs. vodafone getting clocked but yet it's yielding at 5% as well. astrazeneca is also another one

that's yielding over 6.5%, also getting beats up. and you know the thing is about these companies, they're going to actually benefit because costs will come down for them because of the pound getting pummeled as well. >> you're not worried, dani, about them? >> i think it's going to be a long time coming, kelly. as keith has said, we're at the very beginning of it. we're looking at at least a two-year vehorizon. >> jeff saut, we've seen our shares. alan greenspan said he thought this was exceeding the october 1997 market selloff because at least that was a short-term event. he believes brexit is only the tip of the iceberg and is only going to be in his word corrosive for the markets going

forward because we don't know what's going to happen next. what do you think? >> i think it's an opportunity. i agree with your other guests. i think you don't buy them here today because markets barely bottom on a friday. they give investors over the weekend to brood about their losses. they usually show up in a monday/tuesday time frame. i agree with your other guests. i think there's an opportunity the next week that as we look at the dow now down 600 points in the last hour. >> and, rick, you know this morning a lot of the talk was about this bounce. it was off the 7% lows and how even these markets were holding up okay. as we slide into the close here and look at the fallout on the ten-year, for example, look at the pop in gold. are these now kind of new paradigms, new ranges that we're going to be dealing with in the months ahead? >> i think it's highly possible. and i'll tell you what. i really enjoyed jeff gunlach. i think he nailed it. really the markets have been

dead money, but there's been a big difference. i still contend there are big risks. just think about this. you know, the uk pulled out a cancerous growth, but there's a lot more below the surface. it's going to be painful. in the late '80s. he had an all-time close. a whisker under $40,000. it closed under $15,000. a lot of years have passed since then. i think that's the kind of faith that the european markets may look at on their equities. but like the uk, i think the uk can be different. i think some of the negative dynamics could be proof positive for the u.s., and i do think when you look at what happened in treasuries, the fact that there wasn't a lot of movement on the weekly, doesn't dismiss rates are low, but rates are low in the u.s. it isn't necessarily brexit.

that reason is slow global growth because of the wrong medicine. we saw capitulation by our fed. we've seen a cry for normalization not by bankers but the people themselves. i think these are all actually very good dynamics. does it mean we're not going to have some wild equity days of course, we're going to have it. we've had lower yields, lower stock price this year before the brexit concern. we can't lose sight of the big picture. >> hey, keith. we mentioned the complicating factor of the rebalancing of the russell indices today. we are down 604 points. volume, of course, heavier than normal. are we starting to see the effect of that or will that be on the close today or when do you think that will happen? >> interestingly enough, just the timing of all these coming together, you've got two big countering issues. i think the brexit trade will

win out. there's not going to be enough of a push as portfolio managers, trading strategies, as they stuff the portfolios with the ad names. it's not going to be enough to lift us back up to ton changed line. >> jeff, when you look at european stocks, rick brought up japan. they famously had an equity bubble there back in the '80s, but do you see signing there. we dzhokhar tsarnaev we look for evidence? you'd be investing now, jeff? >> i think you're going get an opportunity as well. the european stocks are cheaper. but i view this as opportunities both over there and here in the u.s. >> and, dani, don't laugh now, but what about gold? i said don't laugh. >> you're a day too late.

>> but is it too late? >> just for the big move, you're a day too late. but i think over time any global imsecurity, its like gold. whenever you're large institutional investor or even simple minded investor, you've got to have your assets in many different places, and gold is one of them. i actually am not buying gold right now. i think gold has been -- has gotten clocked over the past couple of years. i think it might rise a little bit, but i don't see this trade as a long-term trade right here. >> before we let you go, what happens if the next jobs number comes out and it's a gain of 2,000 for the u.s.? >> well, i fully expect that the jobs market, for whatever facts have been trending will definitely continue. i think jokes was a precursor. it wasn't a weak number. i don't think the problem is employment. i think the problem has to be

addressed by congress on the fiscal side. i think the fed would be right to keep them powder dry, let the markets play out, and hope when we put a bunch of new politicians in congress, they will look overseas at brexit and some things may click in their brains. >> all right. thank you, folks. it's going to be an interesting next 43 minutes. we'll see what happens. thanks for joining us. we appreciate it very much. >> looking at financial stocks, kayla tausche is in london looking at the financials while kate kelly has looked at this so-called brexit. kayla, you first. >> they were purely in the remain camp. they were fearful that it would spark but nonetheless despite the fact that the market is down today, financial stocks having their bost day just since august of last year, many of them still felt the need today to come out on the recd and talk about how

they were in jitters, assuring they could transact in markets that was very frenzied. first let's start with what jamie dimon of jpmorgan said. pricing was consistent. feedback from clients was very good. fx volumes were record overnight and we expect to do three times the normal daily volume today. james gorman, the ceo of morgan stanley said, we always anticipate positive outcomes and ensure that they have liquidity staffing to help navigate with minimal disruption and finally, we must avoid distract and instead think about what we can do to help our clients in the short medium and locker term starting today it's business as usual. safe to say, the european ceos were not as conciliatory in their tone, not as kuhn graduate la torrey.

they were washing about the volatility that would surely come, the economic backlash that would take years to settle out. john krien of deutsche bank said it was a sad day. he said the european block has become less attractive. certainly we haven't even gbegu to see the lairs of how this is affected. that is something we'll have to be exploring for days, weeks, months to come. >> so true. kayla, stay right there. >> stay right there. we've got kate kelly with the hedge funds losers and winners. >> interestingly, bill, it wasn't totally clear whether they were talking their own books, chi'll get into. the breck it, not 24 hours old and already we're having some sense of significant trading outcome so far for the upside.

o'day asset management, the london-based firm was up 15%. that's courtesy of our colleague wilfred frost who got that information. that was thanks to a host of short positions placed some 12 months ago in an array of assets in emerging markets from china and various currencies as well. one of o'day's big funds was down 26% through mid-june. they're still hurgt. sabha capital who will be joining us was up today on a combination of equity put options, credit default swaps. of course, those are insurance decision on credits and left them long on volatility. sabha was up nearly 13% and again up a little more today.

george soros and stanley druckenmiller going in today. their full portfolios not clear. i want to stop short of saying we know they're up on a net basis but their gold certainly benefitted in a 4%, 5% run-up in yellow metal and it will hopefully get more detail on what they were doing, vis-a-vis, steriling. >> and jeff gunlach who said it turned out to be a good play as well. you know, it's hard to say. are we anticipating with a day like today that some hedge funds are going to be in distresdistr? >> that could certainly be an issue. as these things reveal themselves, you tend to hear about this as things unfold. obviously if you're winding down positions or bailing out of bad positions, you want to keep that as quiet as possible to minimize

the market impact. liquidity has been. yes, it was volatile, yes, we saw tremendous moves in sterling and yen. liquidity or ease of trading has been there. i have yet to talk to a hedge fund and i've talked to at least a half dozen who have had trouble executing trades or hat issues of electronic platforms. again, that's something we want to be on high alert for. >> kate, that was especially true to watch the pound go from $1.50 to $1.33. those are the kinds of swings, especially how few people anticipated this outcome, thought the news flow today might be worse on that front than it has been. i guess it depends what happens

with the markets into next week. >> kelly, as you know, being on the wrong way of trade can be cause a closedown. it's absolutely pair lylesing for those caught in the wrong spot. those in the hedge fund community was really important. they may have been helped by the fact there was no perfect hedge. we saw a lot of activity in the british pound and to the extend people were expecting a remain for instance, they may have been long on the pound. but a lot of those hedges were taken off because of concern about the accuracy of the polls which turned o out to be well founded or because people were taking gains off the table given we had this remain rally the end of the day. so a lot of decisions that have so far made this a less disruptive decision in term ofrs shutting down businesses it's too soon to say that. we'll be learning more as to how

individual books were aeffected. >> so true. for now, thank you so much. kate kelly following the funds there. on wednesday we had the hedge fund. you may recall he told viewers to prepare for a leave vote. we had the death of british politician jo cox as a factor. here's what he said. >> well the overall sentiment and market tone has changed toward a stay vote which has been largely within the mainstream meade yarks however, when you look at the stonewall tifbtds of the social media and google search, that hasn't changed. it has not dramatically changed after the event. therefore, what that tells us is that while the market is very confident in association with that, there is extreme downside risk associated with that event as the national populous has not

necessarily change third activities. >> all right. we've brought michael beal back. he's ceo of data capital management. what surprises me the most is how wrong the market got it. often the market will know the truth before the rest of us do. this time it got it completely wrong, but the data had it right. >> absolutely. i think that people often think about big data as if it's big magic. really what it is is information. it's information that machines have the ability to understand and because they have the ability of the look at a broader swath of information as opposed to being influenced by a louder voice. that is where in this instance, we saw some of that downside risk. what i will add is some of that information that we were remiss to add on the podcast that day was actually that the weather played a huge impact in this vote. when you look at the flood, the flash floodings and there were

concern, what you saw was a very inelastic supply curve with the leave, however, elastic supply curve with the stay. any time you have severe weather during voting time, actually the voters for the incumbents as well as the independents usually have a 10% to 25% drop in their show-up. >> that really was a factor. you actually raise a point about remorse here, which isn't to say that this doesn't truly reflect the will of the people. but it's going to be a tumultuous time in the months and even years ahead. what do you look to now in terms of trying to take this massive decision and turn it back into market moves? >> the prior impact is spot on. so from that you may not see the spiraling of declines in prices had this been a highly leveraged trade. however, there's -- to think

you're going to have a sharp reflexive bounce back, the information is not conned -- contained to this one vote. you have this populous particularly in london as to what does their future hold? you see within the city of london, people that are in mayfair and o'nice areas they're asking how is life like in other portions of europe and there's an extreme spike in terms of the desire to understand what are the implications of june 28, june 29. you see that continue to move down and where is that sent meant going to bottom out. >> rightfully so when you mention the word fear and you put up the word vix, the volatility is up 47%, at a level of what we saw last august when we were all worried about china's growth rate at that time and then the beginning of the year when we were having problems with the market as well. as a contrarian, is this -- does

the fear level take this into can account? >> this is uncharted territory in terms of major country leaving, a major trade block. we haven't had it happen before. however, we have had trade selloffs. as the market starts to gain some sense of ration alt, we're going to be looking for winners versus losers, those with exposure to europe are going to continue go down, but those that have no exposure to that and have actually been dragged down in association with the correlations, they should actually have a very strong second half of the year. >> i keep thinking about starbucks trading at 5 bucks and the run it's been on. that raises the question as you look at the markets in a selloff

like this, it is pretty indiscriminate. that has to mean companies are going to be affected vastly different from one another, so where do you see opportunity? >> this will create tremendous opportunities, particularly those with a long duration. when you look at that, you have to look at that and daesh into the fundamentals, which machines have the ability to do. when you look at it, you'll see divergences around first. it's who has exposure to europe and who does not. you'll see the out performance of thachlt then there's who has the alignment in terms of revenue expose around cost exposure. to give you an example f you're a tourism country, yes. your costs are going to go down on that british pound. so the first step associated with this, which is very consistent across all times that you have tremendous fear is that as the vix starts to come down, there's a look.

global exposure is on a topline bay sichls and after that there will be a real focus on net incomes and margins and what is the top line revenue and what is the impact of the top base to both net income and free cash flow moving snoord fascinating. good to see you. >> appreciate the time. appreciate it. thank you. >> michael beal of data capital management joining us at post 9 today. let's get back to bob pisani. what's going on, bob? >> michael was talking about exposure through europe. i want to explain exposure through europe. this someone of the dallasic big cap industrial names. you see it with the market, 3.4%. that's because of the exposure to europe. put up the screen. i want to show you. this is an example. half of the united states, 15%,

another 10% around the world. that's enough to cause some concern because there are some factors around brexit that could potentially affect brexit. three main things that are affecting the market right now. the economic slowdown. stronger dollar might reduce earnings overall. utx will definitely get a hit as a result of the stronger dollar if that stronger dollar continues. finally, lower consumer spending. they're very big. carrier, heating, air conditioning, reduced consumer spending may impact them as well. so you can see all three of the issues that traders are dealing with around brexit could powe d ten chally affect them. you're seeing 3-ds, 3ms, honeywell trading in line with markets for exam exactly the same reason. guys, back to you. >> thank you very much. this gold sending oil in

opposite directions. jackie de-angeli has more from the nigh next. jangk jackie? >> that's right. there was a little support for this trade actually. $46.70 was the recent low. we had a 5% drop on the day but only a 1% drop on the week. tradersle telling me it's a bit like musical chairs. they sold as they went into a weekend of uncertainty. meantime the dollar was it. that means crude goes higher. global demand amidst this. the demand picture and the positive outlook has been while oil prices have been slowly climbing. still seasonal trends here in the united states are giving that support i mentioned a little earlier to the crude oil trade, traders telling me it could have been a lot worse than what we actually saw.

moving on to gold as you would expect, the dollar was thrown out the window as you saw. this was all about the safety trade. of course, very attractive after that gold last night. gold finishing the session at $32.40. it was a $62 move on the day. i will say this, i spoke to traders today, should we buy the dip in crude and sell the strength in gold, people are making the case for everything. there's so much uncertainty out there with respect to the markets and how it's going impa impact commodities, that it's tough to call. >> thank you very much. now the man who everybody wants to hear from, arthur cashin. just overall, have you had a chance to watch the market trade all day. what you think of the response

in the u.s.? >> i thit's absolutely correct. you had to give that back. now you give it another 200-some-odd points. we're beginning to compare the loss ever so slightly because the new indications are slightly closer to the buy side. >> what will the russell rebalance do things? what you do expect here? >> the problem was a lot of people didn't get to prepare as it were because they were worried about the exposure and the brexit vote. so there's a very slight risk we could see a surprise on the close. i don't think it will be too disruptive. if anything it tends to lean slightly to the buy side. that may help trim the losses a little bit. >> does this feel climactic? >> no, not yet. they rarely bottom on it. >> because? >> you need the weekend. people don't like to take them home.

then you can turn them tuesday morning about 11:00. >> okay. we'll mark all that down. are you -- i was saying earlier to one of our other guests, i'm just so surprised at how wrong the market seemed to get this yesterday. if you believe that the rally late in the day meant that they were expecting a remain vote. what happened, do you think? >> it was stunning, to tell you the truth. that market didn't just rally as though someone heard a rumor and it wasn't even enough that the betting parlor said they were pretty sure it was remain. there was a lot of money put to work. around i would have bet you somebody thought they had extra evidence. so i have never seen the market quite that long. >> that is amazing. this certainly would have taken july off the table anyway, don't you think? >> i think it puts the stink in

the heart of any chance to move, especially with the dollar up, the index up, the fed can't possibly think about raising rates and driving the dollar even higher. >> i've got to go. art, thank you very much. kelly? >> global markets prepare for the economy after the vote. joining us -- thank you both for being here. toreson, we've talked a thumb ber of times. you've highlighted the strength, vitality, resilience of the u.s. economy. so what happens now? >> this shows you the whole dichotomy between global and domestic. it's a difficult spot for the fed and anyone in the market. how much weight do you give to

this unquantifiable risks and convenience going on abroad. >> actually the markets were doing okay. >> i think. so this is a political crisis. this is not a financial crisis and i think this is a critical thing for investors to understand. a political crisis has whole different features around it. it takes a lot longer. it will be more unpredictable. that's just not what we experience. >> that was going to be my next question here, steve. as my friend pointed out, this was not about payments and settlements as it was in 2008. this was a political crisis. i don't know if comfort is the word to be used here. but does that lessen the financial impact here? >> if you're going to take comfort in that, i've got a brim

to tell you. kind of agree with torsten that, yes, the economy is in better political shachlt i think there's concern that the momentum from -- would happen with brexit continues to the european union, may have an impact or foreshot of what can happen in the united states. there's tremendous concern about that and the politicians do not have a handle or ability to respond. they've been unable to respond. i think the real economics of this, they're not minimal, but they're not 600 points down in the dow. i think what you're seeing here is about a confidence impact and i think you put your finger on it with the question, which is the concern gets into a political dimension that's hard to handicap. >> i love the point, torsten. we've seen talk of currency

swamp lines and things like that. lay out for us what is at risk and why you think there might be more intervention? >> the thing is the strains on the financial system. so far it doesn't look like it. it's been fairly orderly. it doesn't look like there's a need to dust off any of the old things. that's why it must be what are the modifications. it's incredibly difficult. but it must be clear if anything the impact is going to be negative. >> mario draghi, you know, all the central bankers said we stand ready if needed to supply the liddicty necessary. do you think it's going to be necessary? >> i don't think so. but it's a bold signal they're sending. the fact they're not doing it is also telling you how long is this story going be hanging around? is it a confidence effect that will hang around for a lom time

or sit something where we gain confidence? >> speaking of going on in the background, steve, there are plenty of stories. woe were trying to find people who knew what the term "brexit" meant. they didn't know. this is a huge economy with hundreds of millions of people and are we overlooking the impact it's going to have on the u.s. or exaggerating, i should say? >> it's possible. let me put together two scenarios for you. on the one hand, the worst it ends up being for britain, the less likely is the fallout elsewhere in europe. what you had here, people made a choice against something they thought was real, which was immigrants coming into the country and taking the jobs and the extraction and that was the benefits they got from free trade and free integration because of what shows up in

pennies or pence across millions of people. that's a distraction. you perhaps lessen the chance that you have departures elsewhere in europe. >> perhaps. >> perhaps. >> thank you, guys. good to see you both. torsten, good to see you. >> okay. we're looking at markets off the session lows. the dow is down. with 18 minutes to go. there are the 30 components on the dow 30. none of them are positive today. in fact, the best performer is walmart. the worst hit are the financials. in fact, a banking source just told me, gee, we didn't get long to bask in the success. they were modestly positive, but you can see them, some of the worst performers on the dow today. >> while they continues to sell off to lead the european union, we've been keeping an eye on

other areas. gold as jackie deangelis mentioned. it has rallied. crude oil on the other hand, down 5%. and the volatility index, the vix, is up 43% right now. let's get a better look at the markets with terry duffy, executive chairman of the cme group. terry, welcome back. >> welcome. >> thank you. thaerng you very much. >> what did you make of last night and how the marks are reacting today? >>. >> well, it doesn't surprise me. they take the opportunity to digest it. that's just the world we live in today some of when you look at all the different treaties that the uk is going to have to renegotiate for the next couple of years, that's where they're going have to be looking at it, to see how to renegotiate, what

the volatility will be. because any time there's uncertainty in the marketplace, it will create more volatility. you look at an exchange like ours, we had a very large volume day, close to $30 million contract. but at the same time, we're seeing extreme volatility which tells me people are sitting on the sidelines waitsing to see what's going to happen here. i think this is going to be around for a while to come. >> is this a boon for your business? is this the kind of trading that's happening? it's obviously good for our business. we're doing a lot. we've had people working around the clock in our command center to make certain that the positions are being monitored marginally. i think as you heard from your other guests, this has been pretty smooth from a market perspective with the exception of the volatility and the market and i think that's what's going to continue, kelly, for the next year or. >> what do you make of gold?

we often joke that we're not certain whether it's a risk asset or hedging mechanism. it's not even sure what it is, but clearly today people have rushed to it as a safe haven. what do you make of it. >> i think they're rushing to it ahead of the load for a couple of rbs. when you've got countries like japan and negative europe, they're going to look at it that can hold that potentially had the opportunity to appreciate. so gold's already had that opportunity and i think it will continue to do so and it will only push that further along with the gold market. >> terry, how does the landscape look to you when we talk about the global financial markets? i guess one of the questions a lot of people in london will now have is does this affect their capabilities as one of the global financial centers? so how do you look at the landscape now and whether that's changed in light of this decision. >> you know, kelly, i think

london has always been one of the great financial centers of the world and i think this is another vote that will help accelerate that process for them. they want to be on their own and for me this is not a surprise. that's their focus and they're going to continue on. financial services as we all know, kelly, are extremely important to all parts of the world and great brittain understands that as we do in the united states. >> they're losing out potentially that's the discussion. if you're jpmorgan, a bank that does a lot of business in europe, does it advantage you to be inside the european union as opposed to outside as london would be? >> i think, kelly, that has to be answered and gone over the next 24 hours and that's where the devils are in the details on all this. >> what do you expect to happen?

clearly we're making this up as we go. it's never happened before. everyone is trying to make sense of the market fund. you feel like it's going to last for a while. why? >> i do. when you look at the different prices, you have u.s. markets trading on all-time highs, interest rates on all-time lows, a $70 break in oil with a little bit of a comeback to it. that's why. when you have extreme prices already and you have a historic vote like this, you're going to see this volatility and i don't see it being a one and done only because of the price in asset classes all around the world. it's a perfect scenario in my opinion. >> what about back here, terry? i don't necessarily want -- to force you to get political, but this is the kind of vote you would think -- impetus that would be a vote for donald trump in this country too. what are you thinking of the

election as it approaches and does it change what you think could be the outcome here? >> no. i would be very careful on the political side of it. no, i don't think it changes the political outcome. i think the best candidate will win. i think secretary clinton still going to have an advantage going forward and i think she'll be our next president. >> very good. always good to see you, terry. thanks. >> thank you. >> terry duffy of the cme. dominic chu has three trades now that could protect you from the brexit fallout. really. we're all taking notes now, dominic. >> i know. if you want to talk about history as guy thing, if you're dealing with that whole brexit blue incident, if you can see on the screen, brexit blue. if you want to look at history as a guide and it manages to repeat itself, our investing

team at cnbc pro analyzed a bunch of data. what they found that during the uncertainty about brexit, it may be no surprise. those toward precious metals like gold, terry duffy, they did manage to outperform as do companies leveled. on average, two exchange traded funds, gold mining stocks have managed healthy gains during these times of uncertainty. they've traded higher during the more than 20 times since may of last year when news of a more likely brexit happened. now, it's happened again. they may continue again if things stay more uncertain. what about the british pound, sterling, cable, whatever you call it. since 2006 there have been 11 times when the pound has fallen by 5% or more in a month's span.

we know it ooh's lot more than that right now. just in a day. it's a mouthful. other total bond market funds have done well. the tlt, the bund, they've done positive at least 57 pap of the time. if you want the full story, they can go to cnbc.com/pro. and one more thing i will talk about as we talk about the last ten minutes of trading, you can see the market down we know it's a heavy ily traveled volume guy. the most widely traded itf dpies trade around 89, 90 million shares. already back over to you. >> thank you.

art cashin was telling me the market on close ordering right now show them to the buy side. the dow was down about 610 points, now a decline of 536, the kind of day where you want to check in with people with a little bit of snow on the roof as they say. we're going to do that right now with john manly of wells fargo funds and independent consultant david darst. you've been through this before. what you do say? >> one more is going to kill me. >> me too. >> it's so frightening, so mad that everyone is on their best behavior. it's too soon to buy. it's officer prize. >> what about you, david? >> this is the equivalent in 197 19

1978, it was one of the greatest growth periods and we're going to have that again and this is basically anti-brock circle it is self-determination. number one. number two, currencies, china's being pulled up by the dollar going up some of you have to watch china, korea, and japan. are they going to weaken? we think so. it's said if you want things to stay the same, they ieng going to have to change. that's what it is. you've got to expect them to put extra ease. that's going to be there. >> i know all about it. i think what's happening is probably a good thing. it shapes up.

wunl of the things about good corporations is they just extremely well. >> there's one aspect i want to pause on. the first thing you brought up is about china. if the u.s. dollar is strengthening do, they come with us or cause it further? what can that cause. >> that can cause a rattling of the market, kelly, cause uncertainty. i have said, put a little bit of cash to work. don't be shy. beselective. emerging market equities and within u.s. and within europe, health care. that's a good place. buy some of these health care stocks are that on sale. >> we've seen both sides of

those sectors today. >> i think health care has been hit. it's still a great growth area. government spending that isn't going to go away. in the u.s., i'd focus on technology because i think you're going to see wage pressure. they're going to fielt it. >> david, real briefly, you grout brout up the other day things from all sorts of central banks. how likely is that now and what should we be looking for? >> they're running out of tools. they've got interest rates low already. draghi is standing by. people are paying attention. the swiss authorities came in as you snow and intervened to keep the swiss franc from appreciating too much. it's making new highs.

i would be very wary at this point. >> thank you. we've got to go right now. >> let's get thing over to bertha coombs. she's monitoring things. >> that's right. it's just off the correction territory. the biggest one-point drop. flash crash when it fell 179 points, and the big culprit today is very much technology. you've got the russell 2,000 battery balance. that's always a big volume. but talking with traders, they were saying a lot of folks didn't set themselves up in advance because they were so distracted by all the caution going on ahead of the brexit vote. it's the big caps leading in decline and one of the biggest decliners in the nasdaq 100s is

priceline. we may see potential pull back on the economy. of course, all these other companies, i mentioned earlier in the hour you have to wonder is that're looking at their quarter end contracts to close, whether some of though negotiation koimd behm in coming into the brexit decision. badge to you. >> we've got four minutes to a close. you can feel the energy pick up. let's review what has happened in the last 24 hours. we review some of these world markets and their response to all of that, the nikkei,

japanese market. the yen became a sourgs of that. the dax in germany, the frantic further market down. when you got to our market, we weren't down that much. >> even the ftse 100 came off the it. the important thing is looking at the overall earnings, and what eads happening. all of that playing into it. i've but pupping up the information. this is a vast array of possible effects here.

the russell closing, we receive some volume. their waiting will be increasing in the indices. and threaten are some decreasing. this is largely because of impact. remember the name of the game. don't move the price. trade shares but don't move the prices. what makes it tricky is the brexit interacting. as for now, we're pretty stable. >> we're starting to head low, so it's possible we clowe near the lows of the session, which were down 610 points. somebody just walked by and said stop thinking about possible mar jib calls come monday. >> that could certainly be an issue. i keep wondering at what point

do they get attractive. defensive names. they don't have 'apreesh yabl aintere interests. the reits were up. >> there's definitely pockets of buying interest. u i'm wondering if they're going to get more interesting. >> the volatility krij got better. >> the vix is surprisingly not that strong here. we ee going to watch her.

we're going to do 200 million on the shares. i know it dounlt en we erie finishing with the dow down 614 response schl this it or is there more to come left. 's talking that on the second haefrmt. welcome to the "closing bell." i'm kelly evans. bill griffeth will be rejoining me. the dow going out at 690 points. the s&p closing. 20.37 dren. it looks like word that the r t

russell. it's closing down 3.8% and we've got a big show coming up. scott mine erd is here. airplane callahan and richard fisher will be here, talkingen unthe uk's opinion. jackie deangelis brings how oil and gold were coming. >> it's a real panic. what i'm watching, they're rebalancing the russell indy sees. there's trade and owensed to to buy and sell.

a lot of things have cloned. >> let's take a look. it's the financials down. 20% in europe. the double whammy, lower. they don't nearly have the exposure that they have overseas. citigroup rallied all week. industrials, you've got a problem. your floors, paccars, cummings, industrials, typically have a 20% volume, sales zpoesed to europe. all down.

stronger dollar bringing are down names. fluor, paccar, eaton corp, cummins, you. >> itted tech. the defense names generally held up better than the overall market. you have your utility names like corn ed, and, of course, your s&p seth out. it's the end of quite a wild week and i'm still -- let me walk around and check on some prices to see if anything has

meetsd notably. let ice head up to before they coom. >> it looks like the correction is coming. let's not forget. they all do business in europe as well. we're going to wonder what we hee in the earnings. whether the big thing will be enearnings an we're talk. thaeg're on pasz having. they're going vir that first back-to-back quarterly decline in five years.

we're seeing chips losses. perhaps this is one of the sources of pain. some of the big gainers like in video. sold off big today. and biotech, also a sector that got pretty hard. and the biotech, 3.5, . 4, back to you. >> thank you. let's check back with jackie. >> i want to talk about what bob saw. we saw a drastic move. still, straders were telling me they expected it to be far worse. the drop in oil, 5%. the sex low was 46 . 7. thal was part of the resent

change that was 1% loewen tackle if enwe if. traders saying it's normal to trade in the summer bus certainly selling is as well. bob, the big part of the story, as the concern i system get lower. important to ublds score that. the other piece is gloel demand. when you worry about brexit, that global demand comes into question and that piece when people start to get nervous. trader las night, some are

saying this is not the time to get into gold. back to you guys. >> always a difference oofr pin, alan green span was on krb in been. issued warnings saying these times will not go away it's been the word -- worst performance. res when than. that i felt was the bomb of aulg potential proess. >> thauld wo b one he remembers.

>> he just had gotten that job. let's go to brian kelly. scott, we'll start with you. so if it's a political crisis, how much more complicated, more difficult does that make investing or trading in it? >> well, it makes it very complex. the selloff was not as bad as i would have expected while. was it stabilizing? are we going to get another ling down. f something in the damageless

th that we can't sigh. on top of that is correct i don't think it's over in europe. policy makers are going to have to respond and we're told to hold our breath at this point. >> b.k., you're among those smiling. sometimes you're only good as your trachltd so what? >> even blind squirrel can find husband nuts. this is not only just a political crisis but it's moving into an economic prices. that's when cb has to step in.

that's going to raise the dollar. that gets back to the economic crisis. that's why the market is down today. >> how significant is the strong dollar here, scott, because otherwise it's hard to say. what is the exposure to the uk? even jiechblt it's only a parnl point or two. >> when you look at the trade wayne waktd increase. maybe it's only going to take 1 on 2.pashlgs. . i would expectation they will. >> brian, what are the news eventings that will move the market and what are you waiting for? >> a couple of different things. first of all i want to see panic. i want to see it disorderly.

>> wait a minute. 00 down with a vix at 25 is not panic? >> everyone who came on cnbc said everything was orderly, it was not going to come down further. that wasn't going to seem like a panic. secondly what i i'm looking for in the short term is what the bank of japan is going to do over the weekend. it's a huge problem for them. >> scott, david darst likened this. despite the short-term upsets on the market is there a possibility we're going to look forward to this in the economy.

>> i think in the uk it's going to be a policy. but we're getting a giant wakeup call. this is a sea change. we look at skosland. brett it. in france, she'll have a ref rehn does and this is a big c-change from the last years. we're heading into articulate waters. we don't know. >> clear li you have a fur rowed brow. >> right. >> where do you see it? >> gold.

monetaries. the bond market. we're going to continue our drive to 1% 9/11 think she's a physicianary. >> whauld you say if your mother, wife, niece, you name it calls up and say what dow you thej. md. >> right now i would say we're not whack to the low is of fess and ads brianous sage. cash is an asset cash. taking profits and waiting in cash would be the thing to do. >> i had people messaging me overnight mend and family members. what is this brexit thing and what do you say to them?

>> i can tell you what i told my family anybodies. as scott pointed out, we're still off the lows. there's still a downseed we could say. if you have taken -- if you have ridden the marng. and you're going to treer in the next fever years, there's nothing whererong with that. it's a market timing decision. >> especially if you have a long-term time horizon to begin with. >> if you have something that's -- is that long term?

>> look. you can pick up market in the merges. the second is tlt. the long treasury or any closed mutual funding ott there. >> we appreciate you not putting market first and foremost. brian, what would you say? >> you haven't missed a thing. i also think the moment you pick up a stock, you're a market timer, unless you're closing, you're a market timer, so point being f you're buying low,

selling high, i don't define low as 1% to 2% off all-time highs. wait for a significant selloff before you get back in. you'll never catch the bottom. >> breen, that's an excellent point. we're going into a seasonal time. if people had taken their money off the table in '07 when markets were at their heise. . i think we're in the same pock today. >> right. >> what about today? what would they have shone its with the right time to get back in -- -- there are part-time who are still sitting out because they went out in '7, '088 and ke 49. let's say it's time to lee balance the portfolio.

>> faf first. >> good time. thanks tfr stomp by it to be sure to catch prien and the rest of the crew. i'm sure they'll be busting his chobs. wells fargo's chief stratd gist will explain why this bha in the markets. >> is coming up, more on today's selloff and the united kingdom, some krom paired to. we'll be joined leave here at a knox with her take next. how to position your portfolio is also ahead. you're watching cnbc. first in business worldwide. it's a question we get from some of our largest banking clients. the face of their business was tellers.

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there are 17 million people who voted for brexit. it's a victory for decent people, against the big

businesses, against the big businesses, and against big politics. >> the now familiar united independence leerds ni independence leader nigel farage. the u.s. market down when all was said and done, 3.39%. we had that russell reblanalanc. art cashin saying they had already done it. >> on the wild ride. >> reporter: good to see you, guys. i was a day for the record books, the pound making front page. here's the daily mirror.

pound goes into freefall. we're out. investors were out of the british point when those came in. shocking people. the brexit down to a 30-year low. it's one that has never been seen, even on that famous day back in 1992, blass wednesday, when george soros broke the bank of england and made a billion. dow to 132.29d. that ee a range this currency is doesn't see in a furts ur growth in year. as the economic damage starts to waik from this decision. as for the other action, no shortage of shock waves here either. japanese yen overnight going below 100.

that is a stronger yen and a weaker dollar. it's an important level. woe could see the bank of japan come in. that's what we sauchlt it was getting too strong. nobody wants a sharp move higher in the currency. they don't want them lower either. i can tell you that. gold, i threw that up there as well. we know currencies have been the center of the storm. to show you how it hits home and ripples across marketnd and economies. i cover consumer companies. instant decline in sales given the move i've receive today. coca-cola, european partners, that's the bottling company of

coke, 21% of its is in british pounds. coty. brown foreman, is tay laudehr, spectrum brands, all have a huge chunk of sales. there's a greater slew of companies that have that. it's going to be so key to watch that into the european summit next week because if we see more declines there, that could lead to that. the eurozone is a much bigger problem. back to you. >> sara eisen in currency nur va na with the british pound. we'll see you later tonight. you and will fred are doing that special at 7:00 p.m. we heap we can see you at that time. meantime the shark sell

joufr. >> joining us currently with her take is erin callan. >> it's a weird friday. there's a weekend to catch your breath and hope for something better to happen. you get a chance for them to get it to monday morning and see where we go from there. >> but the point has been made this time around it was political. this time around it was more of a financial crisis. it was more about payments and settlements and lidd liquidity. is there a difference?

>> oh, yes, there is. we have functioning capital markets. >> that is a big difference. >> there's no particular institution that we're looking at when we say who's next. we're talking about countries. we're not talking about specific companies and banks. so in my view as long as we have functioning capital markets, there's a way to get through this. you have the near term volatility and pain, but we do have something that in the end will work for liquidity purposes. >> you know, the big banks, a lot of them were sold off. i think the worst performers on the day were jpmorgan and goldman. does that make a difference? >> no, not necessarily. i don't see the logic with those particular institutions.

obviously they're both institutions that have tremendous global reputations and that's maybe what's hurt them, their global reputation. but as we know, having a global footprint is a key to profitability. it may hurt them more today on a given day but i expect it're mer. >> what about the uk banks? they're going to lose the sponsorship of the ecb and the liquidity that comes with that. jp missouri gap was the first one out saying we're going to have to think hard and maybe move some operations because they're leaving right now. there's a whole structural problem going on right now. >> i'm sure the bank of england has articulated it.

oi don't see that as a problem. this is my frame of reference. is this long-term capital or 2008 in a full blown crisis that's persuasive and permanent and going to affect everybody? it's hard in the moment to know which one is happening and that's the challenge whether to act or not to act and try to figure that out. >> i think long-term capital is an interesting analgy. >> it didn't end up becoming an '08/'09 moment. i guess it just feels like maybe that's more of the risk on the horizon and even if so, it's not something that could do damage to the lasting markets broadly?

>> if i could tell, i'd be on an island somewhere flying my private jet back and forth. here's what i would say. at least in my time at lehman brothers. do not underestimate. we were one of the institutions that was perceived to have the biggest risk there. we faced the risk, faced it down, and moved on. we could face crises. i would say not underestimate but not get overexcited about the risk of a particular situation. what you don't want to do is do that. when i say management teams, i team talking political and

management. let's not underestimate this. maybe this is going to have a bigger impact longer term. let's take the actions that we can. the other piece i would add to that as really a less on learned, you need to listen to your stakeholders. when i say stakeholders, i'm using that in a broad sense. these days everyone is in the confidence business. you can't substitute your judgment entirely for your stakeholders. and so you have to filter it in. >> david cameron has become a poster child for that there. >> exactly, exactly. >> erin, good to see you. >> thank you, night to see you. >> erin callan montella, former ceo of lehman brothers. >> we have breaking news. let's get to see mma mody.

>> a delaware judge is ruling an intentioned no longer to pursue that $23 billion deal with williams. already williams responding saying it will appeal this decision. so this will likely result in a pro-longed legal battle between the two natural gas line/pipeline companies initially planned to merge, accusing each other of breaching this agreement. keep in mind, the merger is coming up. we're looking at energy transfer, equity up 8.5% after hours while williams is down significantly. guys, back to you. >> wow. this is a huge one, seema, on top of everything else that's

happened. thank you, seema. >> donald trump traveled to scotland, the nominee cheering the uk's decision to leave. we'll tell you why when we come back. e back.

& in a world held back by compromise, businesses need the agility to do one thing & another. only at&t has the network, people, and partners to help companies be... local & global. open & secure. because no one knows & like at&t. welcome back. donald trump visiting scotland for the opening of a renovated trump property, day after the vote for the brits to leave the european union.

trump cheered that decision of course, and for more wilfred frost is in london with the details. will? >> kelly, yes, thanks very much. donald trump arrived by bike. there's a large bike parties going by. >> i love to see people take their country back, and that's really what's happening in the united states. i think you see thachlt that's what's happening in many other places in the world. they're tired of it. they want to take their countries back. >> taking the country back. that's certainly a theme that resonated with many people who voted to leave. i want to point this out a little bit more because i think the leave cam been l be pleased that mr. trump did not arrive before the vote. i do think it's quite a relevant point. there are similarities here, but that external influence here

didn't help either camp. i just want to transition from an outsider to a view of inside. there are relieved voters and many remain voters upset. there are some in either of those camps. take a listen. >> i would go back to the polling station to vote to stay simply because this morning the reality is actually gained. even though the majority of us voted to leave, we are actually regretting it today. >> there's also a story in the "washington post" that on google people here in the uk were asking what is the eu. ie how many volted to leave as a protest vote assuming it wouldn't win but wants to get across that dissatisfaction and it certainly did. outside in other areas of the country certainly people who

were celebrating resolutely that they got the leave vote they wanted and one of the reasons, to be fair to him, was because of the sentiment donald trump echoed of taking the country back. i wonder if it has implications for his vote. probably too early to tell. guys? >> thanks. he's doing our special later. let's talk about the comparisons between the brexit vote than of the u.s. >> larry, man, what does this mean for november? >> i think it's hard to say, but i think there are parallels going on in the usa. mr. trump mentioned some of them. look. there's this sort of worldwide development. you've got populism, you're about got anti-establishment, anti-elite, anti-ruling class.

people do want to take their lives back. they don't want unooh elected bureaucrats to run. and most of all, believe they're tired of a lousy economy. the absence of real growth for the middle class, the absence of real prosperity. to protect us from the islamic terrorists. all of these things are combining. and i think they have shaken up american politics hugely, just as they've shaken up britain. there are parallels. there's no question about it and there are wildfirewide parallels. >> i don't know whether i should say with all due respect in this regard, but people are a bit upset with regulatory policies regarding the financial industry thal have pushed rates down to a point where people can't save any money anymore. there's a lot of unrest out there for people who are concerned about the economy and

what the regulators have done with this. >> let's remember this started with the european movement in 1954. so it's 66, 67 years old. with that you build bureaucratic rigidity. larry struck a key point. these build and build and build. bureaucrats put in regulations and people rebel against regular lakers overregulation, because it stifles enthoos miami and entrepreneurialism and job creation. it's not just rebelling against it. it's stievling itself. >> what does it do in the political climate in your view? does this benefit donald trump more than it does hillary clinton? >> i check my politics at the door as larry kudlow knows when

wint to the fed 11 years ago. what it does tell you is that themyle income groups are being squeezed in terms of a lack of job creation, a lack of the kind of income growth they're used to, a lack of return on their savings because our interest rates are so low and federal reserve policy has driven them so low. this is what it costs in return for the benefit of something else that happened which was a huge rally of financial securities in a market that i would say as others might say priced to perfection. you get an upset and then it falls apart. so this is a complicated matter. >> quick last thought, larry. >> this is important. way. to emphasize what richard is saying here. the economic model which has been used all over the world in the wake of the 2008 meltdown, what was it? heavy, heavy regulations. heavy, heavy government spending, easy, easy, low interest rates, monetary policy. may i note it doesn't work.

it didn't work. it didn't literally deliver the goods, it didn't deliver wages all around the world. europe, britain, usa, even asia. now, we need a new model. we need to go back to deregulation. we need go back to lower marginal tax rates particularly on businesses. we need to go back to a more normal monetary policy guided by some rules and currency coordination and cooperation. middle income people may not understand economics the weyrich ard fisher does and perhaps i do, but they are in revolt against a louiscy economy and also rather poor national security protection. >> one more thing if i may. >> i've got to go, richard. i'm sorry. i apologize so much. >> listen to what greenspan said earlier. we need fiscal policy, a restructured of it, a resent

faizing. >> there you go. >> once a fed official, always a fed official. good to see you both. i've got it. technology among one of the worst performers in today's selloff. when we come back, the companies with the most exposure to europe and whether the selloff is presenting any buying opportunities yet after this.

welcome back. the dow taking a wild ride to date. check that out. the market quickly sold off to the tune of more than 500 points this morning. it moved off the lows only to sell again during the noon hour and hover around the 500 mark. around 2:30 this afternoon, the markets accelerated. they went lower in the final hour of trading, came back slightly around 330. we were talking about the big buy order on the close. couldn't hold the 545 close. as you saw there, 611 points. >> no extra charge for though ext special effects. josh lipton looking at the companies most affected by it

and the buys at these levels. josh? >> well, bill, tech stocks did take a big hit. it generated nearly 60% of its revenues internationally, and in europe, many of those big tech names have broad exposure. apple, just for example, generated 22% of euros. in sales it was 1.2 billion yrs. most don't break out by country. hewlett-packard enterprise broke out. 10% of the company's total. for paypal it was $1.2 billion or 13%. so should tech investors be slamming that sell button? clearly a lot of folks did today. if brexit continues to weigh on the euro and pound, it could do it. there could be a spending.

we're told investors should be using this selloff as a buying opportunity because brexit does not change the long-term reasons for optimism. he says about the tech sector including strong cash flowing. by the way, the tech companies that responded to us, sales force, paypal, and hbe say business as usual and the referendum won't have any immediate impact on their businesses. >> thank you very much. is this dip a buying opportunity? what are you doing about it? how should you be putting your money to work right now? we'll talk with a couple of main street investors after this. nve.

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you work so late. i guess you don't see your family very much? i see them all the time. did you finish your derivatives pricing model, honey? td ameritrade. as we've heard today's sell-off has spooked many professional investors from the markets. more on how the retail investors are reacting. we're joined by a couple of the main street investors. julie werner is back with us, and demon, i understand you're anxious to buy here, yes? >> yes, i'm very anxious to buy. with the prices that they are now, i would go after facebook, netflix. a stock that i couldn't afford before. being an investor on a budget. but now they're out there. they're selling off. now it's time for me to get in.

>> julie, you're sitting tight? >> what i'm going to do is, i never react on a daily basis. i'll look at my portfolio over the weekend. but the market is still relatively high. and a lot of my stocks are at 52-week lows. i'm looking for a little bit bigger sell-off. >> what about that, demond? she's not alone. this may not be one and done here. >> she's not. i'm not going to go home today and make the purchases. i'll watch them over the nerks couple of weeks, see how our government reacts to the brexit. so after that, i'll make my buys and sales. but i'll stay heavy on gold. >> oh, really? julie, would you go near gold? >> the only gold i invested in is the gold that goes around my neck, wrist and fingers. >> what would you look to buy here, julie? >> cbs is on my list. i own that.

and -- but question have to go down into the mid-80s to make it a good buy. i would love to add to my jen tex that i've mentioned before. and adve, health care sectors tend to do well during the summer months. and as a long-term investor, what i want to do is i actually raised a little bit of cash in may. so i do have cash. and i'll just continue to watch my portfolio. and those stocks that really are selling at a good pe multiple. >> all right. so you've got your shopping list, both of you, ready to go here. good to see you both. thank you. good to see smiles on faces today. julie and demond, two of our favorite investors. >> we'll look ahead to next week when we come right back. we com.

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before we go, bob pisani back one more time. let's look ahead to monday already. >> i want to be nostalgic, i want to talk about the '80 rs. >> the spanish elections on sunday. >> here's the problem. we get the potential knock-on effects that come on. they can't decide who's going to run spain. that's why they're having another election. they're gridlocked over there. all we have to have is another group that comes in, another group that wants to leave the euro. and they suddenly become predominant. monday morning we get another, oh, the breakoff is coming. these kinds of stories keep coming. it just adds another leg down. past that, we sort of have to get the earnings picture right. so we've got the strong dollar

again. how long is that going to last? if we can get the dollar back down, we can ameliorate a lot of the problems. how much are consumers going to stop spending in europe? if at all? we don't know. >> right. >> finally, we've got capital investments. if there's a slowdown in europe, how much are the companies going to stop buying technology, office supplies, anything like that. we've got to sort this out. we've got to have a few weeks of quiet. the guidance for q-3 are coming in the next couple of weeks. >> the whole idea that markets don't bottom on a friday? >> is that historically to? >> it's wall street predictions. >> the wait until monday, tuesday as the dust settles. >> i would agree with that. >> it's been a tough day in the markets today. but could have been a lot worse. >> very orderly open and close.

the russell rebalancing, did not cause any chaos. we were very happy. >> thanks, bob. see you later. >> thank you. we're not going anywhere. >> no, we're not. bill and i will be co-hosting special coverage, brexit, facing the fallout at 7:00 p.m. eastern. >> here's "fast money" right now. breaking coverage of the historic day, both for stocks and the uk continues. if you're just joining us, it was a brutal day. the dow closing down 607 points. the s&p, now negative on the year. the nasdaq fell 4%. now in correction territory. i'm melissa lee. this hour is about one thing, your money and what to do with it. live team coverage in the uk, where england's shocking decision to leave is still being digested by the global community. and what every investor wants to know. will other countries follow the uk out of