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 the european union?

wilfred? >> melissa, thanks very much. that's right, that's a question on everybody's lips. we just have to look at the close of the european market today. to really see how it's highlighted. the london index closing down 3%. the rest of europe down much more sharply. yes, there was a factor of exporters in the uk benefiting from the fall in the pound. italy, closing down 12.5% compared to the ftse's 3% decline. on that note, earlier today, i did catch up with the british foreign secretary, phillip hammond, to ask him if this is a seminal moment for the future of the european union. >> i think anyone would have to agree it's a seminal change in direction. it will have huge ramifications for britain, and a ripple effect across the world. but huge ramifications for the european union. i don't think we should assume

that everything in europe just sails on unaffected. and britain detaches and goes its own way. >> that's interesting to see how sharp the index declined today. that's one of the countries we've seen opinion polls that are almost split for portugal, spain, holland mentioned in the same breath. i want to offset this a little bit. all of those countries are part of the single currency. britain is not. they're a huge economic consequences for britain for voting to leave. but it probably is manageable to some extent. for many of the southern european euro countries, for them to vote to leave could be economically crippling. we just have to look at greece who are accepting hugely draconian standards imposed on them by creditors. because they know there could be massive, massive consequences.

i just wonder, we're in the eye of the storm today, as the decision has been announced. does it blow over a little bit in the weeks ahead for those sorts of countries? therefore, for me to really focus on what to worry about going forward would be the countries like germany and france. if you saw movements from them to leave, that would be hugely worrying for the european union. for the smaller countries i wonder if it might blow over a little bit. france and germany have elections next year, and that could be crucial for the future of the european union. >> there is the groundswell of populism in france or germany that exists in the uk? >> it definitely exists. i just don't think it's got to the same extent. germany perhaps is the most important. and particularly, for angela merkel often described the mother of europe to remain in power. her coalition of the cdu and another parties slightly to the right of hers need to stay in

power. if it doesn't, it could let the afd further to the right to start to come in. that could be a big concern. in france, the equivalent is the national-run, and if they gain power, that will be a big, big problem. they're not at the 52% level like we shaw in the vote today in the referendum. >> wilfred, thank you. former chair of the federal reserve, alan greenspan best summed up the fears behind the brexit. >> i think this is just a tip of the iceberg. the reason i say that is that this -- the problem that's causing the british problem is far more widespread. fundamentally, what we are looking at is a massive slowing in the rate of real incomes across the whole european spectrum. >> so, is this the tip of the iceberg?

that question is particularly important on a day like today, because that basically answers, are we going to see more selling pressure? are we going to see more volatility ahead? >> my answer would be yes. i do think this is the tip of the iceberg. now, the question is, how big is that iceberg and how long does it last. these things take time. when you talk about the potential break-up of the eurozone, is there going to be contagion to spain, i'm not worried about greece or the smaller countries. spain has an election this weekend and france, and there, you look at some of the banks today, they got absolutely crushed. that's going to be a problem for them. where the fulcrum is when the economic pain is so great in your country, you choose to leave anyway. i think you saw a little bit of that in britain, there's frustrations. this is potentially the tip of the iceberg for that political unrest. >> everyone was worried so much about brexit. now we have the closure of brexit today. what changed?

nothing has really changed. we don't know, if we went around the desk, we don't know what regulations are going to change. it's going to be years to change. >> something changed economically. this stock market and financial market moved. it could really erode confidence. not only that -- >> erode confidence, but the truth is, they will move on. the uk will move on. this is not going to break them. they'll still be a pillar. they might be even better off leaving. that was something that no one -- it was a 50/50 vote. >> is the point here that there are long-term buying opportunity? >> and to listen to alan greenspan, i have all of the respect in the world for him, he's going to make an oppression call that he didn't see the lack of regulation, and the housing bubble that he created, but he's going to make an oppression call now. i don't know if i could trust him to make a call at this stage of the game. >> how can you say this is a buying opportunity? we have a massive financial shock into a global economy

that's in recession. we're looking at probably a recession in the uk. how can you say that's a buying opportunity? i don't understand. >> because what happened? >> the dollar moved. this is really what the world doesn't need right now, the dollar moving back to the highs where it was when we had two massive volatility shocks over the last year. that to me is the big worry that you have. when you look at u.s. multi-nationals today, it felt pretty orderly for the most part. u.s. stocks down 3.5% most of the day. stocks like procter & gamble was down, and the dollar stayed big. that is the fear i have about a global contagion. then you see the effect, when the fed exited qe, commodities got killed. if they get killed again, we're in the -- >> the dollar did sell off, though. the dollar spiked -- >> the self-correcting -- >> self-correcting rise. this is the pinnacle right now.

i would say the dollar at this point, this is as good as it's going to get. >> what's the ecb going to do? >> you're going to have a massive amount of stimulus. everyone's going to throw it out the window -- >> you put stimulus on the euro -- >> so what's your -- >> hold on. what are you buying then? what's the buying opportunity? >> first of all -- >> don't say it. >> first of all, i'm long gdx. >> gold miners, all right. >> you know, i thought about buying xlu again, i'm not ready to buy that just yet. search for yield. but i'll tell you, dan and i talked about this interday, jcpenney. i bought it today, down 5%. it basically closed unchanged. there are bargains in this market. >> this is friday afternoon, not a lot you can do right now. but you can pen an e-mail to your adviser, ask him or her, listen, this is what's going on. german ten-year yields are

negative. ggb, japanese bonds moved 45% overnight. the sterling moved 10% overnight. that is a major currency. what do those things mean? if you don't get an answer back that is cogent and succinct, you're with the wrong adviser. >> how do you answer the question? >> this way. central banks have lost control. i've said that now for months. b.k. has been ringing that bell for quite some time. it manifests itself in many ways. right now it's manifesting itself in currency moves, that typically take place over years, now take place over hours. global interest rates continue to go down. stay long the tlt. steve mentioned gold. gold will go higher. gold has been resilient throughout. for a long time now it's telling you something. what does it mean for broader markets? europe is a no-touch until further notice in my opinion, despite what people say about valuation. >> i'll just add to the s&p right now, you're talking about more monetary stimulus here in the u.s. when you look at what's happened

in europe, the $11 trillion of global debt global. what do the equity markets? down 20 some percent from a year ago. you saw what happened to the nikkei last night. it got destroyed. >> did you see what happened to the s&p -- >> but all these things -- >> the ten-year yield is up 35 basis points. >> let me ask you a question. 1810, i was in the same boat, all of us thought it would be extremely negative and going down to 1650 or 1625, it didn't happen. at a certain appointment you have to say -- >> we're going back to 1810. >> you had about 15 days to thread the needle and buy the market there. it screamed up 200 handles. what do you do? >> the only way the market has moved up in 18 months is off the reversal of the massive volatility shocks. >> but it didn't -- it doesn't matter whether it was healthy priced stocks or not. the fact that it moved up. the fact that xlu ran.

there's no yield in this. there are places to buy this market. it doesn't mean -- you guys can both be right, the s&p could still go higher. >> what do you do? >> it's gone nowhere in 18 months. >> 1810, 1810 up to 2100. that's not nowhere? >> 2100 down to 1810 -- >> you have 15 days to thread that needle again. >> i wasn't negative 1810. go back and check the tape. i said -- >> it's only a half hour show. i cannot check the tape. >> by the way, by the way, s&p futures are slightly negative going into the weekend. what will you do? >> tlt has been a name with me. utilities. xlu has been a name with me. to be frank with you, i think we're in very dangerous territory. i've felt this way for a long time. i'm not looking for opportunities. it depends on your time horizon here. as a trader, i think the best opportunities are selling any strength that we have.

they usually come off oversold conditions. we don't see any -- the path of least resistance is no longer to the upside. the monetary policy that got us here is not doing it anymore for risk assets in the u.s. i don't think you take a shot here, down 3.5%. >> wells fargo's top stock strategist said the brexit vote is presenting the perfect opportunity to buy stocks. he'll be here to explain. you thought last night was crazy. wait until sunday night. a number of traders are on edge. we'll tell you what has them so concerned. we'll tell you how you can still protect your portfolio at a small cost. we'll explain that, and much more, when "fast money" returns.

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a live shot of london at dawn. who was doing the buying on the dramatic plunge? let's bring in bob pisani from the new york stock exchange. >> institutions, it wasn't a big day for retail investors. this could have been a lot worse. we had a very orderly open. and a very orderly close. no big weird volume at the open. no big trading halts, no price dislocations at the close on the russell rebalancing. it really was very orderly.

institutional buyers all throughout the day. wiggest volume day of the year. all of the reits did better. utilities did better. defense names, for example, no names with european exposure did better. what we're trying to figure out is what the impact is on the earnings. the economic slowdown, reducing capital investments, the stronger dollar, and lower consumer spending. we cast figure out those threads yet. it's a little bit early. i'm watching the spanish elections on sunday. guys, back to you. >> thank you, bob pisani. the brexit shot could be creating a huge buying opportunity. wells fargo's top equity strategist recently said this on cnbc. >> if there is an exit vote, you know, we want our clients in

here stepping in to buy u.s. large gap stocks. after we get finished with the noise and the volatility, after a few weeks of that, you know, people will wish they'd bought stocks. >> joining us to discuss that brexit call, scott. good to have you with us. given the price action, not only in u.s. equities but across global markets, and across asset classes, do you stand by that call to buy u.s. stocks on the back of the brexit? >> absolutely. i was shocked today after staying up late watching what was happening. i thought today we would be back and forth in a 50/70 point range a couple of times. i was really amazed at how steady the market was for most of the day. you know, really, if you think about it, and guy points out the 2025 level, and i'm watching a level a little bit below that, but really, we have been in the same 80-point range in the s&p 500 for about three months.

i mean, this is -- we're still in the consolidation range. we just had what happened last night. is the uk, is the ftse 100 going to be wild? yes. is sterling and the euro going to be trading pretty wildly? yes. but i mean, as far as the u.s. economy, you know, modest growth, modest inflation. i don't think that changes it a whole lot. we want to be buyers on this. i think the chances are, there's stops below here in the market, particularly a 2010 and below. i feel that we're probably going to touch that. we're going to run some stops. but i don't expect much follow-through from there. >> are there specific sectors, scott, and are you worried that the spike in the dollar is going to be a real headwind to some of the companies out there? >> really, the euro, what are we at 111 right now? we really haven't done a whole heck of a lot in the euro. i'm not worried about a spike in the dollar. we're more neutral on that. i don't think you'll see the dollar move too much. but we want to be in there,

technology, consumer discretionary, industrials, which have continued to outperform the s&p since last july. and also, health care, which is a little more defensive. but we're definitely leaning si cyclicly. it hasn't been that huge yet. i think we're going to have an opportunity to buy them a few percentage points lower. >> hey, scott, brian kelly. you've got to explain this to me. we just had overnight one of the largest currency moves in the history of currency trading. okay? we have an ecb that was probably going to be more lenient. we have a bank of japan that is most likely going to have to print some more money. how in good conscience can you tell anybody we're not going to have a dollar spike when you just said oh, is the pound going to be crazy? sure. what's the other side of that? that's the u.s. dollar -- wait, how can you tell people to buy large cap stocks which are completely exposed to the strong dollar? >> for one thing, large cap

stocks are -- they are headwinds whichever way the dollar moves. if the dollar strengthens, our goods become less competitive. they got caught asleep at the wheel when the dollar moved from 130 down to 105 or 107 in the euro. they're doing hedging now -- >> you have confidence where they are now? >> the actual reality on these earnings, you know, they're going to be nowhere near -- if the dollar moves 5 cents, 8 cents against the euro, one way or the other, it doesn't have that much of an effect on their earnings. because most of the time they're hedged up pretty good. here's the situation. the fifth largest economy in the world, which is great britain, they make up less than 4% of the gdp. they run a trade deficit with the eu. those other 27 countries are going to be tripping over

themselves to sign individual country agreements to do business with the uk. are we going to see a temporary thing here? i mean, this is going to have a very temporary effect. >> scott, thank you so much. >> thank you. >> wells fargo. show of hands here, anybody with scott in terms of what he's buying, cyclicly oriented sectors, industrials? nobody? >> i believe the market is going higher, but not with those stocks. >> all these cyclicals, they acted horrible. >> all yield. still ahead, if you thought last night was a crazy night in currencies, get ready for sunday. what should you expect? it will surely be a wild night sunday night. here's what else is coming up on fast. i just shorted the pound versus the u.s. dollar. short the british pound, long u.s. dollar. >> that's how b.k. cashed in on

the brexit vote last night. now he has a way to make even more. he'll explain. plus, how would you like to protect your portfolio at little or no cost? it's not only possible, but with the vix surging, it's easier. and we'll explain how when "fast money" returns. tokyo-style ramen noodles.

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i'm short the british pound. size it appropriately. this is going to be highly volatile. don't get yourself in a position like a lot of people did with the swiss franc where you're overlev

overlevered. >> that was b.k. on last night's show when he shorted the british pound at 5:17 p.m. eastern time. initially he was on the wrong side of the trade. it ended up paying off big-time around 9:15 last night. he covered that short after the currency fell, about 5%. where do you stand now on the pound? >> i have no position in the pound. what you probably caught right there on tv was peak b.k. so i covered it probably a little too early. i will reshort it at some point. i just wanted to let the dust settle. i think it goes lower. >> the chaos from last night was crazy. there could be more volatility over the weekend. sarah is in london with all the details. hi, sarah. >> reporter: hi, melissa. i told you 24 hours ago it would be one crazy night. it certainly was one for the history books. in fact, for currencies. tonight will not be. the foreign exchange market is closed. it reopens on sunday.

start watching for some pricing indications at 3:00 p.m. eastern time on sunday. the market officially opens for trading in australia and new zealand and in asia at 5:00 p.m. eastern time sunday night. that's when you want to start watching the japanese yen. the yen has been surging on safe haven buying, out of the pound, out of stocks and into the japanese yen. so much so, it dipped below 100, a key level overnight. didn't stay there. went back above it today. if it goes below there on sunday and early into next week, traders are on high alert for intervention in japan. watch the eye of the storm, the british pound, as that has been a mover for assets around the globe. and we'll also be watching, melissa, the dollar versus the chinese yuan. when the dollar starts strengthening, if china has to devalue, we know what kind of shock waves that can send across global markets.

we got a preview in january of this year. worst start to stocks ever. >> crazy night sunday. we'll have live programming as well as tonight at 7:00. stay tuned, "options action" begins right after this break. h.

coverage of the sell-off continues. this was a crazy day for the markets. the s&p 500 saw its worst open in 30 years. meanwhile, the dow opened lower by nearly 500 points, closed down 611 points. the eighth biggest point loss ever for the dow. the nasdaq back in correction territory. it was the banks that led us lower. citigroup shares getting slammed. the stock off by more than 9%, hitting a three-month low. that was nothing compared to what happened in the european financials.