by Greg Guenthner
Daily Reckoning
The British are leaving! The British are leaving!
Britain voted to leave the European Union by a narrow margin last night. World markets are spiraling out of control on the news. In a historic move, the pound dropped 8% to its lowest level against the dollar since 1985. Gold is soaring. European stocks are heading for their worst day since October 1987, according to FactSet.
Stateside, elation over yesterday’s rally toward 2016 highs has quickly turned to panic. Dow futures are down more than 500 points. The S&P 500 is off by nearly 4%. Fear is spreading throughout the market as investors rush to safe havens.
Just how freaked out are investors right now?