When Jim Cramer showed up at the New York Stock Exchange on Friday morning and saw a line of media trucks sitting out front, he knew the market would be in panic. Historically, he only sees news trucks appear when there is a panic, typically after the bottom of a big decline the day before.
By the end of the day, the Dow Jones industrial average closed down more than 600 points. What was strange to Cramer, though, was that the U.S. market was down worse than the U.K. How the heck could that be possible if only a handful of Americans actually have significant exposure to the U.K.?
The first reason was that the market hates surprises, and this one was nasty. The night before, all numbers told Cramer that the market would be able to handle it. Yet, by the morning the futures were down big.
Soon there was speculation of what country would be next to leave the EU.
"I think that's a bit of a straw man. Now that we see the impact in our faces, the pain that comes from the next exit vote will be entirely predictable, even if there is one, which I doubt," Cramer said.