The cover photo says it all. If you are half as tired of hearing "Brexit" as we are, then you are mixing a drink right now. Apparently, a UK Remain vote is more bullish for US equities (up 1.34%), than British stocks (up 0.54%). The mind boggles, but sadly it can rationalize why.
We are in a global economy, and if you didnt get enough FTSE, why not buy US stocks? They are more liquid and it's one big happy world economy right? What could go wrong?
LAST 30 MINUTES OF S&P TRADING
No way it has anything to do with some Fed proxy banging the close slowly? Seems legit to us.....
GOLD RESILIENT?
During past crises where people flocked to both the Dollar and Gold simultaneously, Gold would get crushed relative to the dollar after the crisis was averted. Stops wold be blown through as managers tripped over each other running for the exits and locals would turn their backs on brokers and shout "Who Concert!"
Today however Gold was down no more than expected from where we stand. It respected a key 1255 level. No washouts, no spoofs, down a respectable 0.70%. Kudos to the barbaric relic. If it weathers tomorrow's AM London Gold fix we might have a shot at basing in this area.
-Soren K.
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