Afternoon Note
The pendulum is swinging quickly in the UK referendum on whether to exit or stay in the European Union. A couple of weeks ago there was a spike in polls indicating a plurality, and in some cases, a strong majority of voters shifted to the position of leaving. Those polls sparked anxiety in the business and investment community that saw market turmoil across the Atlantic. Gold surged, bond yields slipped and the British Pound Sterling tumbled.
The Pound may have telegraphed the change in polls over the weekend as it began to find buyers later last week. Those polls are still tight with Stay at 45% and Leave at 42%.
London’s famous bookies, Ladbrokes and Betfair, peg Stay at 73%.
The major indices remain range-bound, although this sigh of relief not only underscores buyers are prepared to move, but upside gains can attract additional buyers. On that note, I would say volume isn’t impressive but solid.
Comments |
Once socialism gains a foothold, it is almost impossible to exterminate it. Free stuff is like an addictive drug. It is also ultimately fatal. z on 6/20/2016 3:15:25 PM |
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