While the votes are being tallied the US markets had a tremendous surge today. While we had a big surge in the markets volume was mixed on the session. NYSE volume was higher while the NASDAQ was lower. After such a huge move it would have been nice to see institutions get behind this market with volume. A solid end of day ramp was a sign of confidence, but it will boil down to how the market will like how the British vote. Until all the votes are counted we will not know how this will end.
Well, one thing is for sure we still do not have any Bulls in the AAII survey. AAII Bears didn’t move week over week as most respondents moved towards the neutral. The lack of respect for this market is no real surprise. NAAIM exposure index shows active managers believing in this market, but not at an extreme level. How will things change when the vote has been counted.
As this is being written it appears #Leave has won and US Equity futures are getting decimated. VIX futures are up 30% and it will certainly make tomorrow very fun to watch.
Not much to respond to here. Clearly the people of Britain do not want foreigners governing and centrally planning their lives. Price governs are moves and not opinions!
