Thursday, June 23, 2016

Still Iffy on the BREXIT...06.23.16

The markets surged up right into the close and then further in after hours in anticipation of a REMAIN vote.  Current polling results (7 PM PST) indicate that's not a sure thing and the markets have reversed course to the downside.  There's still a few hours to go ahead of official results so stay tuned.  If REMAIN is the choice we may still see a sell the news reaction as many talking heads suggest a positive vote has already been fully priced into the EFA and the SPY.
Meanwhile, here's the current cross market M6 momentum model and the latest signal.
We exited our Friday straddles and butterflies at the close today...all positive thanks to the closing runup.