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The Day Ahead 2016-06-27

US equity futures have been weak overnight but have held above the Thursday night Brexit voting low. Starting the day with a new low in S&P 500 cash is possible but lean toward a bounce before further continuation lower.

Dollar Index 2016-06-26

Dollar Index trying to wake up.

Copper futures 2016-06-26

The copper market was untouched by the Brexit volatility. Net still looks lower but may have a bounce in it first.

US 30 Year Bond Futures 2016-06-24

I continue to see bonds ripe for a decline. Not that I think long interest rates are going to crash up, but do think there is a good case for peak low rates, and high in bonds and the Brexit hysteria was a gift for bond bears.

The Day Ahead 2016-06-24

Quite the fireworks last night on the Brexit results. Long term I think that will be a net benefit to the UK. I even have some concern that bears can keep the downward momentum going in the short term. Probably see a consolidation form today into Monday.

The Day Ahead 2016-06-23

There was a thrust up out of the consolidation pattern overnight in the equity futures such that SPX will open up into a new high over that of Monday. Since Brexit voting is taking place today, doubt there will be much market movement today, perhaps another five or six points over the NY open but […]

The Day Ahead 2016-06-22

Yesterday was as expected, a choppy consolidation with an up bias. Today will likely be the same.

London FTSE should continue decline

The decline has been strong enough to lead us to say that corrective wave [ii] is probably finished, and FTSE is probably now heading downward in wave [iii]. If the index truly is declining in wave [iii], then the decline should be relentless. Read more at TraderPlanet.

GBP futures and FXB 2016-06-21

I have been musing on what the Brexit vote will mean for Sterling. Net, any bounce on a vote to stay is relatively limited and a vote to leave is probably not a disaster. The disaster has already hit Sterling in 2008 so downside is probably limited. Charts below.

The Day Ahead 2016-06-21

The market is still at the mercy of Brexit polling. According to the Financial Times it is pretty even at the moment. We also have the Yellen testimony at 10am EDT that could be a wildcard. Absent any surprises, expect choppy range bound trade with a modest higher bias.