Street Calls of the Week
Claims and counter claims. Should the U.K. exit the EU? Will it bring down the EU? Will the global economy collapse following a Brexit vote? Will Brexit make Britain no more than Guernsey? Others say that it will make no difference. Clearly, the claims and counter claims are all hot air and bluff. However, in my neck of the woods, it’s making life difficult in terms of the structures. There has been some weird things happening – well, at least in terms of stretching some of the corrective moves that appear to have caused some unusually excessive recycling. It seems to be that way…
Most probably the market is going to see some erratic moves over the coming days and therefore we’re going to need to be fleet of foot. Already this morning all pairs have seen some modestly strong gaps – but ones that need to be confirmed if they are to follow-through. I’m not yet convinced of that outcome. It’s not yet the time to make a strong directional statement of intent.
Therefore, we could find ourselves embroiled in some whippy, correctional moves over the coming 5 days. For the moment, I prefer to consider the dollar to be the beneficiary of the melee - but of course with the attendant risk of whiplashes and potential confusion due to the week that everyone wished wasn’t.
Take care. If not convinced of a trade it will be better to sit out…
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