The Eve of Destruction: Part II

…a follow-up to yesterday’s The Eve of Destruction

Everything hinges on the outcome of the Brexit referendum, today.  The results won’t be known for at least another 12 hours, but that hasn’t stopped TPTB from jamming prices higher in the low-volume vacuum of uncertainty.

Their rationale is pretty straightforward.  Suppose you show up to work this morning, intent on reducing your exposure in light of the uncertainty reflected in the polls.  But, the futures are up 25 points.  Someone must know something!

Do you sell into that?  You’d look pretty stupid if greeted with a 3-4% spike tomorrow morning.

For those who are tempted, the overnight ramp job is a pacifier — a way to calm your nerves while hanging in there, long and strong, like Soros and Buffet and all the other billionaires who surely have better information.

And, while we’re talking about it, suppose they do have better information?  Suppose they’ have a man on the inside?  Suppose the vote is rigged?  Given the huge money at stake, it’s not so outlandish a thought.

Trade today if you must, but you might as well find the nearest roulette wheel and give it a spin.  Maybe today’s ramp job is a huge head fake, and you’ll be sorry tomorrow if you go long.  Or, maybe it’s the start of a 100-200 point relief rally to new all-time highs.

We’ll find out soon enough.  In the meantime, to the charts.

Last night, we had stunning ramp jobs in USDJPY…2016-06-23 USDJPY 5 0600…CL…2016-06-23 CL 5 0615…and, NKD. 2016-06-23 NKD 5 0615But, unless they know something that no one else does, the chart that really matters is the EURGBP.  And, as of right now, it’s saying “who knows?” 2016-06-23 EURGBP 60 0610continued for members


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