Interesting stats -- I just read this article which points out that the FTSE 250 (smaller caps) is actually down 13% in 2 days -- Interesting analysis of how the FTSE 100 has done much better because of the cratering in the Pound -- UK internationals benefit but domestic companies don't. Worth watch the FTSE 250 too.

http://www.telegraph.co.uk/business/2016/06/27/why-we-should-be-looking-at-the-ftse-250-and-not-the-ftse-100-to/

Brexit has called into question the ability of the CBs to continue doing all the things they've been doing. JPM now down 3.5% -- don't think we will see any kind of meaningful bounce without the financials which are really trading as a barometer of fear of CB loss of control.

The real panic is in the UK and European banks. In the UK watch BCS, LYG, HSBC

Most important bank in Europe, DB and then CS

Also SAN

Right now they are getting crushed. The contagion fear is in the banks.

I thank you for posting it -- I've thought some of his stuff was very interesting. I just think he basically he curve-fitted that line to fit his thesis. Doesn't mean in general his stuff isn't useful. 

I don't get his second uptrend line at all -- it sure doesn't conform to any of the rules of TA that I've ever learned -- he just arbitrarily skips higher lows and basically draws the line to where he wants to draw it. I"m not saying we might not be topping -- we may well be -- but his uptrend line -- unlike the one he drew leading to the 2007 highs -- isn't a "proper" line. I have no quibble with his channel but there just isn't an intersecting uptrend line as far as I'm concerned.

a_l_ --  I think that's a perfect summing up -- I believe this was a seminal event that will change the position of CBs in the world -- many dominoes to follow over time -- and I have heard from a few UK friends who are celebrating their independence, even one who works in the City.

and gold is doing it while the dollar is up over 2%, seismic

And the BBC just called it for Leave.

Huge evening for everything if we don't get a radical last minute swing.

Just saw this interesting little item:

In the absence of exit polls, hedge funds and investment banks have commissioned private surveys to give them a head start on trading,  according to U.K. media. That means financial markets could start to react to the referendum before any official results have been announced.

Here’s a rundown of the key times to watch Thursday through early Friday morning. 

Just noticed these, they were kind of hiding...presumably Brexit will determine what happens

Which is exactly where the prior swing low found support.

Steve -- thanks for posting this. 

Could this be another one of those times when a bullet changed history? The tragedy in the UK where a woman MP was killed this morning seems to have turned around markets in a very significant way. Clearly the markets think that it really hurts the Leave cause. Look at how the FTSE futures have continued to rally. It looks like it may well have put in a W bottom. And the reversal candle in gold is  huge -- like it really believes that today was a game changer. Our own market also is trading like the fear has started to go away. Look at the reversal candle in the VXX which Steve mentioned.

This very sad event has moved the markets. I just went back and looked and the FTSE futures rallied from the early reports of the attack, gold dropped like a rock, and we rallied. This is being seen as a setback for the Leave campaign because there were early reports that the killer shouted "Britain First" which may prove to be a false report -- it's being denied now -- who knows -- but what's happened is that with a suspension of the campaign by Cameron hurts the momentum that Leave had since all the polls had been moving towards Leave.

I agree with you on Biderman. He is one of the few who knows what he's talking about. He went to 100% cash in his managed accounts in the last month. A friend of mine on Wall Street said, "Well at least he's got the courage of his convictions, not like everyone I work with."

I think Bill Gross had it right when he said a few days ago, "You can't have capitalism with negative interest rates."

When you destroy the pricing of capital markets become endlessly distorted.

Looking for a bounce setup to play with TNA

Think gold likes the Brexit polls