This is a time of conservatism a time to take care of your own.
How France, Italy and the Netherlands now want their referendum too.
I am letting the volatility settle. Over the long term, the little buying opportunity will prove to be wise. Emotionally, today everyone is an emotional wreck. It is hard to buy when markets do this.
As we witness the biggest fall in GBP in over 32 years, UK banks stocks are declining anything from 5% (HSBC) to Lloyds (25%) a rally in Gold and a flight to safety within the Government bond markets the UK population has woken this morning in the confidence that democracy has prevailed.
In Boris Johnson’s comments earlier he said we have had enough of the super sovereign demands and its time we planned our own future. Jean Claude Junker commented that negotiations will be tough. Nicolas Sturgeon wishes to meet with the European Union early next week.
The Bank of England will act to aid bank liquidity and many dealers are discussing the possibility that the Old Lady cuts rates next week. Global Central Banks are in talks and a possible coordinated approach could be expected soon.
The trend is in motion – more as we go.
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Livio S. Nespoli has been a broker, registered investment advisor, and financial publisher since 1985.