Where there it is. An epic day on Friday following the Brexit referendum and a valid reason why many FX and trading houses limited both margin and contract sizes as volatility went to “never seen before” (read: a couple times a decade) levels. So many traders and of course business journalists caught flat footed with the reversal in fortune coming when a single polling station in northern England said leave, setting off a massive “sell-off” in global markets. Reporters of course forgot to look left to notice the end result, more or less, was where most markets were a couple months ago.. In today’s post I’m going to take a longer viewpoint to see if beyond the intrasession volatility and work out where to position from here.
Recapping Asia first where the Shanghai Composite lost 1.3% and almost hit its weekly low with daily price remaining below local resistance:
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