Money is still hot and cheap, and plentiful in all the wrong hands. So do not look for fundamentals to be driving asset prices in the short time, if they ever do.
It was no surprise that we saw a sharp reversal in equities today as the selling obviously exhausted itself on Brexit jitters, and there were too many specs leaning with leverage to the short side.
So we had a nice sharp intraday reversal.
Ok, now that the Fed is off the table for now, at least until July, attention is turning to Brexit, and to a lesser extent to the real economy, primarily as it says something about what the Fed may be able to do.
Rough seas ahead, mateys.
Have a pleasant evening.
