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Well, now that ZH has offered up about 739 different articles about what a big deal Brexit is, they can all go back to – – I dunno – – rehashing the Fukushima reactor for the billionth time or something. At least, until the next Great Black Hope comes along. Because, the thing is every single time one of these Things That Will Change Everything comes along, it amounts to the same thing for the past seven years:
Early in the weekend, I was asking myself how I was going to handle positioning before the big Brexit vote on Thursday. Well……..umm…….problem solved! It’s quite evident that the assassination of Jo Cox took care of the problem the ruling class in Britain was having with this whole “Brexit” nonsense, and, as with all things, we’ve glorious returned to the status quo.
As such, the ES has undone five days of losses with a monster lift-off:
Unless you’ve been sleeping under a rock (actually, more like a very large column of rocks), you know that the big “Brexit” vote is this Thursday, and we’ll have results here in the U.S. late on Thursday or in the very early Friday hours.
I have one very simple, whiny reason why I’m sure it’s going to fail: because nothing cool every happens anymore. Not ever.
Remember all the stink that ZeroHedge made about the “Grexit”? Frankly, I don’t even remember how that turned out, although I vaguely remember that Greece, did, in fact, vote to ditch Europe, but within days it didn’t make any difference. Suffice it to say, the entire Greek hoo-ha was a tempest in a teapot, and that’s probably overstating it.
“As goes January, so goes the year.”
What a bunch of unmitigated crap. January was amazing. We started off instantly with a big drop, and the bulls were terrified and utterly on the run. It looked like 2016 was, at long last, going to be the Year of the Bear.
Ummm, nope. Indeed, as hope got smothered slowly since February 11, the final blow was dealt on May 24. There wasn’t even any particularly big news that day. But, from a charting perspective, that was the moist pair of fingertips that pinched the softly-glowing wick at the top of the candle and snuffed out ursine hope. I’ve tinted the fateful day in green. Since then, the market has been, quite reliably for the bulls, simply creeping up day after day. We are, as I type this, at new highs for the year.
