Here's analysis via Hedgeye CEO Keith McCullough in a note sent to subscribers earlier today:
"BREXIT – coin toss? I’d say so. And since I don’t make calls on coin tosses, I’ll just give you both bearish intermediate-term TREND signals in FTSE (6388 resistance) and Pound ($1.47 vs. USD) with an intermediate-term risk range of $1.39-1.47 – in other words, even if they don’t exit, odds are both remain bearish TREND (because the UK economy is slowing regardless vs. last year’s cycle peak)"
"DAX – more definitively bearish TREND than FTSE, but that’s because DAX remains in crash mode (-22% from last year’s cycle high); reminder that we still have the Street low forecasts for both Eurozone and German GDP in 2H of 2016 – #GrowthSlowing is the tail wagging the political dog, and it’s not just the UK who has political risks accelerating in kind."
