Teresa May throws a timeline on the tape (Brexit negotiations by Q1 2017) and London loves it...
- FTSE ramps +1.1% to a new high (+11.6% YTD, doubling the SPX return)
- Pound gets devalued to a fresh new low of $1.28.
(Pound is signaling immediate-term TRADE oversold within a $1.28-1.32 range.)
https://twitter.com/KeithMcCullough/status/782877073606078464
That's fantastic for the wealthy, but...
It’s obviously horrible for the poor people (i.e. the 90% or more of humans who don’t own “stocks”) who continue to lose the purchasing power of their hard earned currency. But who really cares about them anymore anyway?
And I mean that with some serious sadness in my heart.
https://twitter.com/KeithMcCullough/status/782872323753963521
Editor's Note: The snippet above is from a note written by Hedgeye CEO Keith McCullough and sent to subscribers this morning. Click here to learn more.