Sterling Soars Most Since Lehman Before Stocks Brexit-Relief-Rally Fades Ahead Of Key Polls
By Tyler Durden
“It hasn't learned…”
Why everything rallied… because bookies odds surged (despite a lack of movement in the polls)…
US equity markets ripped higher overnight and extended gains at the cash open, ending near the lows of the cash session (which Bob Pisani called “just off the highs”)…
The S&P 500 surge was as technical as it gets – tagging 2,100 perfectly before fading…having punched VIX down to 16.5 (S&P Cash high of the day 2100.66!)
Dow's 500 point “dead cox bounce” gave back 150 this afternoon…
Nasdaq and S&P underformed on the day…
S&P, Dow, and Small Caps were ramped up to unchanged from the close beforer last week…
Bonds & Bullion remain the leaders post-payrolls…
Netflix ripped and dipped after changing its logo…
Of course – all anyone cared about was Cable, which soared the most since Lehman
Ending above 1.4700 despite a perlious flash-crash on “Remain” campaign headlines…
USDJPY closed at new lows since Aug 2014…
Notably, as soon as Europe closed, US equities began to fade, decoupling from Cable as USDJPY started to tumble…
Treasury yields rose 3 to 6bps on the day (long-end underperforming short-end), extending the selling post Jo Cox death…
Note 2s30s flattened during the US day session…
Copper and crude rallied (risk on) as Gold opened down and flatlined; silver levitated from the US Open…
* * *
So in conclusion, Global markets surged today, because bookmakers odds suggesting UK would “remain” increased with betting tilted last night by a singular bet of 25,000 pounds…
Do you know how fucking insame that is!! One bet of 25,000 ponds skewed bookie odds on remain and poof markets around the world rally.
— Lizzy (@lizzie363) June 20, 2016
Charts: Bloomberg
Source: Sterling Soars Most Since Lehman Before Stocks Brexit-Relief-Rally Fades Ahead Of Key Polls
