Brexit Paranoia Creeps Into the Markets

by Pater Tenebrarum
Acting Man

European Stocks Look Really Bad…

Late last week stock markets around the world weakened and it seemed as though recent “Brexit” polls showing that the “leave” campaign has obtained a slight lead provided the trigger. The idea was supported by a notable surge in the British pound’s volatility.

[…] On the other hand, if one looks at European stocks, one could just as well argue that their bearish trend is simply continuing – and likely would have continued regardless of the news backdrop. Ever since the Euro-Stoxx index fell below its 200-day moving average last August, the latter has served as resistance – and it is declining to boot:

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