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Brexit Day

Daily Recap

The partying for Britain remaining in the EU continued today, with London's FTSE ending at a two-month high and European shares overall at three-week highs. The US is happy to join the celebration, with major US indexes up another 1% today. Of 10 major markets in Asia, Europe, and both America's, only one (China's Shanghai) is down. Nearing the close, the Dow is at two-week highs and once again has 18,000 in its sights.

On the surface, it looks like stocks could be setting up for a classic "buy the rumor, sell the fact" scenario. A positive outcome seems mostly priced into markets already, and a Bremain vote might actually result in profit-taking selling. And let's not forget that the vote, even as this is written, is too close to call. Thus, a Brexit decision could really cause havoc. We won't know for sure until close to midnight, Pacific time.

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