Mike’s Morning Brief – June 22, 2016

Market opened in the green again with 24 hours to go for the Brexit vote and polls still showing a dead-heat which is still leaning on the Remain side.  The Market certainly seems to be leaning that way as much of the June losses have been erased.  More sideways action is expected today with a hyper focus on London.  Politicians on both sides of the debate will be making their last arguments today ahead of polling stations opening tomorrow at 7:00 a.m. London time.  Fed Chair Janet Yellen begins day 2 of her Washington testimony.  She didn’t inspire much enthusiasm about the state of the global economy and the future for monetary policy yesterday.  She was very tempered and cautious on Capitol Hill.  The chance of another rate hike in 2016 appears to be sliding and even Yellen mentioned the significant risk of a British exit.  Interest rates have ticked up the last few days, with the 10-Year Treasury yield at 1.7%.  The Euro is stronger again against the Dollar ahead of the vote.  Oil has reclaimed $50 and Gold is flat.  FedEx reported a solid Qtr, which is a bit of a barometer for global growth.  Tesla made a bid for Solar City, a deal which is raising more questions than answers.  Hillary is trying to elevate herself above Trump, and recent polls are showing it’s happening.  North Korea fired 2 more “test” missiles overnight.  There’s so much going on.  DOW 18K and S&P 2100 continue to be a glass ceiling.  This wild ride will continue.  Buckle up.

Have a great day.

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