Trading with point and figure

- The UK decision to leave the EU was ultimately decided not by an evaluation of the actual benefits and pitfalls of EU membership, but very clearly about a broad array of socio-economic grievances, for which the perennial UK debate on immigration was an over-simplified focal point or proxy. In truth, the disruptive forces (perhaps better termed 'drivers of change, renewal and innovation') of the 'fourth industrial revolution', globalization and the accompanying up-ending of the post World War II 'social contract' will continue to be the dominant overarching for the domestic, European and global economies. The claims and promises made by both sides of the debate were always going to be exposed as empty rhetoric in terms of what will actually be delivered post-referendum. However the emotions which have been stirred and ramped up at a political level, and among the broader public will be far more difficult to bring back under some form of control, particularly the heightened level of disenchantment with the political classes, who have been exposed as little more than cheap salesmen for an array of vested interests. As such the awakened, and now emboldened forces of populism and accompanying pugnacious demagoguery are unlikely to dissipate, any time soon. As has been oft observed through history, in times of significant change and innovation, there will always be a large minority who will sense that they have been left behind, disenfranchised, even 'thrown on the scrap heap' of society and/or nation. In such times, the need for bold, laterally minded and courageous statesmen, rather than cheap demagogues is particularly high, but certainly appears to be absent across much of the 'so-called' developed world, above all Europe. The fact that the sharp swings in financial market prices, above all over the past year and specifically in the weeks leading up to referendum, have highlighted that the post 'global financial crisis' regulatory regime, allied with the forces of ZIRP, NIRP and QE have merely re-arranged the deckchairs in terms of an unstable financial system, and exacerbate exponential movements, rather than create a more stable architecture is also alarming. The overnight meltdown is both testament to this, and the most immediate concern is about financial stability, rather than the messy political picture in the UK and in the EU. If many market participants and investors were very concerned about Eurozone banks, regardless of the outcome of this referendum, they will be far more concerned now. On the political side of the equation, the immediate question for the UK is whether PM Cameron is willing to stay on to manage and negotiate the process of Brexit, as well as the potential break-up of the United Kingdom. As for the EU, this above all should be a moment for Frau Merkel to show her mettle as a leader, a mediator and a statesman. I have spent much of the past two years voicing concerns about her leadership, and fear that she will be exposed as weak and indecisive, and certainly not a leader in times of crisis, leaving aside the fact that Eurozone and EU leaders have, singularly and collectively, more than amply demonstrated their acute inability to display a common sense of purpose for more than a decade, but above all since the Eurozone crisis. Spain's general election on Sunday becomes the next point of concern.

More thoughts as the day progresses.
from Marc Ostwald
 
Moneylender said:
The dax could go below 9000 this morning!
Click to expand...

Who wants to guess whether Deustche Bank or Barclays is going to look prettier at the opening?

...even though I have been fairly reliably informed that 10% is already basically "limit down" on the dax!
 
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