Markets

Had fun? This is only the beginning

This was the easy part

What comes next is where we could get some real moves. Many desks in London would have been manned through this but the next wave will come when London opens properly.

I should think many have stayed up to watch this but they won't be able to react in stock markets until the open.

Much like the Scottish referendum and the General Election, the close following sessions today will be reactive but it's further out that the real trends will develop. If (big if) we don't see a big downside move from around 6-8 am GMT, that won't be an indication that the worst is over.

Where we go in prices from here is anyone's guess as these are unique circumstances. I'm expecting rallies in the pound to get hit hard in among periods of going sideways while the market asks "what next?"

The government is going to have to go some to make something positive out of this but Cameron & Co are going to have bigger issues saving their necks. The political scene is going to change massively adding more to the negative vibes that will run and run. And we haven't even touched on Europe's reaction yet, whose silence is deafening right now.

This really is only the beginning.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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