The big news this week was that the British voted to exit the European Union. This was not the outcome expected by pundits, or the polls.
“Risk on” assets were relentlessly bid up prior to the vote. For example, S&P 500 index futures had closed the previous Friday, June 17, at 2059. This Thursday, prior to the vote, they were up 60.5 or 2.9%, to 2119.50.