Stocks still a better trade that GBP
The pound moves are insane.
The things that have room to run are stock shorts (especially banks), oil shorts and gold longs (especially).
Yes, this is terrible news for the pound but it's terrible news for globalization. This is the beginning of the end or at least a huge rethink of the open borders, open trade movement that's been ongoing for 30 years.
There's a revolt against globalization taking place and that's the kind of thing that should mean a 700 point fall in the S&P 500, not a 70 point fall.
