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Market Lab Report - Premarket Pulse 6/21/16

Major averages gapped higher at the opening bell on news that the UK would be more likely to remain in the EU according to polls, finishing higher though on lower, below average volume, and closing near the lows of the day.

Futures are currently higher by roughly half a percent, but keep in mind the current bounce is merely correcting for the recent selloff due to Brexit concerns. Without the Brexit issue, UK and European stock markets have still been eroding since mid-2014 as the global economy continues to suffer.

The central banks have trapped themselves. The government debt they have generated will default if thousands of years of history is any guide. There has *never* been a time when governments ran up massive debt then repaid the debt. Not one time. Consequently, central banks have converted government bonds into a ticking timebomb as they shift into becoming one of the riskiest asset classes.

Meanwhile, capital generated by QE tends to find its way into the strongest hard assets, one being the US stock market. Thus while all foreign markets are trading well below their all-time highs, US markets are only a couple percent from all-time highs. Since central banks remain focused on keeping the QE spigot open wide, US markets may find themselves moving reluctantly higher, fighting the loss of confidence in our central banks.

This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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