Support all broken!
Resistance wont be reached!

Good morning. Well, we are leaving then. Market has reacted negatively to that with the FTSE off over 500 points,sterling at its lowest since 1986 and the Dow down 700 already. Today is a good day to let the dust settle and come back Monday, especially after some great trades Wednesday and Thursday – be a shame to give the profit back chasing a bit extra.

US & Asia Overnight from Bloomberg

• BBC projected victory for campaign to leave European Union
• WTI, Brent slump more than 6.6%; gold advances above $1,350/oz

Oil posted its biggest intraday loss in more than two months amid a global flight from risky assets as the BBC projected the U.K. voted to leave the European Union.

Futures fell more than 6.6 percent in New York and London. Results from 338 of 382 local counting areas showed that 51.7 percent support leaving the EU and the U.K.’s three main television networks predicted a Brexit win. Haven assets such as gold and the yen surged. While oil will face a wave of risk aversion, the market’s shift from oversupply to balance will overwhelm the currency impact of a leave vote, Societe Generale SA said in report June 21.Oil has fluctuated the past week as uncertainty about the outcome of the U.K. vote drives volatility in global markets. Crude in New York has advanced more than 75 percent from the lowest level in 12 years in February as disruptions from Nigeria to Canada and falling output in the U.S. eased a global surplus.

“If the Brexit vote progresses and spills over into a much bigger global recessionary concern which hurts global demand, that’s probably the biggest risk for oil,” said Angus Nicholson, a markets analyst in Melbourne at IG Ltd. “It’s going to be a very difficult and long process for the U.K. to untangle itself from EU laws and every minor debate holds a major selloff risk.”

West Texas Intermediate for August delivery fell as much as $3.41 to $46.70 a barrel on the New York Mercantile Exchange and was at $47.11 at 12:06 p.m. Hong Kong time. Total volume traded was more than fivefold above the 100-day average.

Brent for August settlement dropped as much as 6.6 percent to $47.54 on the London-based ICE Futures Europe exchange. Prices rose $1.03, or 2.1 percent, to $50.91 on Thursday. The global benchmark crude traded at a premium of 85 cents to WTI.

Treasuries surged, with benchmark yields falling the most in seven years, as a referendum in Britain showed the nation will probably leave the European Union, driving demand for the safest assets.

Financial markets are on a “wild roller coaster,” Mohamed El-Erian, the chief economic adviser at Allianz SE and a Bloomberg View columnist, said in a posting on Twitter. Later he wrote that trading is “getting wilder” and ” more disorderly.” The pound plunged, the yen strengthened and Japanese bond yields fell to a record. The BBC projected the vote to leave the union won the referendum.

“We’ve seen nothing but people trying to buy this market, and panic is palpable,” said John Gorman, the head of U.S. debt trading for Asia and the Pacific at Nomura Holdings Inc. in Tokyo. Nomura is one of the 23 primary dealers that underwrite the U.S. debt.
U.S. 10-year note yields fell 25 basis points to 1.50 percent as of 1:03 p.m. in Tokyo, according to Bloomberg Bond Trader data. The 1.625 percent security due in May 2026 rose 2 1/4, or $22.50 per $1,000 face amount, to 101 1/8. The last time yields dropped more was in March 2009.

The rally adds to the biggest first-half gain for U.S. government securities in six years, driven by demand for safety. The Bloomberg U.S. Treasury Bond Index has returned 3.8 percent so far in 2016, the steepest January-to-June performance since 2010.
Japan’s 10-year bond yield slid to an unprecedented minus 0.215 percent.

Bond manager Bill Gross said preliminary returns in the Brexit referendum are putting free-trade and immigration policies at risk. “Obviously, safe haven bonds instead of equities will benefit,” Gross, manager of the $1.4 billion Janus Global Unconstrained Bond Fund, wrote in an e-mail. [Bloomberg]

FTSE 100 Outlook and Prediction

I’m am going to stay out today as it really could do anything as it digests that news. Will watch the day unfold and pick it up again Monday.