What a difference a few days makes, only last Thursday we pointed out that US stocks had moved less than 0.5% for 9 consecutive days, but warned of a potentially large move ahead due to all the geopolitical risks on the horizon. This concern has played out in dramatic fashion as the BREXIT vote appears to be no longer a foregone conclusion – hence, reaffirming our logic in holding around 36% in cash. Bookmakers, who are historically far more reliable than polls, have increased the possibility of a UK exit from the EU from 15% to 38% - the "Remain" vote is still ahead, but the risks of an exit have increased. With volatility increasing in most financial markets, today's report is focusing on a few different specific areas as we keep our finger on the pulse during these exciting times. Report link: (VIEW LINK)