Wednesday, June 22, 2016 #PreMarket Comments by Michael Blythe @FairValueTrader

Good morning. All is quiet, and by equity behaviour this week one wouldn’t have an indication of the possible volatility ahead tomorrow. Globex volume on the September mini is a whopping (sarcasm) 135K at 7:23 CST; and given yesterday’s eleven handle cash range and now globex range trading inside of that, I would expect a very quiet day.

Last I saw, there were four Brexit polls expected to be released today, and to the best of my knowledge, none of them have hit the wires as of yet.

Bias…what bias? Looking for a tight range and to hopefully fade the edges. My concern? Well…quiet day until polls are released, then a whipsaw. Will it happen….I don’t know; the markets seems to have lost interest now as sentiment has turned strongly to the Bremain camp since Sunday. The polls indicate that the British population has swung from a heavy lean to EXIT to now a heavy REMAIN stance. The polls are untrustworthy, and if the EXIT vote passes or polls start suggesting such, it will seem to catch this risk-on market off guard.

Levels to the downside are 2078 (**) I expect to hold on first touch, and then 2074 (*) followed by 2071 (**) and 2059 (***). Upside levels of interest are 2086 (**) then 2092 (**) and 2099 (**).

 All the best;

Michael Blythe
Futures Strategist 
Hamzei Analytics, LLC