I agree that the trend is down for now, but it hasn't been extreme and there is no indication it will break the trading range significantly, although there is a downward slip on the lows. A minor drop below the last low can be expected without a market rundown. So it will be hard to determine if the market holds if it tests the lows.

Sadly, traders have been and are making a fortune selling hedges and options to people at both ends of the trading range. Shareholders should be inclined to do neither at the top or bottom nor during big moves in the trading range if they don't want to keep getting ripped off.

And when lower lows get tested it's not a trading range it's a downturn. Read whatever you wish into both. In reality, the market has been trading in a wide trading range despite hollering from both bulls and bears that it isn't and shouldn't be. Until a clear breakout is in hand, the traders on wall street are more than happy to pocket extremist money on both sides.

Thanks for the easy tally sheet.

Perhaps the EU should consider doing what it was meant to do, enable trade not make scores of dumb rules blocking it. Also, people didn't sign up for being told how to integrate people illegally migrating to Europe. And last but not least, the EU must come to terms with Greece, Italy, etc. No one likes having to pay for failed countries that refuse to correct themselves for years.

Perhaps the vote will save the EU, because they must tackle these issues before it really devolves into devaluation of the Euro and disintegration of the whole continent over topics the EU was never meant to control in the first place.

"The EU’s response to Brexit could well prove to be another pitfall. European leaders, eager to deter other member states from following suit, may be in no mood to offer the UK terms – particularly concerning access to Europe’s single market – that would soften the pain of leaving.", indeed this is the worst risk, however, as they make it painful for the UK it will just further justify their vote to leave.

As for Soros, wasn't he betting on a break vote? Is he playing the make money as people are screwed card again. In such a case it makes sense for him to be a fear monger. I would discount his input as such being it is self serving at the cost of millions of people.

I wouldn't count chicks before they hatch. Those counting on no Brexit did just that and are now paying the price. Right now I'm betting that the trading ranges stay in place. I'll consider the higher low argument after we see a floor. However, the ceiling on highs seems pretty strong. Stronger than a higher lows argument towards a breakout on the higher side. I would think either corporate profit growth will have to resume or else the Federal Reserve will have to give up its last playing chip and move towards a final easing which would be disastrous when we hit a real downturn.

Why is the Federal Reserve worried about even a small downturn? Maybe because they see the real balance sheet information about the banks they now regulate, and I'm sure it's still not pretty. Another real estate collapse and stock drop may really hurt given the fact derivatives bets have grown furiously this cycle. Have you ever wondered who's writing and backing all the trillions in gambles? Certainly its not me and you.

England will do fine. It's Europe that is the concern. Why should members continue to take risk paying recidivistic bankrupt states like Greece and Italy? The UK can part ways because they kept the pound, but it makes others think. This relationship is parasitic in nature and the parasites are sucking way too much blood to be ignored anymore.

After this long of a cycle, even if growth is miniscule and fueled by the Federal Reserve, how can you say there is no chance of a recession? Corrections are signals of the end of an economic cycle and are not the disastrous, the world's ending event people now claim who can't handle real economics.

Although, I agree that a crash is not imminent unless a catalyst is present, I do find biased selections of charts that seem to purposely hide the negative economic viewpoint as misleading and therefore worth commenting about. Right now both sides have credible arguments, but slightly biased towards the negative view given the Fed at near zirp rates with almost nowhere to go and the fact that better employment figures are still failing to stimulate the economy much as housing and rent prices rise way faster than incomes and the official inflation numbers demonstrate thus sucking disposable income and credit downwards.

Brittan was smart to keep the pound. I'm sure Germany regrets not doing what the British did. If they don't, they will.

Nice article, however, why shouldn't everyone exit extreme Keynesianism. The author is right that what is being done in his name is a travesty to his work. Modern day Keynesianism is nothing Keynes meant or approved of. The implications of QE and negative interest rates will be monumental and is already destroying global economics. The trembling has just begun.