U.K. Leads the Pack Placing Premium on Done Deal

Equities out of the United Kingdom have led the European regional indices higher on the back of strong performance from companies like BP plc ., which has a TACVOL score of 3.25 suggesting that a near-term reversal is imminent.

Cyclicals, such as miners, and dollar earners led the falls while consumer staples such as Unilever, TACVOL score of 3.09, are in favor.

More broadly, the iShares MCSI United Kingdom ETF ( EWU ) has been a large beneficiary of low daily volume and now a hair better then two deviations below the mean; and the weekly volume is now in the process of trading above to below the mean.

EWU TACVOL score is 2.2, just above Denmark equities at 2.1. This suggests that near-term momentum is bullish but beginning to get over-extended. To put into context, the intermediate TACVOL score is 1.55, firmly bullish but not as extended. The headline-influenced index is priced near-perfection and likely to get walloped on the next negative Brexit one-liner.

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- The Macro Strategist
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