 Equity prices have continued their risk-on-mode. The big gains were maintained throughout the trading day yesterday. Markets reacted efficiently but not reverent to Joe Cox's murder and having looked back since. The chances of the UK leaving the EU will go through or that the UK is really going to leave. Those chances have dropped or at least that's what markets are beginning to price in. No fair value, no profit situation of listed companies, no economic data is relevant these days. It is all about the pricing in and the pricing out of the Brexit probabilities and this will continue to be the case until the final referendum results are here on Friday morning. When you look at the charts of Thursday, if you look at the daily candles, then you find strong reversal candles and the positive momentum has lasted until now. Deutsche Bank stocks dropped to a new all-time high before Thursday, but have regained the support at around 13€ yesterday. This price action makes the sell-off look like a bear trap. So everyone who went short, who bet the price of Deutsche Bank stock will go lower even. They all have been trapped in that sharp reversal that has happened in the past days, which is a bullish signal for banking stocks for Deutsche Bank and banking stocks in general, which have all been the top gainers yesterday. It is conclusive that this is happening because the move into the risk markets like the DAX and equities has been to the detriment of the boom future and the treasuries. So what happens is that if investors invest in stocks, they go out of treasuries, which then means that rates go up again. This all makes it at least a bit more probable that the Chinese business of banks to lend money will be in a better position soon. Goal continued to drop, which is quite logical. Together with the BUNS, the precious metals served as a safe haven, which is now being traded against stocks in risk markets. Watch out today at 9am UK time. Then Germany's constitutional court will rule on whether the Bundesbank can back the ECB's outright monetary transactions program to do whatever it takes to save the euro. The ruling is a response to a class action lawsuit brought by some 11,000 enraged German plaintiffs. So Germany's constitutional court will on Tuesday decide if it's legal under Germany's basic law. It would be surprising though if the German constitutional court decides the OMT program is unconstitutional, thereby potentially throwing the finances of several European governments into a tailspin by making it impossible for the ECB to guarantee those governments' solvency as their lender of last resort. The reason it would be surprising is that the European Court of Justice ruled in June 2015 that the OMT is legal. If the German court contradicts that ruling, it would throw a huge spanner in the works of European finances and could probably also would generate a renewed solvency crisis and include new unwanted volatility in the market. So probabilities are low. This is also what the markets expect. They haven't shown any big price volatility before that. So the DAX is also starting with a gap up into today's trading. So chances are relatively low that there is something surprising coming out of Karlsruhe where the constitutional court resides.