 We live in a time when bad news are good news and yet, logically, would very bad news be also very good news in the end. So an exit of Britain from the UK would in the end prove to be very positive for financial markets and stocks because that would mean that central banks would again try to prop up markets. This bizarre reality is a sign of central banks having disturbed the natural functioning of markets. The mechanisms of financial markets have changed. The price still represents supply and demand but the price, the very level of it and the variation metrics of certain investments such as bonds do no longer reflect economic fundamentals. This is simply because central banks do not pursue the same goals as normal bond investors do. They like to have cheap financing rates for governments and corporations. If you look at BMW in Germany, investors give pay money to lend money to BMW, so negative rates in corporate bonds for some corporate bonds for the automaker. So central banks do not worry about what is the fair value of bonds. This leads to a perverse distortion of market functions. Everyone who expects the treacheries and bonds will continue to go higher and break out of their recent monflon consolidation patterns must at the same time assume that the world economy is not really strong enough to digest any normalization of monetary policy by the central banks. And those investors are in a winning position. Ten-year German government bonds, the Bunns, rose by 6% year-to-date. The DAX dropped by, if you take into account today's drop, dropped by 10% since the start of the year. The delta between that is 16 percentage points and that's a major delta. And new direction and new trend in US treacheries and German bonds will only be possible if central banks will normalize monetary policy again. And that, they will only be able to do so if the world economy is stable again and is growing again and is strong enough to digest higher rates. From a short-term perspective, it can be dangerous to try to go along the German Bunns. That's at least what Jeff Gunn, like the bond manager says, famous influential hedge fund manager out of the US says that short-term long trades in German Bunns are dangerous because you have to rely and find someone else willing to bid even for higher bond prices, which means that you need to find someone who is willing to buy Bunns at even more negative rates. When it comes to seeking direction, Jeff Gunnleg says that the Fed is completely lost, according to him central banks are now losing control and they do not know what to do, just like the Republican establishment and Donald Trump or the Republican establishment with Donald Trump. The Fed is confused and their confusion spills over to investor psychology. In the last trading minutes, the S&P 500 sold off yesterday, so just before close it, yeah, but into a nose dive that same counts for the Nikkei in Japan. It's down around 3% this morning, so very negative markets from Wall Street and from Asia, which spills over to European markets once again. Jeff Gunnleg says that the Fed recently changed its tone so frequently it seems every other week the message is different, they've turned into the zombie Fed as Gunnleg puts it. In reality, it is really so that only six members of the open market committee of the Federal Reserve believe that there will be one rate hike, only six of them and so the average of that rate hikes that are still to be expected is between one and two at the start of the year was between two and four, so they've dropped their focus massively and so some in the markets believe that before the elections there will be no rate cut at all or of course a rate hike and not a rate cut, thank you.