 European leaders have said there can be no negotiations with Britain on a country's departure from the EU until London has formally declared its intention to quit the bloc. In his first address to the British Parliament since the referendum, Prime Minister David Cameron said on Monday that he would leave the timing of Britain's exit up to his successor. And after he came back from the negotiations with the EU 27, he surprisingly said that just quite the opposite of what has been decided by the EU 27, that there won't be any formal or informal discussions on how to proceed unless until London has formally declared its intention to quit the bloc. Investors fled into perceived safe havens in the past four weeks, otherwise it was yesterday the largest and second-strongest day in the S&P 500 in the past two months. So it was a strong day on abating immediate fears of negative outcomes from the Brexit. But if you look at the development of government bonds in the past four weeks, you see that safe havens have been quite in demand. The total amount of negative yielding debt around the globe has risen by an eighth in volume in the past four weeks alone. And it is now 1.3 billion higher at 11.7 billion, the British billion that is the number with the 12 zeros attached to it. That is the result of investors fleeing into what they regard a safe haven for their money. They accept small losses to await bigger ones elsewhere. But this also means if there were some positive signal for the markets, at least some of this money could go back to the risk markets like equities, which in turn could lead to a sharply rising equity prices. Right now, markets are favoring gold and commodity stocks as they are in a sweet spot of a probably delayed rate hike by the Federal Reserve, which leads to prospects of lower rates for longer. Fun fact about all of this is that the FTSE 100 is building a base formation for anybody who is into technical analysis. This is a potential inverted head and shoulders pattern and its target will lead the FTSE 100 16% higher than yesterday's closing price. The question is, will that rush into stocks be the result of ever more monetary money flooding, or will it be the result of a return of confidence on behalf of investors who will soon know?