Italians overwhelmingly rejected Prime Minister Matteo Renzi’s proposed constitutional reform on Sunday, and as a result, Renzi is resigning. Defeat of the reform proposal is a victory for the opposition Five Star Movement (M5S). Polls show M5S has gained popularity and is well positioned if a new election is called. The most important point for investors is that M5S wants Italy to get out of E.U. budget restrictions and abandon euro. Before the vote, the smart money was moving into gold. Now that the results are in, where is it heading?
The market reacts
The chart starts from the time Italy referendum results came in and compares euro futures, a euro ETF FXE, gold futures GLD, and S&P 500 futures SPY,
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This post was just published on ZYX Short Change Alert.
EDU is short from about $47. Profits have been taken on one-half of the position around $38.13.
Now more information is available on fraud allegations. Fraud, even if true, will affect less than 10% of their business. For this reason we consider booking profits and exiting in the zone of $42 to $45.26. EDU has traded in the premarket in the range of $42 to $44.15.
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