Most prognosticators are worried about 'Brexit', when they should be worried about 'Bremain'. In other words, they're not hedging for what is actually going to happen. Assuming Britain votes to remain in the EU, whatever global stock market rally results will likely be short-lived. If last year was any guide:
Momentum Ponzi trade #1:
European ponzi bonds at negative interest rates...
German 10 year yield (red) with Global Dow
Doh!
Doh!
Using a tighter oscillator timeframe: the bond losses have already begun...
Momentum Ponzi Trade #2:
U.S. dividend stocks aka. "Dumb beta"
Shown here with JPY/China carry...
Momentum Ponzi trade #3: Triple leveraged Oil