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The first observation to make about how the outcome of the feared referendum has affected prices is to a distinct lack of fear and selling. Perhaps surprisingly, futures are stable, trading in line with where appetite left off before the weekend. And the havens reflect the same, with gold and dollars not much more in demand than before. 

At least for now it would seem the market has already discounted much of present risks, having sent stock indices to their monthly lows last week. Yet as with all ongoing geopolitical concerns, volatility is unlikely to die down completely. Market participants will be sure to employ knee-jerk reactions to any novel information surrounding political commentary, sanctions and military movements. Only the bravest of optimists would consider this particular phase as now over.

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