The Market On Tuesday

  Good morning. It is 70 degrees and overcast here in the Upper Hudson Valley. The forecast predicts temperatures in the 80s this afternoon and that we get some rain. We do need the rain. I would say progressives scored a few large victories on Monday. The Pope came out with a call for a Catholic Church apology to gay people, the Supreme Court struck down Texas' new archaic abortion law, and we got to see how effective Elizabeth Warren is as a presidential surrogate for Hillary Clinton. Warren was all that and then some. I would not be surprised if she does get the nod to be VP.

  At 8:10 a.m. ET futures are significantly higher and the price of oil per barrel is up. The market is poised to open much higher.

  The horrendous decision by the British people to leave the EU has left markets in shambles, witness Friday and Monday. Essentially a few fast talking flim flam artists convinced the country to shoot itself in the foot. The fallout from the Brexit has been extreme and this morning we are witnessing a respite from that extreme. The respite will not continue.

CNN: Breather after Brexit: U.S. stocks expected to rise by Ivana Kottasova

Global markets lost $3 trillion on Friday and Monday, the worst two-day rout on record. Major banking stocks have been particularly hard hit, and they're among the biggest winners in premarket trading Tuesday.