Talked about it. Cooler heads prevail. Probably stay in. I i dont meant to if thats the point. Many of these types of discussions Going Forward. The first crack in my opinion, in the eu and leading to many cracks down the road. Not the first crack at all. Weve had greece, potentially a vote in spain. A number of different places wherein, in fact, what most people should know, if though dont already, the eu ranks et in terms of euro skepticism. Mypoint, we know that europe san imperfect solution, that these guys are going through major issues on migration. Certainly going through issues on their various economies, but to say were going to be in this brave new world because britains gone to the polls. Think about it wait, wait. I asked a question on top and need an answer. In our out . Of course in. All right. And this poll isnt legally binding. Voted by parliament then, even on a exit, theyll be in. In with conditions no matter what happens, my view. In or out . I see see you and made the rally moving higher. The initial move will be higher. Fade that rally. To your point, what guy cited as events, those evets in my opinion, massive trading events. Dislocation in the market, caused chaos and concern. I think guy is 100 right. Volatility and moves Going Forward. Why is this not a sell the news event with the s p 500 pointing away t. It is. Tomorrow is the biggest rebalance in the volatility and volume and guys took that traysoff ahead of this because being concerns about brexit. Volatility, volume, everything picking up tomorrow in a massive way and realize International Investors held it in. Powder dry. Tomorrow get back in, not single stocks. In etfs. A massive move in most of the stm stock markets. People put their money in already. To say this is not a big deal, order of magnitude larger than greece or anything else. My view, they say in because of the you decided vote goes to the remaining side. A lot of volatility. Remain priced in and tomorrow could be a lot more volatile than people expect. Clean sweep on ins here on the desk. To guys point, upcoming elections, 50 of the eu the gdp is going to vote. Countries representeding 50 will vote by the end of 2017. Well face ale of these votes in the next couple of years. Make the same peril. Its going on around the world, going on here. Popular vote, Opposition Party using these events to garner support. Going to happen in spain and france. To say slid were in a brand new day, i argue could be something positive for the eu out of this. Brussels maze mistakes on the social, integration side and economic, and moving too fast towards a federal eu. Smacked here and could be good out of this. Make changes. A lot of discontent and i think britain will stay in and stay in and win. Cameron needs for con sessions back to the people f. They day in, right . The vote is as close as everybody is thinking. 5149. You definitely deteriorate some of camerons Political Capital and then you give power to the other kind of more radical parties throughout of europe. Again, i dont think this is the end of the volatility for this and i do think it is the tip of the iceberg were going to se a lot of these and it only takes one. Right . We can have multiple votes. People stay in. One time it happens, chaos. Where is is that, if that scenario happens . Which scenario . Very close. Power to the radicals. British pound and then euro. The two. In the currency markets. Latest, brexit poll, straight to Wilford Cross in london for that. Wil . Thank you, melissa. Just had it, results of this latest poll, 52 remain, 42. And not an exit poll. Telephone poll taken today. The last time, ugov, did a poll like this, 5949. This one, 5248. I say again, not an official exit poll. None of the broadcasters are doing this them tycime. The first significant poll since polls closed a minute ago. Increased move from the lft poll, which was 5149. We are expecting one or two more polls in the next hour. And we also have a comment from nigel farage, leader of the Uk Independence Party e. That moment reported by skype. He says, looks like remain will edge it. So a slightly pessimistic and downbeat view from the leader of the party, nigel farage, but we know we need to wait throughout the night for official results. No official exit poll and no history tgo on on this particulr vote. 5248. Telephone poll around 5,000 people not an exit poll. Back to you. Wilford, thank you. Checking back with wilford frost, interviewing the director of international projects. For more, later in the hour. A quick check on british pound versus u. S. Dollar not gone back to be highs earlier in the session, a high back to december 25, 2015. But we are still up sharply. I think bryan is right, enormous rally. Outrallied fundamentals. Look at the uk, significant problems with their economy to begin with. A triple deficit country, trade, fiscal and on a trade and so, on a debt to gdp basis, these guys have also been printing a lot of debt, but when i look at markets here. I dont care whether the pound weakens up. I this the pound in a bottom in february. When i look at the pound as a risk currency and risk on, that to me is more indicative and not always going to trade on fundamentals. Look what its doing in commodities and to emerging markets. Say the latest ugov poll holds, remaine is in. You are right. Geniuses on the desk. Good point. Thank you. What do you buy, sell tomorrow . I generally want to fade the rally. Which rally . Moving higher. Stocks . Stocks, equities higher off the gate. Fade the rally and sell. Closer to lows tomorrow, they trade. There are sectors that have been under or beaten down for the wrong reasons in some cases, but banks. Talked about the banks last week. Theyve rallied. Seen the move. The stress test came out. Next week were important data as well, as far as capital shareholde shareholders. An important catalyst for the banks. Look at beaten down sectors, banks and airlines. Throw airlines in as well. And buy, hold . Sell . Global slowdown nothing is changed. This vote has taken some of the putting a microscope on this to the extent it doesnt look at anything else. The fundamental problems i see globally to me still exist. What do you buy . Buy things that are sold over the last couple days. For example, you get back into the bond market. Which sold of you a little. Even though the gold market sold out of, not nearly to the magnitude it should have if gold was people taking a flier. Buy bonds, buy gold. Silver has held up, too. Look at silver, and at the same too many i would actually buy the u. S. Dollar as well. They can rally together. Uups, after the u. S. Dollar. How did the dollar rally a flight to quality vehicle . The fed in the last few days in the middle of this, yellen has gotten more dovish than before. I dont know about that. I wouldnt say that at all. That we can read the fed. Right. Take the fed out. The dollar rallies because a 9 trillion short position in the u. S. Dollar be it u. S. Dollar debt around the world creating a buying in there. Created a natural buyer in there, and as the credit cycle turns that debt will have to be paid back, and people will have to buy back dollars. Thats why the dollar is higher. I dont understand when that will happen. Now. Its happening. Youre seeing the dollar trade and the yen. Two funding currencies, the yen will continue to appreciate. That ultimately to me is something thats dangerous. I look at the dollar. A case of right now the fed indicated theyre probably not going anytime soon. Economic fundamentals in the u. S. , similar to the rest of the worlds. Its not really that much of a stronger u. S. Economy and the central bank differentials arent that it different. The dollar technically broken down. Closing on the dixie tomorrow, uptrend in the dollar is toast. Weve een i dont know about that. Look at 9 other things. First of all, you get over 1. 5 yield on tenyear bods here on the dollar. And even though the u. S. Economy and World Economy may be closer than we think, youre still getting a great yield differential, and then look say what happens, the rally and british pound will fade. Thats 10 to 15 of the u. S. Dollar index. Euro likely to go lower prp as that economy weakens well see that. Saw it in some of the Economic Data today. Youll see that weaken and most of those, and the yen as well, not with you that the yen gets stronger. Massive rally today in the yen. And the jp japanese facials sayisa officials the move is onesided. Literally on the opposite side of the trade . Selling u. S. Dollars . A be saluak salutely. Dollar peaked. If the data is that much better than dollar supportive, you shouldnt be that concerned about the u. S. Economy and all of the things youve been bly flying in the face of. Make nos sense to me. I dont any the date taye will get better but in either case the dollar goes higher, because the dollar has become a safe haven currency and say im wrong about the u. S. Economy and it starts to get better. Then the dollars going to do well. Its a great hedge to my bearish view. Explain quick, one of the excuses the fed gave for not moving was the brexit vote. Behind them now and quickly running out of excuses no the to move. Will they move sooner rather than later . Yes. Dead for a year. Sideways. Not dead. Coming up, moments ago the fed released stress test results on the major banks. Kate kelsey here to tell us if the banks did well and which did not. Plus a crazy night for curren currenci currencies. What to expect and when in whats sure to be a wild night of trading. And whether the eu sdits to leave or stay and what it is and whether traders are bull be. Sthats when fast money returns. Welcome to opportunitys knocking, where selfproclaimed financial superstars pitch you investment opportunities. Ive got a fantastic deal for you gold with the right pool of investors, theres a lot of money to be made. But first, investors must ask the right questions and use the smartcheck challenge to make the right decisions. Youre not even registered; im done with you i can. I can. Savvy investors check their financial pros background by visiting smartcheck. Gov in a world held back by compromise, businesses need the agility to do one thing another. Only at t has the network, people, and partners to help companies be. Local global. Open secure. Because no one knows like at t. And we have details at the headquarters. Rates out and 33 key Financial Firms with at least 50 billion dollars in total consolidated assets feared well in an an Federal Reserve test. In a set of conditions the fed deemed severely adverse, the 33 firms came through with crucial Tier One Capital ratios of 8. 4 . Well above the minimum rooim requirements. And 385 billion would have been credit loss from areas like credit cards and mortgages and 113 billion in counterparty trading losses among other things. The severely adverse scenario included an Unemployment Rate of 10 , fallen gdp 6. 25 and negative yields for shortterm u. S. Treasuries. Fed officials emphasized the firms collectively are growing and cushioning themselves better for a potential future crisis. Without tipping a hand whether banks capital plans including buybacks are workable or not the fed noted the group as a whole resided above the minimum Capital Requirements in various measures looked at. Find out more next wednesday when the fed releases results. The capital analysis and review and lets terms like goldman and citi know whether in can proceed with the capital plans pertaining to 2016 and 2017. How did some european banks fare . I havent take an close look. Such a crazy news day. Performing pretty far above minimum rimplts and Deutsche Bank, a question about the bank trust equity. Odd entity. Not the main in germany nor the Intermediary Bank in the u. S. Soon to be established and tested. They had particular high capital ratios. I think that categorically the performance was good, thats what the focus was on today, but i could get back to you with specific numbers. They all were broken out. All right. Kate, thank you so much. Kate kelly joining us from ped had quarters here. Mentioned Deutsche Bank and european banks, massive tilt towards the remain camp. Deutsche bank up by 14 . And royal, up 15 . A short for you. Still a small core position short on this and probably looking to short them again. I think to me the stress tests are inkweshl,consequential. Whats going on globally and with commodities ultimately. Thats the reason you stay short. Doesnt the derivative book stress whether they pass a stress test . Exactly what theyre all about . I dont know if this stress test calculated getting oil down to, say a drop in oil, a drop in copper, Something Like glencorp. With issues. Stress test doesnt count that. And i took heat for it. Up side here. I believe next week is a trigger for the space and completely under invested by a lot of these u. S. Institutions. A trade higher i think in these bank. Americaamerica, citi bank. What about other than those guys . Go from 70 to 80 of allowable stocks. Big deal . I look at it, thats a trade. From sentiment and underrated, buy them here. With or not . Its a big space. The answer, i understand valuation makes sense. Well capitalized, pass these tests seemingly with flying color, but how will they make money Going Forward . I think the yield curve goetz gets more flat before if gets to the right trajectory, say. Say about goldman sachs, traded on a 143ish on june 16th. Previous low in february around 139. 5. What does that mean . Were at least now you have potentially a tradeable double bottom. Traded decently today, first time in a while. Goldman traded horriblily for arile. You could see it rallying into earnings july 16th. Still ahead, voting ended in the uk. Well bring you the latest are as results roll in. Tell what you to expect and when right after the break. Im melissa lee and youre watching fast money on cnbc. Meantime, what else is coming up on fast. Called shows. I took the blows. And did it my way and if the uk decides to go their way, and leave the eu, weve got the one commodity that everyone will be begging to buy come tomorrow. Well explain. Plus its not just england that has all the drama. We shall overcome it got a little crazy in our Congress Last night and my have been an unlikely winner in the highways torque congressional city. Well tell you the stock when fast money returns. Welcome back to fast money. As the votes on the brexit referendum start to roll in. Could be in for a wild night of trading. Sara eisen in london with details. Hi, sara. Reporter hi, melissa. All about the currency trade. The pound already on the move on that first word racing towards a new high. Havent seen this since back in middecember. Here are the currencies you want to watch. Remember, this is a market that tlads 24 hours a day. Soon as we start getting the first results from the sunderland region around 7 30 p. M. Eastern time, watch the british pound clearly for the gut reaction. Also keep an eye on the euro. If we get any kind of surprise with britain voting out or some of the numbers moving in the favor, the first place youre going to want to check is the euro. Because any political or economic risk could be reflected there. It has held in there over the past few weeks. Also watch the key safe haven current six japanese yen which could spike if theres a surprise. Negative surprise, and, of course, the swiss franc. Another classic favorite safe aven. Goldman sachs says the japanese yen could raise 14 if britain votes out. An interesting time. Yes, currencies trade 24 7, but as we go into the wee hours of the morning here it is a less liquid time to be trading currency. The high time is around the u. S. Open, around 6 00 a. M. , u. S. Time, at 11 00 a. M. Uk time. The high point where everybody is in on the action. Overlap of london and new york. Then tapers off in the low point in terms of trading action. Tea time here in london. Fourm p. M. 11 00 a. M. Eastern time. Makes sense. When it comes to liquidity, could be lousy starting to get rats. What im told from traders. A direct quote, through the night into the morning. And that means if there is some sort of surprise or negative reaction, liquidity could be an issue. Why these banks have stacked up with a bunch of traders, flown them in, kept them yoevlger night. Could field calls from counterparties and clients all rushing to exit trades and get out of, say, the british pound at the same time and would have trouble finding the other side of the trade or being able to offset the risk themselves. Its reminiscent of what happened when we got that big surprise from the Swiss National bank last year and saw that crazy move in the swiss franc. Very hard to find liquidity on the other side of the trade and rem nifbs here in london of black wednesday 1992 when speculators like george soros sold sterling forcing it out of the erm, precursor to the euro. Crazy move as well and something fresh in many traders minds here. So the key is, youre going to watch the initial reaction. Watch for big moves. But, and i am told this by traders and investors i talked to today. It doesnt necessarily mean the going to be a one night or one day kind of move. Which it comes to currencies, could stagger out. The black wednesday move, the pound moved 10 lower over a week. Wake up in the u. S. And want a short sterling on a negative striz you may still have time to do it. Back to you. Are are concerns, sara, the liquidity even tomorrow, during the peak times wont be as robust as normal sessions because institutions are stepping away from the markets . Reporter could be. But better chances with more in the market, more people trade itting, and more banks to offload your risk to. The concern overnight. But, yes. If everybody is piled into one side of trade, especially the fact weve seen a strong move up into the pound and continues to be so right now, it could be everyone rushing for the exits at the same time. Thats the fear and always the concern when 2 comes to liquidity. But the stock market a the most deep and liquid market in the entire world. So better chances tomorrow. Certainly tonight will be a long one for some of these traders. Absolutely. Sara, thanks so much. Sara eisen on the ground for us in london. You actually did your own pound u. S. Dollar trades moments ago. Shorted the pound versus u. S. Dollar. British pound, long u. S. Dollar. One thing about the trade. A couple things. Yes, liquidity could be sparse but the most liquid market in the world. Most brokers have increased margins for these trades, and if you want to do the trades, size it ap