Markets are emotionally driven not news driven, and it has nothing to do with profit taking. When the market goes back up in the next week or two the media will tell you that investors have rethought the whole thing and determined that since the referendum hasn’t taken place yet, there is no need to panic. I stand with George Soros that price makes news. You can stand anywhere you like and get run over
The real reason is that price climbed in four weeks what it took eight months to do after last year’s July break. Its price that makes news, not news that make price move.