Has The Market Already Decided Brexit Isn't Happening?

Voters in Britain are deciding the fate of the country's membership within the European Union in a vote dubbed "Brexit" Thursday.

Billionaire investor George Soros cautioned against a vote to leave the European Union, a view that was also shared by BlackRock's CEO Larry Fink and even the British-born comedian John Oliver.

Related Link: Everything You Need To Know About The Brexit

Despite the large degree of uncertainty over the vote, not to mention complete uncertainty over what will happen to Britain's economic future, U.S. stocks were surging on Thursday — a complete reversal from the popular notion that fear and uncertainty are bad for the markets.

The UK's main index, the FTSE 100, gained 1.23 percent during its trading session on Thursday.

Has The Stay Side Already Won?

It appears market participants are under the assumption that the "stay" vote has already won, and any and all the uncertainties under a "leave" outcome no longer need to be discussed.

Polls out of Britain were confirming investor sentiment and calling for a "stay" victory. If this is the case, the new question investors and traders need to ask is if there will be large amounts of "sell the news" when the voting is finalized and tallied.

Related Link: Brexit Has Been A Bane For These ETFs

There is no doubt that the Brexit vote has been one of the most talked about events that could shape the markets over the past few months.

The coming days will show if the Brexit fades into a distant memory and investor attention is yet again glued to the Federal Reserve.

Or, maybe the "leave" side will emerge victorious and investors and traders will need to re-examine their investment outlook — and quickly, as the markets have had a habit of turning nasty throughout 2016.

A Few ETFs

• iShares Trust EWU is currently up 1.92 percent on the day, trading at $16.42.
• SPDR S&P 600 ETF Trust SPY: up 0.97 percent at $210.04.
• Wisdom Tree Trust DXPS: up 1.22 percent at $23.99.
Ishares MSCI United Kingdom Small Cap ETF EWUS: up 2.43 percent at $40.10.