Reflecting the same kind of anger and resentment Trump is riding, the UK voted tonight to exit the EU.  According to some UK journalists the Leave politicians stoked class hatred as a manipulative tool —  Have Nots against Haves to pump the Leave vote.  We are seeing some of the same themes in Trump’s campaign:  Trump’s supporters evidently don’t care about the dangers of his candidacy — in fact they want to blow up the system.  Brexit Leave voters evidently expressed some of the same emotions despite warnings that an exit might be  very painful economically.

The pain may begin Friday.  London news is predicting a 700 point drop in the Dow.  The pound is down 10%.  SPX futures are down 100 points.  We deliberately chose to sit on the sidelines and watch the fireworks, and just as well as a huge swing took place as the results began to come in.  Today, Friday, we will probably see a violent sell off in our markets and even more volatility.  We will probably (possibly) do some trading.  You should not do that unless you are experienced and are willing to lose the whole bet.  This is an aggressive stance.  There will be opportunities for the more relaxed conservative investor in good time and we will alert you as to the timing.  We wouldn’t do any panic selling either.  This may be the flushing of the market we have been waiting for to get on with the next leg up.

As one of our favorite sometime partners the eminence grise Lee Richartz said:  “Never be in a hurry to do something stupid.”