No Exit For Brexit – Bubblicious Disregard for Risks

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by Jesse

British PM Theresa May’s Brexit proposal went down to an historic defeat in Parliament today.

There will be a no confidence vot tomorrow but that seems largely perfunctory. No one wishes to sit in that hot seat, and there is a remarkable lack of popular counter-proposals to her plan.

There will be additional deliberations and votes this week. Hopefully the bickering and posturing will be put aside. The best part of the debates after the vote today was the amiable wit of the speaker of the House of Commons, John Bercow.

Stocks managed to go out on the highs as signs of a dovish pause in US interest rate increases seemed to be in the air, especially based on commented by the Kansas City Fed’s Esther George.

Seemingly at odds to this, the US Dollar moved higher, while gold and silver were commensurately off a bit.

There will be a stock markeet option expiration on Friday.  Let’s see if the bubbly optimism of stocks will carry through until then.

We will be getting more individual company financial results now that we are in the reporting period again.   These may help to sway the markets in some direction, or not.

The market seemed to be shrugging off the poor results being shown by the financials thus far.

Mispricing risk is the new normal, apparently.   The assumption is that the stock market is now in hand and will be fine—  unless something startles it.

Have a pleasant evening.

 

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