Brexit. What Brexit? Or shall we call it the Brexit bounce? Regardless, Thursday June 23rd prior to the results of the referendum the S&P 500 closed at 2,113 whereas Friday it closed at nearly 2,103 adding more than 100 points or 5.12% from its post-Brexit closing low this past Monday, June 27th. Despite the rally, the equity markets remain volatile (just because we were up this past week rather than down doesn’t mean volatility ebbed) although fear gauges subsided substantially. Many believe that the impact upon Great Britain will as well as the rest of the world will be long-lasting. Although that remains to be seen, needless to say the financial markets should remain volatile. It also begs the questions a) what does this mean for the U.K.; b) what does this mean for Europe; c) what does this mean for the United States; d) does this populist move have implications for our upcoming Presidential Election this fall; and d) will the U.S. now become a safe haven for global financial assets? There is no need to be a hero. Although we believe that the outcome of the Brexit vote puts our Fed on hold much longer than was initially anticipated, the economic impact of the UK leaving the EU cannot yet be determined. Finally, keep in mind that your portfolio must be measured against your long-term objectives. Do not be caught up in the day-to-day noise of the markets.