“I’m so tired

Tired of waiting

Tired of waiting for you”

. . . The Kinks, Tired of Waiting For You (The Song)

“The American people are sick and tired of hearing about your damn emails!”

. . . Bernie Sanders on Hillary’s emails at the October 13, 2015 debate

“The American people are sick and tired of hearing about your damn Brexit!”

. . . Jeffrey Saut about this week’s (June 23rd) Brexit vote by the UK to leave the EU

I did a number of media “hits” last week, yet the question was always the same, “What’s going to happen with the Brexit vote?” As often stated in these missives, “When everyone is asking the same question it is usually the wrong question.” Moreover, I am indeed tired of hearing about the damn Brexit. To be sure there appears, at least superficially, to be some correlation (R2) with the stock market’s action, as can be seen in chart 1 on page 3. However, just as the R2 unraveled between crude oil and the direction of the S&P 500, I think the same thing will hold true with the Brexit. Besides, it’s not the snake you see that bites you. In point of fact, the “snake” nobody is seeing is what is going to happen in Germany tomorrow (21st). To wit, The German Constitutional Court is ruling on the European Central Bank’s (ECB) Outright Markets Transaction operations (OMT). The court will decide if OMT violates German law. If so, it would have important ramifications, likely putting German law directly opposed to European law. Spain also goes to the polls next week (26th) with the far-right and the far-left gaining ground at the expense of centrists. It appears, like last December, nobody will be able to put together a majority for a workable government in Spain. So put these on your radar screen along with Brexit.

Back on this side of the pond politics are also in the air, but not as dramatically. As consummate Washington insider Greg Valliere writes: