Welcome to the 'Brangover'

Good morning!

On Monday morning here in New York markets are still digesting the news out late last week that the UK has voted to leave the European Union. As was the case on Friday, stocks are sliding, the British pounding is tumbling, and gold is rallying.

And since no market-moving event can be official without some annoying name attached to it, here we go: welcome to the Brangover.

In a note to clients on Monday morning, Peter Tchir at Brean Capital said, “I wanted to use the term ‘Brangover’ but that would go against my vow to stop putting BR in front of words now that the Referendum is done.”

We applaud Tchir’s discipline to not continue putting BR in front of things — remember we had “Bremain” as the expected outcome of the Brexit vote — but we’ll take the other side of this and call it.

As long as markets are unsettled after the Brexit vote, a process that could take days, or weeks, or months, we’re going to be stuck in a Brangover.

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