NEW YORK (TheStreet) -- Markets across the globe tanked on Friday of last week and again on Monday of this week due to the uncertainty surrounding the U.K.'s vote to exit the European Union. However, these same markets, the U.S. included, began to bounce back on Tuesday and continue to rise as the shock of the vote wears off.
"If you had fallen asleep on Thursday and Rip Van winkled all the way to Wednesday of this week and woke up and looked at the market, you would never even known that Brexit happened," Cuttone and Co. Senior VP Keith Bliss told Fox Business Network's Trish Regan on her show this afternoon.
Regan asked Bliss if he believed the market reaction to Brexit was "overblown," and he strongly agreed.
Bliss suggested that it is as if the vote never happened, noting the selloff was sparked mostly by the hype surrounding the referendum. Regan jumped in and commented that it was mostly the enormous vested interest everyone from celebrities to President Obama had in keeping the EU together that helped drive the hysteria.
The U.K. has been a part of the EU since the end of WW II and Bliss notes that the country had been unhappy ever since, and now the people of the U.K. have a chance to "take back their sovereignty," he said.
In terms of the market Bliss suggests taking "a step back and not get wrapped up in the hype."
The Down Jones is up by 1.17%, the NASDAQ is higher by 1.14%, and the S&P500 is rising by 1.19% on Thursday afternoon.