Jeff Sica Calls U.K. Brexit Vote ‘Tremendous Triumph’

NEW YORK (TheStreet) -- The people have spoken and the United Kingdom has decided to exit the European Union, after a vote whose outcome surprised the world and sent global indexes plummeting this morning.

While the markets are trying to figure out the ramifications of the Brexit vote and how it will impact individual world economies, not everyone sees the Brexit vote as a disappointment.

Jeff Sica, the president and CIO of Sica Wealth Management, appeared on Fox Business Network's "Varney & Co." this morning and called the vote "a tremendous triumph for the U.K., tremendous triumph in the fact that the European Union was one of the biggest menaces we've had to the world economy."

Earlier in the segment show host Stuart Varney noted that some market watchers had suggested "we'd go down sharply" which has happened, but that we could end the day "substantially above where we are now."

"First of all, what we have to do is focus on the reality here," Sica said. "The market is grossly overvalued without the whole implications of Britain."

"This sets in motion a very difficult time but I think if investors are just going to use the fact that maybe the U.K. dropping out of the EU is going to be positive, as justification to buy into this market, I think it's far too soon," Sica continued.

Global indexes are selling off in the wake of the Brexit vote, however gold prices are soaring on a spike in safe haven demand. Additionally, British Prime Minister David Cameron has announced his resignation in response to yesterday's decision.

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