In a 45-minute speech, last night Theresa May outlined her plans/hopes for BREXIT which was tough enough to send European equities lower, led by the UK FTSE which fell 1.5%. There is a long and potentially torturous journey ahead in the negotiations between Britain and the EU. Hence a correction is hardly surprising after the 10% gains since early December by the UK's FTSE. The ASX200 picked the negativity creeping into global equities perfectly yesterday falling almost 1% with no obvious lead. We held back from purchasing Henderson Group in our targeted sub $3.80 region simply because the market felt "wrong" and Theresa May's speech was likely to increase volatility. We are now short-term cautious as this correction unfolds - to date our selling strength in 2017 has worked perfectly now it's time to buy weakness when we feel it offers value and/or has simply become exhausted.