1)
Why does Hashem laugh (or smile) at the Rasha?
1.
Radak: He knows what will be in the end.
2.
Malbim: This itself (that Hashem 'smiles' at him, and gives success to him) will be a reason for his downfall.
2)
What is the meaning of "Yavo Yomo"?
1.
Radak: When the Rasha is haughty over the Tzadik, then will come his payment and breakage.