"A Seminal Moment": This One Sector May Have Finally Bottomed
Don't sleep on Christmas week. 38 year market veteran Kenny Polcari discusses this one sector - and also notes that oil stocks are 7% below the 5 year average.
Friend of Fringe Finance and well known financial news contributor - as well as 38 year veteran of markets - Kenny Polcari has been kind enough to share his most recent thoughts on the market with our readers.
For those who aren’t familiar with Kenny or don’t recognize him from TV, he is Managing Partner of Kace Capital Advisors and Chief Market Strategist at SlateStone Wealth. He started his career on the floor of the New York Stock Exchange (NYSE) as an institutional broker back in the early eighties when the march of electronic trading was already taking its first steps, and the great bull was first learning to run.
Here’s his take on markets heading into the Thursday, December 22, 2022, trading day:
The post has been lightly edited for punctuation and grammar.
This post covers one sector Kenny thinks could be near a bottom, existing home sales, consumer confidence, my thoughts on Micron’s earnings, as well as the upcoming earnings season to start 2023. It also covers oil, Europe and the latest out of the FTX saga.