Algos Will Go Into 'Overdrive' On Economic Data Over The Next Few Trading Days
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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 Friday, December 9, 2022, trading day:
The post has been lightly edited for punctuation and grammar.
Algos Primed To Go Hyperbolic If…
So we tested trendline support at 3930 on Wednesday and held it on Thursday, (something I told you would be important for investor psyche). So traders, algos and investors took that opportunity to go shopping for stocks that have been once again beaten up after 5 consecutive days of relentless selling triggered by concerns over what’s next? Is the Fed going to stick to their narrative?