"Best Possible Outcome For Markets": Kenny Polcari Says Split Congress Will Slow Fiscal Insanity
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.
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.
I’ve been lucky enough to be friendly with Kenny for about a decade now, and he was the first guy to ever take me on what I can only describe as an unauthorized tour of the NYSE trading floor, where I got to personally tell several confused specialists and market makers that the Chinese names they were trading were frauds that didn’t even exist.
The tour didn’t last as long as I would have liked, to say the least. But I’ve always appreciated Kenny’s willingness to welcome people into his busy world for nothing in exchange, and his decades of experience, which gives you a pulse on markets that only time can help you recognize.
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 Wednesday, November 9, 2022, trading day:
The post has been lightly edited for punctuation and grammar.
Kenny On Where We Stand After Mid-Terms
Stocks shot higher again yesterday as election day wore on – the market seemingly telling us that it expected a GOP sweep as stocks surged. That was not what happened – while the GOP did take the House – they didn’t take it as decisively as some predicted, and the Senate remains in limbo. Yesterday the Dow gained another 334 pts, the S&P up 21 pts, the Nasdaq up 52 pts, the Russell ended flat and the Transports added 105 pts.