China Tension Keeps Bid Under Gold, It's "Off To The Races" After $1,865: Kenny Polcari
Kenny wraps up Monday's trading day and offers his quick take on gold, oil, macro, the coming CPI print and more.
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, Chief Market Strategist at SlateStone Wealth, and a Managing Director at Campfire Capital a boutique investment bank. 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.
I’m happy to offer up Kenny’s latest thoughts on yesterday’s trading and going forward in macro, from this morning.
The post has been lightly edited for punctuation and grammar.
Kenny on Monday’s Trading And Nvidia
Stocks whipped around on Monday, beginning the day in the early hours in negative territory, only to turn up at the opening and trade higher in the moments after the opening bell, as it appeared as if Friday’s NFP report [QTR’s note: Which I have written was a negative for markets] was not gonna get in the way of what investors wanted to do. The market notched its high at 10AM when the S&P traded up to 4,186 and the Nasdaq traded up to 12,855 – and from there it was all downhill.