Expect An "Erratic" Short Trading Week While Several "Unknowns" Loom For The Market
Meanwhile the "US economy is headed for a recession, the depth of which we don’t know yet".
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, November 18, 2022, trading day:
The post has been lightly edited for punctuation and grammar.
Kenny’s Take On The Short Trading Week, China and OPEC
Oops! Stocks fell again, for a litany of reasons that they want you to believe: rising Covid cases in China (not), OPEC + oil production increases (not happening), a looming railroad worker strike (much more of a possibility), mixed messages out of the retailers (yes), ongoing confusing statements by a variety of Fed heads (yes), weakening economic data (yes), Black Friday Sales on almost everything (neutral) and a FED that is apparently blind to the impact that the rate hikes have (or are having) (yes).