Tech Suffering Worst Performance Since Dot-Com Crash
And if economic data stays strong, the Fed will continue to hike, says Kenny Polcari.
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 23, 2022, trading day:
The post has been lightly edited for punctuation and grammar.
Stocks fell under the weight of better economic data, which is really funny since the data reported yesterday was mixed at best. But in order to support the Fed’s narrative of higher rates for longer, the conversation focused on the strong data. Q3 GDP was revised up to 3.2% from 2.9%, Personal Consumption was also stronger at 2.3% vs. the expected 1.7% and Initial Jobless Claims rose less than the estimate underscoring the ongoing strength in the labor market.