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. Today, the theme was how markets will trade on the last day of the year - and, more importantly, what are we in store for heading into the new year?
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.
I joined Kenny in annotating his note this morning a bit. For my take on where markets are going to go in 2023, you can read this recent piece I published yesterday. Here’s Kenny’s take, with some small annotations, heading into the Friday, December 30, 2022, trading day:
The post has been lightly edited for punctuation and grammar.
Goodbye 2022, New Year’s Is Here.
Now, Have Markets Finally Bottomed Yet?
The whiplash continues, and no one should be surprised that as we move into the final trading day of the year, stocks rallied.
But it isn’t really going to make that much of a difference – we are on track to record the worst year for stocks since the 2008 Great Recession.