Kenny Polcari is chief market strategist at SlateStone Wealth. He is a well-known TV personality appearing on Fox Business and CNBC and is often quoted in major print media outlets. Mr. Polcari writes a daily morning thoughts missive that is an informative, engaging, and entertaining look at global markets. He also converts the daily written piece into a daily video piece as an alternative option for subscribers. Prior to that, Mr. Polcari was a managing director at O'Neil Securities/Member NYSE. He built the US equities business at ICAP and ran the NYSE trading floor division on behalf of Salomon Brothers. Mr. Polcari is also an Advisory Board member of The Headstrong Project.
So, after all the hype, all the analysis, and all the angst – what did the CPI do? Well, it was up. It was up on the top line and it was up when you take out all the volatile elements like food and energy. But the hotter CPI figure did little to rattle investors and they seem good with the notion that the Fed is holding rates steady in September, explains Kenny Polcari, Chief Market Strategist at SlateStone Wealth.
This is a seasonally weak time of year. The US economy remains strong. But bonds are under pressure, sending yields even higher, with 5% riskless now the norm. That’s giving stocks a run for the money, explains Kenny Polcari, Chief Market Strategist at SlateStone Wealth.
Stocks ended last week higher but ended the day lower on Friday as new concerns caused investors some anxiety. Yes, the Federal Reserve skipped on a rate increase, but it made it clear that investors should not expect a halt or a decline in rates anytime soon. A reversal in the S&P 500 to its trendline should not be unexpected, suggests Kenny Polcari, managing partner of Kace Capital Advisors LLC.
It’s a conundrum. So close, but yet so far. The S&P 500 failed to break out into a new BULL market. But depending on what happens with inflation and the Fed, we could get a breakout soon, writes Kenny Polcari, managing partner of Kace Capital Advisors LLC.