Worried that the market volatility will follow you into the holidays?
Kenny Polcari, director at O’Neil Securities discussed the market with TheStreet.
When the market opened on Wednesday, Nov. 21, the Dow was up over 150 points, which was a turnaround from when the market closed Tuesday.
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At its low, the Dow dropped over 640 points during intraday trading Tuesday.
Polcari said that the rebound in the markets was proof that the market’s down day Tuesday was a test.
What Should Investors Keep Their Eyes On?
Polcari said that the market rally, in his eyes, could continue into Friday trading.
He doesn’t expect to see a huge loss in the market as Wall Street gears up for the holidays.
How Does Retail Look?
The consumer is strong, said Polcari.
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He cited the $9 billion that consumers spent on Halloween and said that it’s hard to believe the numbers for Christmas and Thanksgiving won’t blow the estimates out of the water if Halloween is any indicator of the consumer.
Polcari’s 2019 Outlook Has Changed
Polcari told TheStreet that a month ago he would have had a more bullish take on his 2019 outlook, but his tone has changed.
Where Does the Market Swing Next?
While Polcari is still not a full blown bear, he’s feeling more cautious as 2019 creeps towards us.
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