joining me now is slatestone wealth chief market strategist kenny polcari.for being here. assess the week for us. you had hotter than expected inflation data, then you had good news for the banks and they still traded down initially. >> right. [laughter] so i think the inflation data, i don't think, should be a surprise to anyone. of we've been talking about it, we've been seeing it remains sticky. we saw the last two months the cpi and ppi both elevated. while one month doesn't make a trend, two months and three months begins to make a trend, and that's exactly what we saw. while we saw markets pull back, the minute they take it down 2.5 to nearly 3%, all the buy the dip orers jump in because they think this is the opportunity which is actually, as you and i both know, not really the buy the dip opportunity. that's when we see the market back off 8 or 10%, that's really buy the dip opportunity. but i wasn't surprised, i don't continue to be surprised. i think inflation is going to remain sticky, and so i'm not, i'm not surprised at what we saw at all. now,

joining me now is slatestone wealth chief market strategist kenny polcari.. assess the week for us. you had hotter than expected inflation data, then you had good news for the banks and they still traded down initially. >> right. [laughter] so i think the inflation data, i don't think, should be a surprise to anyone. of we've been talking about it, we've been seeing it remains sticky. we saw the last two months the cpi and ppi both elevated. while one month doesn't make a trend, two months and three months begins to make a trend, and that's exactly what we saw. while we saw markets pull back, the minute they take it down 2.5 to nearly 3%, all the buy the dip orers jump in because they think this is the opportunity which is actually, as you and i both know, not really the buy the dip opportunity. that's when we see the market back off 8 or 10%, that's really buy the dip opportunity. but i wasn't surprised, i don't continue to be surprised. i think inflation is going to remain sticky, and so i'm not, i'm not surprised at what we saw at all. now, the banks, on

joining me now is slatestone wealth chief market strategist kenny polcari.week for us. you had hotter than expected inflation data, then you had good news for the banks and they still traded down initially. >> right. [laughter] so i think the inflation data, i don't think, should be a surprise to anyone. of we've been talking about it, we've been seeing it remains sticky. we saw the last two months the cpi and ppi both elevated. while one month doesn't make a trend, two months and three months begins to make a trend, and that's exactly what we saw. while we saw markets pull back, the minute they take it down 2.5 to nearly 3%, all the buy the dip orers jump in because they think this is the opportunity which is actually, as you and i both know, not really the buy the dip opportunity. that's when we see the market back off 8 or 10%, that's really buy the dip opportunity. but i wasn't surprised, i don't continue to be surprised. i think inflation is going to remain sticky, and so i'm not, i'm not surprised at what we saw at all. now, the banks, on the other han

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joining me now is slatestone wealth chief market strategist kenny polcari.enny, thank you so much for being here. assess the week for us. you had hotter than expected inflation data, then you had good news for the banks and they still traded down initially. >> right. [laughter] so i think the inflation data, i don't think, should be a surprise to anyone. of we've been talking about it, we've been seeing it remains sticky. we saw the last two months the cpi and ppi both elevated. while one month doesn't make a trend, two months and three months begins to make a trend, and that's exactly what we saw. while we saw markets pull back, the minute they take it down 2.5 to nearly 3%, all the buy the dip orers jump in because they think this is the opportunity which is actually, as you and i both know, not really the buy the dip opportunity. that's when we see the market back off 8 or 10%, that's really buy the dip opportunity. but i wasn't surprised, i don't continue to be surprised. i think inflation is going to remain sticky, and so i'm not, i'm not surprised at w

i want to bring in slatestone wealth chief strategist, kenny kenny -- kenny polcari.ns in earnings in texas instruments they didn't really move and that was problematic, right? >> that was a little problematic, everyone was sew concerned what the tech companies would start to say, tesla, they came out with great earnings. we saw the after-hours of tuesday, but it didn't flow until yesterday. then you started getting more concern about the economy but started getting concerns about the upcoming tech earnings, right? are they going to be as perfect as the market is expecting them to be. i have been kind of, you and i have been talking about this for a while, unless they were completely priced for perfection the risk was to the downside, not the upside and that is exactly what we're seeing. i'm not necessarily surprised. i don't necessarily think the bottom will fall out but i think investors have to get used to the idea they got way ahead of themselves on the narrative the market created over multiple rate cuts. there has to be a repricing, not a disaster but repricing.

ken kenny carry with us today. -- kenny polcari.gan reported before the bell, jamie dimon is warning of headwinds, possible wars and the fed, he says they could hurt the strong any. you know -- economy. you know, that's a big negative to get us going on a friday morning. >> well, it is a big negative, but that's not new. jamie dimon said that in his annual letter which came out two or three days ago. so that's not new to the market in terms of what they heard. now, today the earning came out, which i loved. jawm emy dimon never if disappointed. but i think what we're seeing happening is lock in these profits mental i, right? jpmorgan's up 15% year to date. i'd love to see a pullback. i'm not selling my jpmorgan. i would be a buyer on this weakness. tawrt south okay. you've actually been expecting and hoping for a allback because you still think later this year we're going back up again, right? >> yeah, i do. look, every time the market, you know, we sell off 2.5-3% and all the buyers run in because this is the opportunity. that's no

joining me now slatestone wealth chief market strategist kenny polcari.enny, right now the forward p-e is pretty high. i want to show the folks where market is right now, forward p-e ratio, it is pretty high. it has made a big move. you've been looking for a dip. so my question to you, how big would the dip have to be because i know you don't like buying stocks at this level? >> no, listen, i'm wanting to see a bigger dip, i want to see a six, seven, 8% dip. i just don't think we'll get there. every time the market backs up 3%, oh, here is the dip, buy the dip and it never gets a chance to back off. you have you have to look at individual names correcting versus the broader market. that is kind of where i'm looking. am i chasing, am i chasing names on the upside? no, i wait until they pull back. names like apple down 15%. charles: right. >> that is a stock that you know, it is a core name of the portfolio. so you buy stuff like that individually and that is kind of what you want to look for. charles: i want to look at some individual ideas. i want to get

kenny polcari with me. what do you think of this selloff?e result of much higher and suddenly high interest rates. what say you? >> i think that's part of the story. i think it's the fact that the market had a great can first quarter, we're now in the second quarter. i think there's some pullback because the market's been a little bit ahead of itself based on the fed cut narrative. i also think that the first week of april tends to be a little bit antsy ahead of tax day and ahead of the gunning of earnings season. -- beginning of earnings season. so i think this is great. we were down .6% yesterday on the dow, we're down, what, .8, that that's great, 1.5%, but i'm looking for a bigger pullback. i'd love to see 7-8% would be really great. stuart: so do you think this is the start of something big like a 5, 7% selloff? is it? >> well, i -- listen, here's what i think, and i don't think enough people are paying attention to it. yesterday they pushed out former vice chair roger ferguson who's a very methodical, well-thought, respected graph-type

kenny polcari, what do you think about these inflation numbers particularly right after we got that verypointing gdp number? so it -- i mean, that adds up to ago nation, doesn't it? -- stagflation? >> it absolutely does. and and i'm not necessarily surprised. we've been talking about this for a couple months now, right? the idea that everyone thought the fed was going to cut rates and everything was so good. i've been saying and i've been worried about it that inflation was, in fact, going to start to tick its head up, and that's exactly what it's doing. we've seen it over the last lee months, right? we saw the cpi, the ppi and now we're seeing it in the pce month over month and year-over-year, so it is the a little bet concerning. and, yes, with yesterday's weaker gdp number, it brings up the 1980s can conversation about stagflation. david: and you don't have to go back that far because it also brings up the question what the fed if is going to do. it's going to be real hard for them to cut cut rates with inflation going the wrong way. >> okay. again, i'm not even sure how the conversat

wealth chief market strategist kenny polcari and chris over back. first of all, the biggest week of earnings, the markets, just a few minutes ago were all in the green. we have two of the mag seven which was left for you to belong in the mag seven, apple and tesla topping the s&p were very close to it, what do you think is this the time to buy or wait. >> it depends on who you are, i'm always in it looking for an opportunity not necessarily changing the names that are ready to weigh but putting money to work in names that idu have been underperforming or have a bright future in front of them, why would you be chasing some of the names after top if you already own them let them run, let them pull back apple is a perfect example, that was then 15 or 16%, no, no no, that's exactly when you want to buy more apple don't buy it up 16% but by when it's down 16%. >> then you bring the federal reserve into the picture, you look at when the market believes derivatives trading the fed funds futures that we will see a rate cut. it used to be several months ago,

polcari in northwest mutual investment officer. if the vic's is any indicator, fear is what is driving the train right now with 12 minutes past the hour. were looking at the vic's of the moment up tenant quarter percent. it languished around 13 for months and we got it at 19. what does that tell you. >> it tells you that fear is building you have to look over the last couple of days from 14 to where it is today, it's had a significant move in that raises and speaks to the fear that it could be fear over the realization that rates are going lower and fear on global unrest. it's fear over what is happening in the oil prices, fear of what's happening to inflation, it's not really cooling down, we've had three months of month over month gains in the cpi and ppi. therefore that's causing added fear about what the fed is going to do and could they possibly cut rates in this environment which i don't think they can and i've been saying all along there is no rate cut coming. the fact that some people are continuing to think that there is a