i will ask kenny polcari at 2:40. profits, a lot of people are saying they are to blame for inflation. can you believe that? i don't think art laffer will but we'll ask him. he's next. ♪. (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher investments. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. at pnc bank, you can find us in big cities and small towns across the us, where our focus is to always support the people who live and work there. because you call

back to our market watcher, kenny polcari.performers in the september before october 1st? is that part of it? >> i think that is part of it. there's preparation as we move into year end, people positioning and starting to look at what they on versus what they want to own. don't forget the bigger macro stuff, end of the month crisis . will bypass the budget, go on strike or not? we have the fed this month in particular after a very volatile six months. are they going to continue? are they going to hike? what will they cut? all this other stuff contributing to the seasonal weakness in the september. we usually lose a percentage on all these indexes which is not the end of the world by any stretch. i would tell people just sit back, don't be so anxious. be patient. i think we will see a week september. ashley: of very confusing to follow and make head or tails of. you mention all the other head winds and confusing factors. is there any sector you like right now or sitting back and being more patient as opposed to dipping in. >> i

let's bring in slatestone wealth chief market strategist kenny polcari. or the market reaction? it is like you know a little bit of inflation, so what. >> the market reaction. because the top line number was even hotter than what they expected which was already hot to begin with, plus 3.6. came in plus 3.7. so that was even hotter. then the market kind of had no reaction because i think what they tried to do, i said it in my note this morning, they focused on the ex food and energy number which appears cooler or continuing to cool. they tried to focus away from the top line number. that is all energy wee have been talking about it. if energy stays at this level everything will start to go up. transportation costs will go up, food will start to go up. so i'm surprised, surprised that the market didn't have a little bit more after negative reaction. we're not taking it off. we're on both sides of the unchanged line. right now we're up but nothing dramatic. charles: right. >> i think we're a little bit tired here. so we'll watch over the next couple of days.

let's bring in kenny polcari. kenny, this is a dip and a half for apple. you're at 177 right now. a kip buyer in apple -- dip buyer in apple today? >> listen, i want to back up the truck. i thought it was going to get closer to the 1171 levels -- 171 levels. i actually think there's a little bit more downside, so i'm willing to wait, buts it is the getting very close to the where i think, you know, people are going to find it a screaming buy. stuart: it's very difficult to figure out gee where yo political risk. and -- geopolitical risk. what about western companies? >> right. so, listen, i think that is a problem, and i think that's now very clear to the world. with we put them in that position. we've allowed china to become as strong as it has across different industries, right? where they control. so to lauren's point, if they can do this to apple -- apple, clearly, one of the bigger names, but who else are they going to do it to? what other companies or industries are at risk? therefore, that just begs the question why don't we diverse ify away from apple, bring it back even t

if i want to bring in kenny polcari on this. ow, as a i understand it, arm designs and licenses chips. nvidia makes the chips. so is arm's success dependent to some degree on invidia? >> listen, arm's success is going to be dependent on where the a.i. industry goes, right? whether it's nvidia, intel, amd, any of them, whatever. but i think that, i think the whole arm story is overblown and overdone at the moment. i think, you know, they've created this hype in a.i., and they've gotten everybody to go in. you saw retail coming in from fidelity yesterday with retail buyers trying to get in on the arm ipo. i think they've taken it to unsustainable levels at least at the moment until we see how this all falls out. look, i think arm's going to have a place in the industry, certainly, they're going to be a player. ininvidia's obviously a player, and so as arm negotiation as nvidia goes, so goes arm. stuart: but, you know, nobody wants to miss out on the next nvidia. >> right. stuart: there is this thing, i don't want to miss out on thi

we have alley mccartney, kenny polcari on deck to talk about that. where is the economy heading, three choices disaster, goldilocks or stay like the proverbial frog in boiling water, what scenario would you pick? tweet me at cv pain. economist chris low to break that down. his thoughts on the most likely economic outcome. my exclusive interview with the bond king, jeffrey gundlach is on deck. i will give you my takeaway on losing the weight the american way. sort of like gaining weight the american way. all that and so much more on "making money". ♪. charles: so in the ernest hemingway class tick, "the son also rises" a question was asked one of the characters who went bankrupt how it happened, the reply was pretty simple, two-ways, gradually and sudden. the reason i bring this up and i talked about this before, feels like that happens to our economy, right? we go from gradual to sudden and one of the things we see is the emergence from anecdotal things to empirical, right? for instance, subtly excess savings, you remember that? used to be $2.1 trill

let us turn now to trader kenny polcari. what do you make of the market reaction? right now,, the dow is the only one in the green. >> right. i think the market's confused with everything that they heard, right? are rates going up? are they going to stay higher for longer? how much higher? he pushed out the 100 basis points cuts has now been pushed out to only two cut cuts next year and further into the year. so i'm not surprised. it's not crashing or, but i'm not surprised that the markets are confused concern. liz: it is not crashing, but the vix is now up above 14 -- >> well, it's about time, don't you think? [laughter] liz: yeah, but -- >> it should be higher, in my opinion, based on with we are. liz: it was 13 and change before 2 p.m. >> right, right. so it spiked a little bit which tells you i think people are confused. they want to believe him, but they're not sure that they can. the cd that he's discounting rise oil prices i think is insane. liz: even when you strip the it out, other things are still going up. >> agreed. that's right, they're going up, whic

i want to bring in slatestone wealth chief market strategist, kenny polcari. nteresting, we had this conversation, getting up to 3 1/2 we had this conversation, four 1/2 on the 10-year yield we had the conversation. do you think we'll be having it at 5%? could the 10-year actually go that high? >> i think we could get -- listen where are we now? 4.64, having like that no one ever thought it would get to 4.5 we blasted right through that and if we find out rates will go higher than even now the one move that the market seems to be expecting, i absolutely think we could see the 10-year treasury folking at 5% for sure. and remember, jamie dimon came out the other day, he said, we better get ready for 7% terminal rate. charles: i thought that was a little irresponsible on his part. listen, the cme fed watch is not even looking at one more rate hike. >> right. charles: tomorrow jay powell is going to speak. i got a feeling he will try to re, reintroduce the notion of a soft landing. i don't know how he does it. his body language let us down last week and the market

let's get to the markets and the floor show main street asset management erin gibbs and the trader kenny polcari who spent 40 years, i cannot believe this 40 years as a new york stock exchange trader you were there on september 11 but not at your office on the 55th floor of tower two and i think the world the universe for that. >> i had been there that morning and only by the grace of god i was called to go to breakfast that's only reason you and i are sitting here having this conversation. liz: it seems shallow to be talking about the markets and it's our job, we never forget what happened on september 11, give me your thoughts on the markets right now we have green on the screen we outplayed a whole bunch of headlines that can move the action. >> i think today is like a dead cow doubts were bouncing off of the decline in i had the key numbers that you talked about the cpi and a lot going on with apple tomorrow's big event that is pretty exciting but specifically to apple but i really think that the markets is turning in place ahead of what is expected to be, 100 numbers on the top line for cpi

let's get to the floor show morgan stanley senior vice president jim look camp and our trader kenny polcari joins us now. i want to talk to you about what you're seeing in the markets. he wrote about that today in your note to your client saying we thought this is going to be a bad month and september has buried out to be tough. >> i've been saying that sense august for people to prepare or september and october which tend to be difficult months, september specifically so i think this is playing out just as we figured it would. comments by the central banks have not helped the market the market is finally convinced when jay powell says he's going to hold them longer higher for longer he means what he said versus he does not mean that we take tech higher again and suddenly last week's message not only from the fed but the other central bank's around the world had the same message so it plays right into the narrative that september is good to be a good week i think there's a little bit of weakness ahead i don't think this would be a crash but into october the market is going to be unsettled.

hitting a fresh six month peak and all plays into the market in your portfolio and floor show trader kenny polcari and allen nuckman. allen, look how jittery wall street is and vicks off the highs of the session and earlier hit a one week high of 15.29 and we're at 14.49 now and that was at 1:00 p.m. eastern. is this apple? is it susan colins from the boston fed? inflation data? >> i think it's a lack of earnings. we don't get earning season started really till october and we're in the last couple of weeks and we have about three weeks left to go where we don't have the facts in our face. we are having the earnings estimates come -- growing as we get closer and closer to the earnings but that's what the market needs to move forward. we've seen a price pause, we've been going sideways here in the s&p after the big break out. seen a price pause between 4400 and 4600 here for almost three months and a break out of the range about 4600 hitting 4800 and new all time highs once again. liz: yeah, 4800 and at 4460 at the moment for s&p and, kenny, you started seeing everything that's rate sensitive really

shelby the ten year treasury yield, this what is the problem, kenny polcari is with me.g treasury yield, just shy of 4.5%. the autoworker strike probably extending not for sure but extending, looming government shutdown none of this looks good for stocks. >> it doesn't take that on top of what jay powell said on wednesday is negativity on top of negativity so therefore i'm not surprised nor should anybody be surprised that the market is under pressure. today we got a bounce because the tenures backing up for the 4.5% basis let's call it what it is for now present but i don't think this is over by any stretch of picnic tenure continues and i think there's pressure on stock to cut the next week is ended the quarter so there's going to be the quarter and windowdressing of volatility around asset managers repositioning for the next six months out. >> this is the worst nightmare for all the people myself we see stability of the market going on forever and ever and we don't like that. >> you put your money in treasury you get five and half percent, no risk. stuart: noted that'