kenny polcari on where he's putting his money to work, stay with us. but st. jude has gotten us through it. st. jude is hope for every child diagnosed with cancer because the research is being shared all over the world. call leaffilter today. and never clean out clogged gutters again. leaffilter's technology keeps debris out of your gutters for good. guaranteed. call 833.leaf.filter today, or visit leaffilter.com. maria: welcome back look at where the markets ended the week after the dowd jones industrial cross 40000 for the first time in history and s&p and nasdaq hit new highs after lukewarm inflation data this week then several federal reserve members saying they do not have the confidence that were going to get to the 2% inflation target anytime soon were at higher for longer on interest rates, joining me slatestone chief market strategist kenny polcari, great to see you i know you been questioning the rate cuts for a long time but today you say the dow and s&p are overbought, tell us more. >> you have to look at what's happened over the last couple of wee

back to the markets, kenny polcari -- kenny polcari is with us for this hour. economy is slowing obviously, interest rates are rising. inflation is rising. why not sell a little start? kenny:if you want to tweak the portfolio, it is perfectly okay but i would not be saying sell everything and go to cash. if you are a long-term investor it is not what you want to do, you as well as anybody knows you are in it for the game, not short-term trades. i'm not saying people should not take a look at their portfolios and tweak a little bit but by no means what i suggest that. stuart: you are assuming 5% or 10%, you are assuming it bounces back at some point in the near future. why make that assumption? kenny:the us economy right now may be having signs of slowing, on the one hand, on the other hand the data suggests it is fairly robust. plenty of jobs available, certainly look at the economic data, the job remains strong so therefore i'm not necessarily sure i think the economy is going off the edge. if i change my mind i would change my view but i don't suspect we are

waiting for small caps to catch a bid some point thank you so much. >> you are right small caps kenny polcari ken. thanks. stay with us. we'll be right ba back. ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya helps you choose the right amounts without over or under investing. so you can feel confident in your financial choices voya, well planned, well invested, well protected. the all new godaddy airo helps you get your business online in minutes with the power of ai... ...with a perfect name, a great logo, and a beautiful website. just start with a domain, a few clicks, and you're in business. make now the future at godaddy.com/airo president trump outside new york supreme court right now. >> -- i think, with many people, when we have here all week, by the way, now -- than ever seen anywhere they don't want to have any -- three blocks to the courthouse but a lovely university to set up a tent -- the front end -- political affiliation -- to rest prosecution today, selective prosecution, take a look -- all around doj, white ho

soon were at higher for longer on interest rates, joining me slatestone chief market strategist kenny polcarieat to see you i know you been questioning the rate cuts for a long time but today you say the dow and s&p are overbought, tell us more. >> you have to look at what's happened over the last couple of weeks where run up once again on the multiple rate cut narrative and you look at the relative strength index and the relative strength in the technical indicator and they're just kissing the 70 level which suggest you getting into the over bot. enter territory, transports in the russell nasdaq are not there so they suggested were okay but i suspect we will see in prices pull back and we probably should because we have strayed up to get on the rate cut narrative which makes no sense to me considering every fomc member is trying to tell everybody walk back from the edge, were not cutting rates anytime soon. we had five fed officials on thursday alone saying just that, singing the same song at this point, let's look ahead to next week we have nvidia earnings out on wednesday and a lot of reta

let's bring in kenny polcari. [laughter] i'm reading the -- >> i can't believe you did that.m reading the report, yeah, we're going to let this marinate a little bit here. [laughter] listen, you talk about the algos, and they're having their way with this market, or right? whatever the news is, they find a way to turn into it a positive. i compare it to the -- who sacked rome. is there more to it than hype? >> you know, i'd like to the believe there is because i'm still positive on the market, i'm positive on the economy, i'm positive where stocks are going. i do, though, think this latest surge up especially over the last couple of days has been really crunch by the algorithms, driven by what it was expecting to hear out of the ppi and cpi, and i walked away with a very mixed feeling about where where we are. i still think that inflation is stick by can and there's going to be a problem, but they're trying to change the narrative. they're trying to tell us that, you know, we're okay and that 3 plus percent inflation is probably where we're going to be. that's how i read it.

year-over-year, with revenue expected 24.5 billion dollars, slatestone wealth chief market strategy kenny polcari nvidia revenue around 26 billion dollars, kenny rights look. this is a highly anticipated inventory takes high from tech and investors nvidia center of ai revolution the stock up 204% last year, we will be talking about this, of course, tomorrow, and thursday after the company reports, wednesday night could be a market he o mover stay with us on that we will bell following that stay with us. we'll be right back. . ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya provides tools that help you make the right investment and benefit choices. so you can reach today's financial goals and look forward to a more confident future. voya, well planned, well invested, well protected. if anyone has told you that gaining weight, feeling tired, and struggling with nagging digestive and joint issues is just a part of getting older, they are wrong. my name is dr. steven gundry, and after years of struggling with these same issues, i fou

kenny polcari with me as usual on a friday morning. market is up, i think, because of favorable inflation news. we'll get to that in just a moment. but otherwise, i don't see any reaction on the market this morning to the verdicts, do you? >> no, i don't. actually, i kind of think that maybe some of the pressure we saw earlier in the week was nervous ifness about what that verdict was going to be, but after it cape out, i see absolutely no reaction. in fact, if nicker you could argue that some of this -- if initiation you could argue a some of this is the pce and the verdict. yesterday after the verdict came out, i put a call out out there on twitter, would you society for a convict canned felon. as of right now, 85% of the respondents say, yes. [laughter] 15 say no. and and, look, that's a small, little poll, but i think it goes to speak to the fact that i think people are going to just purpose this aside. you know, it's all -- push this aside. it might create short-term chaos, but it does not in the long run -- stuart: okay. you did

pension wealth management and slate stone wealth chief market stat jazz and good friend as always, kenny polcari. gentlemen, thank you for for being here. obviously the big story this week is the cpi, the ppi. we know that the fed is going to be looking at this very closely. what are your expectations? if it's hodder than expected, you'd see running for exits and markets go down; right? >> yeah, i expect it's going to come in slightly higher. not tremendously but up a tenth of a percent. not going to be surprised but not necessarily sure the market will be that surprised but i would expect to see us pull back because that would support the rate cut they're telling everybody is coming and not even saying more they're saying it's coming by the end of the year. craig:t ashley: i think this is all in and analyst and the u.s. economy is cooling down and it's predicting three rate cuts. one in september, one in november, one in december. is that wishful thinking? what say you? >> i think it's a little wishful thinking is and we're probably more in the two rate camp and really leverage to the very ebbe

kenny polcari. why do you think thrall -- this rally might be over?, or partly because we've had this big rally, right? and in anticipation of what the market expects, multiple rate cut scenario which i think feud this latest move up. now, that being said, i think it's stretched. i think relative strength on both the dow and the s&p is kissing just about the 70 level which suggests that the market's a little bit getting into that overbought territory. so a pullback wouldn't be, wouldn't be unwelcome, for sure, and actually a lot of people would hope that it pulls back. i'd like to see us pull back 3% or so, take us down to the trend line at 5150 on the s&p. it would be able to kind of digest the move. some stocks would get met a little bit harder, i think it would find plenty of support there, but i think it needs to do that in order to continue to advance. stuart: quick question, 30 seconds. envied ya reports next week. how -- nvidia reports next week. how important is that? >> i think it's very important. it's a crowded trade. everybody owns nvidia.

let's turn to the markets on a friday morning and bring in kenny polcari. green on the left-hand side but not much. let's talk about the el pant -- el elephant in the room, nvidia. they're up again this morning. are you onboard or with this? are you in in this stock? if. >> i'm in it, i've been in it for a while so, yeah, it's not a new position. we've owned it as a firm, i've owned it individually so, yes, i'm in it, i'm even more committed to it after what we heard on thursday evening. stuart: no pullback -- >> or wednesday evening. stuart: no pullback in the near if future, no downside move? >> listen, it might because it had a very dramatic move, but with i would actually view that as an opportunity to get in more. look -- and it's also, we mow it's going to split on june 10th, so it's going to become a $100 stock. while we know it doesn't do anything in terms of market capitalization, it just makes it now more appealing for the retail investor that feels like, you know, it's a $1,000 stock, i can't get in, but at $100 i might be able to buy in and part

kenny polcari, the man himself. green on the left-hand side, dow up close to 100. gone up seven days in a row are, seven trading sessions in a row. all right, kenny, i'm intrigued. you say the magic number for the s&p is 5,262. it's now 55,2 -- 5,252. i don't get it. what's the significance of your number? >> 5,2262 is the high that we established four or five weeks ago, in real april. we hit that level, we tried the it, we background off off. we backed down to almost 4967-ish, like that. we bounced around, and new they've taken it back up through the short-term trend line-support, now resistance up and is through, and now on the back of this rate cut narrative, so now they want to test and see the prior high, which is 5262, if it will, in fact, hold. will we punch through it? will we test it? are the sellers sitting right there ready to give the buyers everything they want at that level? from a chart point of view, technical point of view, that's the point to watch. stuart: do you think we'll get past that level? >> i think we're going to kiss it and back off. i d

kenny polcari, one of the best i know covering this market, i appreciate you taking time on a saturdayhe meantime, jerome. powell, the fed chairman, you know, he has covid. in fact, he is doing his graduation address to the students at georgetown, you know, via remote. remember when if someone had covid, that was a big deal? it's not as much right now. he's doing his job, life goes on. a lot of people return to work within a couple of days. is that safe, is that wise, are we being too cavalier about this? after this. before you consider drastic weight loss measures with dangerous side effects, try golo. (kevin) my doctor prescribed a weight loss drug, but as soon as i stopped taking it, i gained all that weight back. (joann) i lost 210 pounds with gastric bypass surgery, only to gain it all back. with golo, i have completely transformed my relationship with food. no shots, no medicine, no surgery is gonna help me with that. whether you need to lose 10, 20, 50, or over 100 pounds, lose it the right way with golo. my mental health was better. but uncontrollable movements called td, tardi