Kenny Polcari, director at O'Neil Securities, talked to TheStreet about the state of the market after yet another volatile week.
Here's What You Need to Know About the Market This Week
Polcari gave his two-cents on the market, breaking down the volatility and explaining what's needed in order for the market to rebound.
Although the Dow initially rallied Friday morning, it quickly dropped into the red. The drop was mainly led by Apple (AAPL - Get Report) , which disappointed investors by deciding to stop giving unit numbers.
Midterms and the Market
Polcari, a Wall Street vet, also took a look at the different effects that the midterms could have on the market.
He looked at how the market would react if the Republicans were to hold the majority. He said that, if that were to be the case, then he believed the market would rally.
The rally would be fueled by the possible tax plan, deregulation, among other things.
"If the GOP wins both houses, I think that the market takes off," Polcari said.
However, if both parties were to split the house and senate, Polcari believes that the market wouldn't react.
"Then you get gridlock," he said. "Which the market doesn't necessarily mind."
And, finally, if the Democrats took the office, the market would "back off."
"Because, immediately what will happen is...Democrats control both houses and [they'll] try to pull back on pro-growth policies," Polcari told TheStreet.
Advice for Investors Looking Ahead
Polcari gave advice for investors who are already looking ahead to 2019.
"Investing is not static, it's very dynamic," said Polcari.
A lot of investors should watch the elections closely and start planning after we see the outcome of the midterms.
"Figure out which policies are going to effect which industries," Polcari said.