Yesterday's delay in the implementation of the September tariffs may not be the light at the end of the tunnel that investors were hoping for.
Stocks surged Tuesday on news that tariffs the U.S. planned to place on China beginning in September would be delayed for some products until December 15.
Wednesday told a different story with stocks plummeting premarket on weak data from China and Germany paired with the first inversion of the 10-year yield curve since 2007.
Did the recession alarm bells that have been ringing across Wall Street just get some validity?
Kenny Polcari, managing principal at Butcher Joseph Asset Management, said a recession is about 14 months away, regardless of the next market catalyst.
But should you panic? Not if you're prepared.
"You protect yourself by not overreacting, right? Not being emotional, not making a decision based on a tweet whether it's a tweet from the president or a tweet from the media," Polcari said.
Catch Polcari's full views on the market in the video above.
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Editor's Note: The transcript in the above video has been updated to properly reflect Kenny Polcari's comments.