What are you watching this week?
Kenny Polcari, managing partner at Kace Capital Advisors, weighs in on what to watch during this shortened trading week.
"Thursday brings the circus to town (DC) – Vlad, Bobby and Ken (CEO’s at Robinhood, Melville and Citadel) will appear before the House Financial Services Committee – where our elected officials – led by none other than ‘Maxie’ Waters (D, CA) will grill this threesome about the trading in GME, AMC, BB, BBBY and any of the other heavily shorted stocks identified by the rebels from Reddit," Polcari wrote in his morning newsletter. "I can’t wait to hear some of the questions that are sure to be asked…..considering that most of them think that Robin hood shut down to punish the little guy….what they don’t seem to understand is that the NSCC (Clearing House) shut Robin Hood down because they ran out of money…..and could not finance the clearing and settlement process – that is very different than shutting down the little guy – and to be clear – the big guys don’t trade on RH so that is why they didn’t get shut out, but let’s see how this narrative takes shape."
In the video above, Polcari breaks down why he has his attention on the Federal Reserve.
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