A judge declined to set a retrial date for Lindsay Clancy after her murder mistrial and instead scheduled another status hearing for November.
U.N. extends mandate of Haiti anti-gang force
The U.N. Security Council on Tuesday extended the Gang Suppression Force in Haiti for six months, through March 31, largely to protect elections.
Democrats Split On Whether To Impeach Trump Again If They Win The House
Democrats Split On Whether To Impeach Trump Again If They Win The House
Authored by Chase Smith via The Epoch Times,
House Minority Leader Hakeem Jeffries (D-N.Y.) said on Sept. 28 that Democrats would put lowering costs first if they win the House in November.
But he did not rule out impeaching President Donald Trump, as members of his party are split publicly on whether to try for that a third time.
Asked on CNBC’s “Squawk Box” how much of a Democratic majority’s next two years would be spent on hearings about Trump, his family, and his administration, Jeffries said the party is focused on affordability but also has an oversight role.
“We’re committed to an affordability agenda,” he said.
“As I travel the country, speak to people, whether that’s in urban America, rural parts of America, the heartland of America, small-town America, or black and brown communities throughout America. The one thing that is clear is that people are struggling.
“They are drowning in this failed Republican economy. They’re working hard, they’re playing by the rules, but they cannot thrive and can barely survive. It’s an unacceptable situation. And so, when we say we’re focused on affordability, we mean it.”
Jeffries said he believed that there has been “unprecedented corruption unleashed on the American people” and that if Democrats win the House, they would “have a responsibility to visit the type of accountability that is consistent with the House as a separate and co-equal branch of government.”
Pressed on the balance between accountability and affordability, he said the next Democratic caucus would include progressives, moderates, and more socially conservative members united around the cost of living.
Jeffries said when it came to cleaning up what he called the “rampant corruption” that exists in Washington, Democrats would “follow the facts, apply the law, be guided by the Constitution, and then let the chips fall where they may on behalf of the American people.”
“We have a responsibility, of course, as a Congress, to serve as a check and balance on an out-of-control executive branch. That’s not partisan, that’s patriotic,” he said.
Jeffries’s comments came a day after Rep. Ro Khanna (D-Calif.) said on NBC’s “Meet the Press” that impeaching Trump a third time would not be a mistake for Democrats.
“No, it’s not. Because it’s not about Donald Trump,” Khanna said.
“He’s going to be a lame duck, and in my view, increasingly irrelevant.
“The point is to stand up for the Constitution.
“Impeachment says that you can’t get into an illegal war in Iran without constitutional approval. Impeachment says that you can’t just start firing federal employees in defiance of what Congress says. Impeachment says you can’t do deals with foreign governments to allegedly enrich your own family.
“It’s about setting a standard.”
He said Democrats could pursue impeachment while also moving on child care, the minimum wage, paid family leave, and taxes on billionaires in their first 100 days.
“We can do both,” he said.
Khanna was responding to a clip of Sen. Tammy Duckworth (D-Ill.), who told an audience at the Center for American Progress on Sept. 22 that Democrats should not pursue impeachment if they win control of Congress.
“What I will encourage my colleagues to not do, especially those who have more fire in their belly in this area, is don’t be impeaching anybody. Let’s just get back to work,” Duckworth said.
“I’m not interested in being in a confrontation with Donald Trump. I can be. I have been. It’s not going to stop me. But I would rather move the ball forward through the benefit of the American people.
“And if we can do it in a way that allows him to save face and he doesn’t stop us, then that’s better for everybody all around.”
Duckworth, speaking at an event on U.S. – China relations ahead of Chinese leader Xi Jinping’s White House visit, said her priority was resolving tariffs that she said threaten Illinois soybean, corn, and pork farmers.
Trump was impeached by the House in 2019 and 2021 and acquitted by the Senate both times.
House Judiciary Committee Chairman Jim Jordan (R-Ohio) said on John Catsimatidis’s “Cats Roundtable” radio show on Sept. 27 that a Democratic majority would turn oversight into a campaign against Republicans.
“You will see the Democrats take that oversight function and turn it into a weaponization of government. They will go after everybody. They say they’re not going to, but we know they will,” Jordan said.
“They’ll do a third impeachment of President Trump.
“But that’s just part of it. They’re going to investigate the first family. They’re going to investigate Cabinet secretaries, anyone.
“Jamie Raskin is going to go after Todd Blanche and Kash Patel. They’re going to have people in other committees go after Secretary Hegseth and on and on; it’s going to be.”
Jordan said potential targets he believed that Democrats would go after include businesses that helped fund Trump’s inauguration and potential 2028 Republican presidential candidates, including Vice President JD Vance and Secretary of State Marco Rubio.
“It’ll be nonstop weaponized investigations, not for legitimate oversight, but to just go after your political opponents,” he said.
Rep. Jamie Raskin (D-Md.) is the top Democrat on the House Judiciary Committee and would be in line to lead it under a Democratic majority. The midterm elections are on Nov. 3.
The White House stated that the threats amount to “decades” of recycled “investigations against President Trump, his family, and his administration,” in an emailed response to The Epoch Times.
Tyler Durden
Tue, 09/29/2026 – 12:15
Oklo Loses PJM Queue Fight As FERC Points To Flawed Application
Oklo Loses PJM Queue Fight As FERC Points To Flawed Application
Data centers have become the favorite explanation for the price-of-power squeeze. But, years of inadequate transmission planning and clogged interconnection queues have left the system struggling to accommodate new generation, too.
As we previously highlighted with Three Mile Island’s restart, even a load that used to be connected to the grid can be told to wait several years before seeing a reconnection become possible.
Now, advanced reactor developer Oklo has provided another reminder of how expensive a place in that queue can become. Although, in this case, Oklo dug its own hole.
On September 24th, FERC rejected Oklo’s bid to reverse its removal from PJM’s current interconnection study cycle. The proposed Virginia project combines 150 MW of nuclear generation, 300 MW of fuel cells and 300 MW of gas generation.
PJM booted Oklo from the study cycle back in August. Oklo warned that losing its place would push development back by more than a year and increase costs, neither of which reflects positively on a nuclear industry recovering from decades of delays and cost overruns.
The dispute began after Oklo submitted its application in April. PJM identified multiple deficiencies in the application the next month, all of which Oklo claimed were fixed in the days immediately after being notified.
Then came a communications breakdown. In its emergency complaint filed in August, Oklo accused PJM of posting additional objections in its application portal without emailing a formal deficiency notice or allowing another repair round.
According to FERC’s order, PJM needed a workable computer model of the entire 750 MW facility. Oklo’s submission demonstrated stability only for the 300 MW fuel-cell portion. PJM said the nuclear and gas units became unstable when included.
After all the back-and-forth, Oklo was unable to save the application, and FERC ruled in PJM’s favor.
The worst part about the deal is arguably how painfully similar the entire situation is to Oklo’s first attempt at licensing their reactor. After almost two years of back-and-forth with the NRC, the regulator rejected Oklo’s submission, citing missing information regarding potential accidents and safety systems and components.
While Oklo did score a win recently with obtaining initial criticality on their isotope production reactor in Texas, this is another painful loss which shows the company may not have learned its lesson yet.
Tyler Durden
Tue, 09/29/2026 – 12:00
A’ja Wilson and Breanna Stewart put Las Vegas Aces and New York Liberty on brink of series sweeps
The WNBA Playoffs are upon us, and all eight teams played on Sunday. Instead of sending all of them back tonight, we have two games and four teams taking the court. I am going to share a play in both games. I know that the WNBA has a lot wrong with it, but I feel like the opening round being just a best-of-three is a bit rough (I feel the same about the MLB). Playoffs should be at least five games, and with these matchups, I want as many as I can get.The Las Vegas Aces are defending champions and still turned in one of the better regular seasons this year. They have the best player on the planet, A’ja Wilson. They hosted the Fever in Game 1 and beat them by 17 points. It was an ugly game for Indiana, but it was a very impressive performance from Las Vegas. The Fever had no answer for Wilson, who poured in 38 points and hauled in 16 rebounds. She did it on an incredibly efficient 15-for-19 shooting as well.WNBA PLAYOFFS PREVIEW: WHY THE FEVER AT +145 COULD BE THE BEST BET AGAINST DEFENDING CHAMPION ACESThe starting lineup for the Fever just couldn’t get much going. Caitlin Clark had 15 points, but wasn’t overly efficient from the field, and she didn’t even get to the free-throw line. She chipped in 10 assists, but also had six turnovers. Single-season scoring leader Kelsey Mitchell had 12 points, but she was just 4-for-16 from the field. If the Fever want to stay alive, they need to double Wilson and make someone else beat them, and they need to be much more efficient on offense. I think the right play here is to take the Aces at -102 on the moneyline. I just don’t think the Fever have enough answers for the Aces, even though I picked them to win the series.THE CRAIG CARTON SHOW–UNFILTERED, UNAPOLOGETIC AND UNMISSABLE. DOWNLOAD HIS DAILY PODCAST NOW!Stealing a road game is almost always a requirement for teams looking to win a series. Getting a road victory is definitely a requirement for anyone who is an underdog in a series. The New York Liberty are the 8th seed, but as I mentioned in my preview of the series, the Liberty were picked preseason as the favorite to win the WNBA Championship. Now they are one game away from ending the season of the best team in the league (at least via regular-season record).Game 1 went to the Liberty, even though they won the game on the road. It wasn’t just a win; it was kind of a blowout, with the Lynx losing by 16. Breanna Stewart showed why she is one of the best in basketball and poured in 34 points. The Lynx didn’t get much from their two best players, Napheesa Collier and Olivia Miles. They combined for just 23 points and 9-for-26 shooting. With their backs against the wall, I think the Lynx will get the win, but I do think it could be a very close game. The Lynx are 18-4 on the road this season so winning on the road shouldn’t be new to them. I expect defense to be key for Minnesota tonight. Give me the under 173.5.SIGN UP FOR THE DAILY OUTKICK NEWSLETTERFor more sports betting information and plays, follow David on X/Twitter: @futureprez2024
AMERICA’S ULTIMATE WAR
Recently, some of America’s most widely respected Christian leaders have sounded the exact same spine-straightening alarm:
* Rev. Franklin Graham: “A storm is coming, and we’d better be ready, because it appears as if all the demons in hell have been turned loose.”
* Dr. Ben Carson: “The increasingly irrational nature of America’s political and cultural battles suggests that supernatural forces are playing a role in them.”
* Author/broadcaster Eric Metaxas: “We are in our third existential crisis in America. The first was the Revolution, the second was the Civil War. We are now in our third: We’re dealing with various forces arrayed against the founders’ vision, whether it’s Islamo-fascism or cultural Marxism. They hate liberty. They hate the liberty that you get from the Bible – all of it comes out of the Bible. … The American Left is Satanic.”
Demons? Supernatural forces? Satan?
Consider this: After 250 years, the United States of America, unquestionably the greatest, freest, most successful and most Christian nation in world history, finds itself being rapidly transformed into something unrecognizable … and once unthinkable. Transformed not just by rage, violence and rebellion – that’s all happened before – but by mass delusion and shockingly bizarre political, cultural and spiritual forces openly dedicated to the total annihilation both of America’s form of government and its bedrock Judeo-Christian values.
Almost everywhere one looks, genuine insanity – and yes, evil – can be seen waging war against everything good and decent in America.
There are the continual threats and repeated actual attempts to assassinate President Donald J. Trump, whom many absurdly compare to history’s most infamous genocidal psychopath, Adolf Hitler, who murdered 11-17 million innocent people, according to the Holocaust Encyclopedia. There’s the widespread promotion of wildly pathological beliefs about gender identity, causing thousands – that’s correct, thousands – of American children to have their breasts or sexual organs amputated. There’s the “treasonous” (to use Trump’s term) Biden-era policy of having invited and facilitated the full-scale foreign invasion of America, including hordes of convicted murderers and rapists, plus countless child-sex-traffickers, fentanyl dealers, Chinese communist spies, Islamic terrorists and Satan-worshipping (MS-13) gang members. And then there is today’s rapid ascendence of smiling and glib communist (“democratic socialist”) and Islamist politicians, both loyal to worldviews utterly at war with America’s Constitution and Christian culture.
In virtually every area of life, bizarre and malignant forces have somehow attained a major stronghold in “the land of the free and the home of the brave.” How? Why?
The new madness evades traditional explanations
Today, the customary paradigms long relied on for explaining America’s political and cultural divisions no longer apply.
In previous eras, the major party affiliations “Democrat” and “Republican” meant something, just as their associated ideological labels “liberal” and “conservative” corresponded to comprehensible sets of concerns, values and priorities. But while “conservative” and “Republican” still mean roughly the same as a generation ago, “Democrat” now encompasses an entire spectrum of destructive, corrupt, demented and treasonous agendas, while the word “liberal” is rarely heard anymore, since it no longer fits most of today’s Democrats. (Imagine, for example, the absurdity of describing New York City’s Marxist-Muslim Mayor Zohran Mamdani – who after swearing his oath of office on the Quran went total communist by proclaiming “We will replace the frigidity of rugged individualism with the warmth of collectivism” – as a liberal!)
Those intent on transforming America today aren’t “liberal.” They’re corrupt, deranged and dangerous. They claim a man can magically become a woman simply by thinking and believing he’s a woman (and vice versa) … and by amputating a few inconvenient body parts and taking opposite-sex hormones with multiple profound, horrendous and irreversible negative effects.
Meanwhile, all those popular candidates backed by the ever-more-influential Democratic Socialists of America (DSA) insist they want to eliminate America’s police and prisons, abolish the U.S. Senate and the Supreme Court entirely, and even the presidency itself. Oh, and they also insist on allowing everyone to vote in America’s elections, including illegal aliens and convicted criminals.
Think it can’t get any more insane? One candidate for Wisconsin governor, the DSA-backed Francesca Hong, even has a history of publicly calling for the abolition of Thanksgiving and Christmas! Another, William Lawrence, running for a House seat in Michigan, has insisted on a “world without borders,” demanding that America “redistribute all the land and all the money” it has to make up for America’s “evil deeds.”
In other words, these people – by any reasonable, reality-based measure – are genuinely stark raving mad.
OK, they’re crazy, so what does psychiatry say about all of this?
Since the usual political and ideological paradigms cannot adequately explain today’s metastasizing madness, can psychiatrists and psychologists at least shed a little light? What sort of pathology is infecting so many Americans today?
Unfortunately, while providing some useful insights and information, psychiatry and psychology cannot really explain the present craziness either. In fact, they are a part of the problem.
Both the American Psychological Association and the American Psychiatric Association – the latter being the developer and publisher (since 1951) of the psychiatrists’ diagnosing bible, “The Diagnostic and Statistical Manual of Mental Disorders,” or “DSM” – are well known to be under the sway of leftists and LGBT activists. That means, in turn, literally justifying and de-pathologizing clearly deranged behavior if that serves the Left’s ever-more unhinged agenda.
For example, in May 2013 when the fifth and most recent edition, so-called “DSM-5,” was released, the serious mental illness of “gender identity disorder” – a man convinced he’s a women, or a woman convinced she’s a man, a condition universally recognized as seriously pathological from the dawn of time until 13 years ago – was officially de-pathologized. That is, classified as completely and totally normal.
Well, almost totally normal. In place of “gender identity disorder,” the “DSM” substituted a brand-new diagnosis called “gender dysphoria,” meaning that although it’s totally normal for a woman to believe she’s a man and have her breasts cut off in pursuit of that goal, it’s a problem only if she feels bad or conflicted about it (probably because of society’s lack of understanding, bigotry and “transphobia”). However, the little-known but actual reason “DSM-5” even included that puzzling new “gender dysphoria” diagnosis was to provide doctors with a medical code they could submit to insurance companies so as to obtain financing for their grotesque but lucrative mutilating transgender surgeries.
To be clear: All of this is not only insane, it is evil. Serious long-term research has documented that if children who suffer from gender-identity confusion are simply left alone – meaning, no doctor chops off their body parts and/or plies them with devastatingly destructive cross-sex hormones – virtually all of them, 80-95%, simply outgrow the transgender feelings and any desire to surgically “transition,” and embrace their actual God-given gender by the time they reach adulthood. In so doing, they also are spared the horrendous 40% attempted-suicide rate among transgender people in the U.S.
In surveying all of the preceding, the painful truth becomes increasingly evident: Millions of Americans have been deceived and seduced by evil and, in many cases, fully given themselves over to dark, malevolent forces.
Hating God and Christianity
Many analysts and commentators today marvel at the strange and seemingly illogical political partnership between Leftists and Islamists, even giving the phenomenon names like the “Red-Green Alliance” and “Islamo-Leftism.” But how, since each belief system is wildly in conflict with the other, can they possibly be allies? That’s easy. They’re joined together in common cause because they share a common enemy: Both are AT WAR with Christianity, and as the ancient proverb attests, “The enemy of your enemy is your friend.”
“But wait!” some may still object: “Marxism isn’t explicitly anti-Christian like Islam is – it’s just a political-economic system, not a religion.”
Wrong.
Although artfully disguised with nicer, softer-sounding names like progressivism and socialism, Marxism has become so prevalent in American education, culture and politics – most recently with the meteoric rise of the DSA – it may be useful to pause and consider the stunning, if little known, reality of Marxism’s true origin.
Most people believe Karl Marx, the originator of the ideology bearing his name, was an atheist who sincerely came up with a system, however flawed, of reorganizing society and government to make it more equitable and just for everyone – to help the oppressed get back some of what was taken from them by the evil oppressors.
But Marxism’s inventor was not some well-intentioned academic who happened not to believe in a Supreme Being. Karl Marx HATED GOD, vowing revenge on the Creator and His Heavenly realm, and said so in his writings.
That is what Marxism is really about – hatred of God and His laws and ways, and a rebellious and utterly insane attempt to replace the sovereign Creator’s perfect plan for mankind with a diabolical one that nevertheless sounds appealing (kind of like the forbidden fruit in the Garden of Eden).
As scholar and renowned Marx expert Paul Kengor, author of many books including “The Devil and Karl Marx,” reveals:
Marx’s poems and plays are rife with pacts with the devil, suicide pacts, violence, vengeance, fire, despair, destruction and death. Marx waxed poetic about “Hellish vapors,” about the “Prince of Darkness” selling a “blood-dark sword [that] shall stab unerringly within thy soul,” of “Heaven I’ve forfeited, I know it full well, My soul, once true to God, Is Chosen for Hell.”
Marx summed up his attitude toward God perfectly in his poem, “Invocation of One in Despair”:
“So a god has snatched from me my all,
In the curse and rack of destiny.
All his worlds are gone beyond recall.
Nothing but revenge is left to me.”
Wait – “Nothing but revenge is left to me”? That sounds exactly like Satan.
Kengor described Marx and his legacy in an interview with author John Zmirak on the evangelical Christian media platform “The Stream”:
“There were times when Marx seemed to be possessed by demons,” recorded Robert Payne in his chapter “The Demons.” This appeared in his seminal 1968 biography of Marx. “He had the devil’s view of the world, and the devil’s malignity. Sometimes he seemed to know that he was accomplishing works of evil.”
What is undeniable is the evil associated with and wrought by Marxist-communist ideology: at least 100 million dead in the 20th century alone.
In short, Marxism/communism/socialism/progressivism/leftism – choose your term, they’re all essentially the same, just different degrees – is a rejection of God and His laws, values and perfect plan for mankind, in order that seductive, lying, egomaniacal psychopaths can set themselves up as gods … and in the process impoverish, enslave and destroy millions.
What can good Americans do?
Fortunately, America is still full of many millions of thoroughly decent, moral, conscience-driven people who truly love God and already understand, at least on an intuitive and bottom-line level, everything written here. They know Satan and his demons are attacking their beloved country in a multitude of ways.
Indeed, as Scripture makes clear from Genesis to Revelation, evil will do everything in its power to wreak havoc in this world, and in so doing infect, deceive, seduce, corrupt and draw away from God as many people as possible. That’s literally what the devil does for a living.
Fortunately, a caring and all-powerful Creator God has made ample provision for us to deal with the present darkness and much more, through the power, grace and eternal life He makes available to every human being through the atoning death and resurrection of His Son, Jesus Christ. This is not just an affirmation of the salvation of souls after this earthly life is over, but a reminder of the very real spiritual power, wisdom and courage available – and absolutely necessary – to successfully navigate this world, filled as it is with every sort of danger, temptation and full-blown evil.
While we live in this world, it’s vital both to understand the enemy, and to discover how to effectively confront the growing darkness without being confused or consumed by it. That is the laser-focus of the September edition of WND’s critically acclaimed WHISTLEBLOWER Special Report. It is headlined “AMERICA’S ULTIMATE WAR: Powerful forces attacking the world’s most Christian nation aren’t merely political and ideological – they’re insane and demonic.”
Highlights of “AMERICA’S ULTIMATE WAR” include:
* “America’s ultimate war: It’s no longer about Republicans vs. Democrats and conservatives vs. liberals. Today, it’s all about sanity vs. insanity and good vs. evil” by David Kupelian
* “Socialism v. God, science and prosperity” by Robert Knight, who explains: “At the heart of socialism, Nazism and communism is hatred of God”
* “Cole Tomas Allen and the nature of evil” by Don Feder: “The choice is simple: You can obey the laws of God or act as if you are God”
* “The new Democratic Party: What we’re witnessing in Washington is something that we haven’t really seen before. It is a full-blown Socialist Revolutionary Party” by Victor Davis Hanson
* “New research, psych experts call left-wing leaders ‘psychopathic’: Barack Obama cited as perfect example of ‘malignant narcissistic personality disorder’” by David Kupelian
* “Are leftists mentally ill? The research is in” by David Kupelian
* “How borderline personality disorder helps explain the Left,” by Brad Lyles, M.D., in which the retired psychiatrist reveals the all-important difference between political and psychological projection
* “It’s the education, stupid” by Dr. Jerry Newcombe, who, quoting Dennis Prager, asserts: “Education uncoupled from God becomes a false – and therefore dangerous – god”
* “Deranged and godless voices: Oldest Catholic university in America has queer profs teaching porn classes and more lunacy” by Jaryn Crouson, who reports, “‘Bipolar Lady’s Prayer’ changes wording of the Lord’s Prayer to ‘give us this day our daily drugs’”
* “ The consequences of rationalizing evil” by Robert Knight, reporting how a New York Times editor, Nadja Spiegelman, came up with the term ‘microlooting’ to describe stealing from large corporations and feeling fine about it
* “How the Left revels in violating every one of the Ten Commandments” by David Kupelian
* “The crisis of Islamo-Marxism” by Scott Lively, on how and why, though wildly different in their core beliefs, leftists and Islamists are united in hatred of America’s Christian founding and culture
* “Is this the demonic spirit underlying today’s transgender madness?” by Jonathan Cahn, who says of the ancient demonic goddess Ishtar: “She had the ability to turn male into female and female into male, to blur and bend and merge and invert the two”
* “Rage and the fury of the enemy: Jonathan Cahn reveals he was demonically attacked in flight, as passenger ‘cursing Jesus’ had to be duct-taped” by Joe Kovacs
* “Let us not underestimate the degree of moral decline in America: The situation is more dire than we realize and the hour is more urgent than we understand” by Dr. Michael Brown
* “Charlie Kirk speaks from the grave” (via recorded interview from one year before his assassination): “The woke, I believe, is the demonic. I believe it comes from a very dark place” by Dr. Jerry Newcombe.
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Until the early 1960s, millions of Americans smoked tobacco with no awareness of its serious health consequences. It was cool, sophisticated and relaxing. Then in 1964, Americans learned smoking tobacco causes cancer, the government released “Smoking and Health: Report of the Advisory Committee to the Surgeon General of the Public Health Service” and every cigarette package since then has been required by law to include a warning label about how smoking causes lung cancer, heart disease and so on.
Today, America is basically where it was before the surgeon general’s warning about tobacco, except now it’s with regard to MANY of the thousands of food and drug products hundreds of millions of Americans consume daily. Americans, says Health and Human Services Secretary Robert F. Kennedy Jr., have been “mass poisoned by Big Pharma and Big Food” for much too long, the result being an unprecedented and worsening epidemic of chronic disease in the U.S.
Then there is also the strange obsession with vaccines – all vaccines, regardless of their safety, effectiveness or appropriateness – which has become a quasi-religion for the Left. Parents of all newborns are pressured to inject into their one-day-old baby a vaccine to protect them from contracting a disease (Hepatitis B) that can be transmitted only by having sex or using an infected drug-user’s hypodermic needle. Yet, dare to question the wisdom or timing of this – and there are many similar examples – and you are denounced as a brain-dead, fascist “anti-vaxxer!” Whistleblower’s special report powerfully clears away a great deal of misinformation and hysteria, in hopes of bringing much more common sense and genuine science back into the picture.
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Whistleblower’s report takes a deep dive into the factors creating such a terrible environment for Gen Zers. One of the worst is America’s school system, which with few exceptions is dominated by the far Left. Likewise, in college, Gen Zers are indoctrinated to hate their own country as an evil, racist “oppressor” nation, to embrace the most radical fantasies of the LGBT world, to malign President Trump as another Hitler (one prof even claimed Charlie Kirk was the leader of today’s “Hitler Youth”) and to demonize America’s longtime ally Israel while lionizing Islamic terrorists dedicated to annihilating the tiny Jewish state.
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Stocks could fall 20% if this happens — here’s how to prepare
Transcript:
Caroline Woods:Joining me now, Kenny Polcari senior market strategist at Slatestone Wealth. Kenny, great to have you back.
Kenny Polcari:Thanks. So it’s always a pleasure to be here with you. I wish I was in New York with you, but I’m in Florida next time.
Caroline Woods:Next time. Kenny. All right. Let’s talk about stocks. They’re on pace for a mixed September. But want to get your view on this market. Have we gotten a little too used to stocks only going up.
Kenny Polcari:You know what. It’s very interesting because I came into September worried about all the issues right. Whether it was the fed, whether it was interest rates, whether it was the ongoing conflict. But the S&P is actually flat. Right? Right. Where it was at on August 31st is about where it is today. Nasdaq is is a couple of points actually higher than where it was in August.
Kenny Polcari:Right. So the nervous is an anxiety that I thought was going to happen in in August. Hasn’t hit the indexes but it has hit individual name right. If you look at I look if I look at my own portfolio, I’m down 6% from September 1st till today. Not my not not our, our corporate portfolio, my own personal portfolio.
Kenny Polcari:So, you know, I kind of expected to see somewhere between like an eight and 10% pullback in the market in September. My portfolio essentially reflects that. Yet the broader market, kind of tells you, if you look at it says, well, it hasn’t been so bad, right. And I think what we’ve seen is on any weakness, we have seen plenty of support.
Kenny Polcari:Right? We haven’t seen the bottom fall out, in the broader market, although individual names once again have gotten beaten up, some of them got beaten up more than others. But that’s just part of the cycle. But one way, the other, we got, you know, the one fed rate hike in the middle of the month, from from award.
Kenny Polcari:The market is now pricing in, a hike in October and a hike in December. And I would say that if oil stays in the mid 90s to the high 90s and diesel stays up where it is up and doesn’t offer any relief, and bond yields continue to take higher. You know, the ten year hit, you know, 5.21 5.22%, that is going to provide a headwind for the broader market, at least told us it’s going to put a cap on it.
Kenny Polcari:Right? So we’re not going to explode higher. And there is a possibility that as we move into October and start getting closer, closer to mid-term, that that anxiety will, rear its ugly head, and then we’ll see maybe a broader pullback in, in the indexes.
Caroline Woods:So that 8 to 10% pullback is now your October forecast.
Kenny Polcari:Well listen it’s happened to me in September I’m done. Like I said 6%. And the month isn’t over yet. Wait till Wednesday. That’ll be over I’m Tiger. But yes I’m still looking for a drawdown right. And like I said, if you look at individual names, then you’ll see it. You’ll see some things are down eight, ten, 12%.
Kenny Polcari:So if you look at individual names, you’ll see it. The broader market though hasn’t hasn’t pulled back. But I still suspect and I’m still in the calm that the broader market, both the Nasdaq and the S&P will see, volatility in the month ahead. So yes, I still suspect I wouldn’t be surprised if we saw a broader pullback.
Kenny Polcari:You know, somewhere in that in that range.
Caroline Woods:Well I was still in the Dow. The Russell in the Dow have been the underperformers in September. What does that tell us is that that does that mean the tracking out of rotation was short lived.
Kenny Polcari:Yeah. Yeah. But and also you look at the Dow transports because they have also been in underperform. The Dow transports have broken down and through their long term trendline support. Right. And that’s something to actually be concerned about because now if you look at the Dow industrials it hasn’t yet. But the Dow industrials are now below its intermediate term.
Kenny Polcari:And so now where it’s in between the 200 day and it’s intermediate term. So that’s going to be a key metric to watch to see if the Dow industrials then mimic what the Dow transports it telling you. Because remember the Dow theory talks about you know the Dow industrials make all these products and the transports transport them all around the country right.
Kenny Polcari:If not around the world. And so when you start to see when you start to see both of them in a negative pattern that suggest to you that the market in the economy is going to run into some is going to it’s telling you that the markets and the economy’s going to run into some problem. And if you look just into transports, it’s already it’s already raising that warning flag.
Kenny Polcari:Right. The industrials haven’t done it yet. But but we’ll see what happens over the next couple of weeks if it breaks in fact. But to today. And if it does then that would confirm Dow theory saying that you know the industrials and the transports are sending up the warning money okay.
Caroline Woods:So given that is now the time to get cautious or should we still be aggressive.
Kenny Polcari:No. So you I would never and I look at that as, as my own portfolio and as a wealth advisor I’m not getting aggressive at all. I always remain I always have kind of one foot in that cautious stance. And I look for opportunities on pullbacks in names that I like right there, a good solid opportunities. We’ll talk about them in a minute because you’ll see what I mean when we talk about not necessarily being aggressive.
Kenny Polcari:If you’re a day trader, you’re somebody trying to do on your own and you want to be aggressive, you know, go for it. But me personally, over the 42 years I’ve been doing this, I tend I tend not to, you know, I don’t ever get so aggressive in the broader market as I do. Kind of I’m much more methodical about it.
Kenny Polcari:And as a wealth manager, that’s kind of the position. You have to think. You can’t really get so excited that you ohmygod, I got to go all in. You know, as a trader. Yes. Or as an individual vessel, you could do that. But certainly somebody has a as a responsibility to find assets. You know, I don’t ever find myself in that position where I’ve thought, oh, God, I gotta jump in.
Kenny Polcari:I gotta put everything to work today. It’s not what I do at all.
Caroline Woods:Okay, so what does the portfolio of someone who has one foot in the cautious camp and that not the all in mentality actually look like where are you position? Where do you want to be? Where don’t you want to be.
Kenny Polcari:Right. So it’s not so much where I don’t want to be because I think there’s opportunities everywhere. It’s kind of where are those, where are those sectors in the cycle. Right. So again, right now I own tech, but I’m not necessarily buying any tech at the moment because again, I think it stretches a little bit. I think that if the market if grades keep going up, high growth things in the tech things are the ones that have outperformed, are going to be the first ones to get hit.
Kenny Polcari:We’ve seen that so many times, so I own it, so I’m not chasing it. But you talk about basic materials, you talk about healthcare, you talk about financials that are all been under pressure. That’s where I think there’s opportunity. So for me personally as well as, you know, for the firm, we’re going to be looking at those sectors where they’re not running away.
Kenny Polcari:There’s still high quality names that are just going through part of a cycle. The thesis to own them hasn’t changed. They’re just under pressure because the cycle is causing them to be in a pressure. So those right financials like health care, basic materials, even parts of the industrial sector. Look, we’ll talk again. We’ll talk about it today.
Kenny Polcari:But granola is a perfect is a perfect example. Right. It’s in the industrial space. The stock is the stock had gotten, sold. Right. It was down over 22%. It is now finding its base starting to rally back. But that’s the opportunity where I’m saying, right, I love the name. I love the space. The stock is pulled back.
Kenny Polcari:So that’s where I’m buying. I’m not buying at its highs. I’m buying it on a pole.
Caroline Woods:Yeah 20% off the highs for GE for Nova. So what else would you buy today aside from GE for.
Kenny Polcari:No. Well listen there’s another one that’s actually on fire. Is ASML right. ASML is you know we can talk all day long about the chips that ASML is, is the company that manufactures those very very high end machines that that make this very specific chip. That’s another thing that is pulled back. It is a favorite right.
Kenny Polcari:The firm owns it. It is a favorite. But that is also pulled back. And today it’s up on a 1.5%, I think, on, on some, you know, on some good news on some those that came out as, as a, it’s problems as well as just kind of like there’s a market reaction because of that backed off.
Kenny Polcari:And then when good news comes out you get the trade offs, the algo that jump right in and take it higher. But ASML is a name that we all know that we like. And again on weakness we started adding to our cover position. Right. So and then let it ride. But on a day like today when it’s up you know 1.5% or 2%, I’m not chasing it.
Kenny Polcari:We bought it on the way down. Right. You buy it on weakness because the pieces, you own it as a change. The stock is just going through, through part of the cycle.
Caroline Woods:Can you give us some names that aren’t tech names that you would buy today or you wouldn’t wait? So back for.
Kenny Polcari:So that I wouldn’t buy today? That’s just thing.
Caroline Woods:Know that you would buy today, that you don’t need a big.
Kenny Polcari:Push that I would. Yeah that I would buy thing right I wouldn’t that’s like wait for a pullback. So I’ll tell you. JP Morgan Bank of America I would buy because they’re in the financial space. The whole sector has gotten has come under some pressure. So those are the names that I would buy their names that I own, but their names that I would buy, outside of that, I would buy Merck in the healthcare space.
Kenny Polcari:I’d buy Merck, I’d buy Lily. Now, listen, you and I have had this conversation. I’m. I’m biased to Merck just because of, some of the medications in the cancer space that they that they developed that, you know, actually saved my life. And so therefore, I, you know, I’ve looked at it on the chart. If you look at Bach, Merck had pulled back.
Kenny Polcari:It was kind of underperforming for a long time. It’s built the base. But right in here, you know, I’d continue to buy Merck, you know, at its lows now it’s rallied off. So it’s starting to do better. But I would continue to buy Merck. I’d also buy, you know, if you look at the, the emerging market space.
Kenny Polcari:Well, not any specific name, the ETF, the M ETF, which represents kind of the emerging market has done very well. In fact, this year I think it’s up. Let me just look real quick. Emerging markets are up 23% so far this year. But you know, they’ll pull back a little bit and I’d buy I’d buy some of that as an ETF.
Kenny Polcari:Okay.
Caroline Woods:So give us what’s on your shopping list for if and when we do see that 8 to 10% pullback.
Kenny Polcari:So then I would go into the tech right I’m looking for tech to go on sale right. So I’m looking for some of the bigger names. I’m looking for Microsoft once again to go on sale because we’ve already seen that once we saw Microsoft go from 520 or 530 down to 350 and rally back. But on any pullback, if we see a pullback in the broader market and tech gets it, Microsoft is going to be one of the names we could hit on any pullback.
Kenny Polcari:I’d be buying Microsoft I’d be back. Apple ID buying Amazon. I’d be buying meta. But meta is not. That is actually on a run right. We bought some meta. And meta is now actually on a run. So I, I’m not going to be chasing better. But if meta does pullback, if that is part of those names that gets drawn into the draw down.
Kenny Polcari:Certainly meta would be a name that that I would buy, but I’d also buy, you know, other names in the space. I’d buy, some of the cybersecurity names because I think cybersecurity, you know, for it for for Fortinet, CrowdStrike are going to be names that, that I’d like to buy, continue to buy because cybersecurity, the more the more advanced I and this technology becomes, then the more demands is going to be on cybersecurity as a, as a whole in the sector, but on some of those individual names.
Kenny Polcari:So CrowdStrike and Fortinet, it might do for Kenny.
Caroline Woods:What are your three highest conviction AI names right now.
Kenny Polcari:On the field? Would you possibly.
Kenny Polcari:Micron because of memory? Right in the I’m assuming that that fits in the AI space because it’s all about making sure. Hey, of course micron be one Microsoft is going to be another. I think that’s just a core name. I love Microsoft, I’ve owned it for a while. I’ll continue on it. I think they’re doing great things in the space.
Kenny Polcari:And so therefore I’m assuming you’re okay with that name as well. As the third one. Let me think about that for a second. I would say probably something, I’m going to go something in the quantum space. So one of the names there I like is ion Q that’s struggled for a while. It’s kind of doing nothing but ion queue like IBM.
Kenny Polcari:IBM is also got big, big quantum presence. Right. So, IBM could be another name, but if you want specific quantum, I’d pick ion q okay.
Caroline Woods:So ion QS almost 50% off the highs. Microsoft’s down about 70% off the highs and microns off what, more than 10% off the highs. Right. And for any of those you you would wait still for a pullback. You wouldn’t put money to work to that.
Kenny Polcari:Well Mike look they’re down right. What do you just say that down 10%. What do you say. Micron is down 10%.
Caroline Woods:Right 13% from the highs.
Kenny Polcari:30%. So micron that falls into the position where if you want to buy something today that does understanding that if we get a broader pullback micron like to a lot of the names are going to get hit again. So I wouldn’t put it. You know if you allocate a certain amount of dollars to it I’d buy a little bit and then keep someone you know keep some dry powder on the side.
Kenny Polcari:Take advantage. If we get that pullback, which I do think we’re going to get. Look the buckets and the pressure again treasuries at trading at 5.21% today. There are a couple of basis points. And so I think that’s what you have to be concerned about.
Caroline Woods:Yeah. In your note, your latest note, you said this 5.2% ten year Treasury is going to cost some investors, especially the ones who are more risk averse to say, why am I taking equity risk when I can get paid more than 5% to own a risk free treasury and sleep at night? So why should I take equity risk?
Kenny Polcari:Well, because here you go. It depends on where you are in the life cycle. If you’re somebody in their 60s or 70s, then that’s going to be that’s going to that’s going to feed right into the way you think, because you can’t afford to think that much risk if you’re somebody who’s in their 40s or 50s and you’ve still got 25 or 30 years to go, then you shouldn’t be so concerned about, you know, the ten year Treasury.
Kenny Polcari:I mean, unless you’re completely risk averse. But if you’re if you’re somebody in your 40s or 50s, you should still be, you know, at least market weight risk, if not a little bit more. Right. But certainly someone in their 60s or 70s at 5.2% that you can guarantee riskless sleep at night sure doesn’t mean you take it 100% of your money putting it there, but you may take a sizable chunk of it and say, you know what?
Kenny Polcari:I’m going to take this risk off the table. I’m still going to have some risk to the market, but I’m going to take this risk, and I’m going to put it this in this treasury and look at maybe someone who says, I’m going to take three years worth of my living expenses and put it in this 5.2% treasury, and I have to worry about it.
Kenny Polcari:And then the rest of it, I you know, I don’t I don’t need it because I’ve taken my three years worth of living expenses and I’ve guaranteed it. Now the other one kid can run with it.
Caroline Woods:What level on the ten year would make you change your overall market outlook? Or what sort of pullback could happen that would make you realize it’s not a buying opportunity, it’s something more concerning.
Kenny Polcari:Well, so if we see look, I thought 4.75% was the danger zone for ten year Treasury. In fact that’s run right. We’re already at 5.2%. And the market is still essentially closer to my eyes than not. So what I’m what I’m assessing based on how strong the economy is. If you look at some of the economic data, you saw that consumer sentiment was, well, our finest bit of a sentiment was was, better than expected.
Kenny Polcari:I’m guessing that the ten year Treasury could probably push a tiny bit higher before it gets really anxious. So where’s that? Is that 5.3 5.5% in there? I think that’s really now the danger zone because we’re at 5.21 and the market is not panicking at all. And so you have to assume, you know, bonds take a little bit more of a hit and treasuries could go a little bit higher.
Kenny Polcari:But if I think we get the 5.3, 5.4, that’s I think when the market’s going to start, people are going to start and they’re going to start to, you know, question themselves and say, okay, what about am I willing really to pay? What do these companies have to earn with the ten year Treasury risk free rate at 5.3 of 5.4%, that’s going to change that.
Kenny Polcari:That’s going to change the math. And so now while I thought it was maybe 4.7 or 5, that’s been proved wrong. So now I got to move my target up. So it’s got to be somewhere above 5.2 because we’re already there and the market’s holding in. So it’s got to be somewhere you know 5.35.45.5 somewhere in there.
Caroline Woods:But does that mean if we see that level you you wouldn’t take part in a pullback. You would say now is the time to be very cautious and maybe.
Kenny Polcari:I will.
Caroline Woods:Take money.
Kenny Polcari:And if we get there I would be more cautious. I would be I would said I wouldn’t panic and sell everything I own because the names I own are all high quality in the sectors they’re in. But I would take back, I’d sit back for a minute and I’d let the I’d let the market turn to see where it’s going to go.
Kenny Polcari:I wouldn’t necessarily jump in on the first down date, because I think that I think there’d be a bigger story there, right? If that if treasuries tick up there, then I think there’s, you know, we’re in for we’re in for some low volatility. So I’d be happy owning what I own. But the cash that I have to invest, I’d leave sitting in a government money market fund earning 5.4% while I wait.
Caroline Woods:So if you kind of expect an 8 to 2, I know you don’t have a crystal ball, but if you kind of expect an 8 to 10% pullback correction, that would be healthy. If we do see the ten year at 5.5%, what sort of pull size.
Kenny Polcari:Pullback is then I think because then.
Caroline Woods:Not fair.
Kenny Polcari:Market I think the both yeah I think the pullback yet or really like the I think the pullback is at more than 8 to 10%. If we see the ten year Treasury tick higher then I think you know you’re you’re into you could be into a 15 or 20% pullback. And so that would make me more cautious in terms of okay what am I going to do with this cash I have to invest?
Kenny Polcari:I’m going to do nothing with it. I’m going to let it sit and earn 5.4%, because doing nothing and leaving your money in a government bucket fund is an investment decision. You are making a decision, right? It’s all it’s just sitting here earning nothing. It’s earning 5.5%. When the market could actually suffer a 10 or 15% drawdown. That’s going to offer stability for the balance of the portfolio.
Kenny Polcari:So that’s what I would do if it got to there. Then I’d be more cautious, say, okay, I’m willing to sit this one back, sit this one out. I’m going to keep what I have. Unless of course, the thesis has changed on why I own Apple or Amazon or JPMorgan. And I don’t think the thesis is going to change that much.
Kenny Polcari:That would cause me to say, okay, I’m not a get out because the things I owned are not like that. Right? I think I think the only name I own that would be like that would be Iron Cube because it’s so volatile. But I’m not even sure that that would be true, but it would cause me to just sit back and say, okay, I’m going to wait.
Caroline Woods:Okay, so we have a lot of retail investors who tune in as they think about the Q4 playbook, knowing that we could have this pullback in store. A lot of them probably are sitting in S&P 500 funds. What’s their strategy, which they do.
Kenny Polcari:So listen.
Caroline Woods:You got to kind of prepare.
Kenny Polcari:Your point. Yeah okay. So here’s the point. You’re sitting in an S&P 500 fund. You realize how much of that is exposed to tech. It’s close to almost 40% right. Though the tech weighting in the S&P is I think close to 40%. So all these people that say, oh look I’m in the S&P fund. I’m okay. Be careful because you’ve got a lot you’re out weighted in technology.
Caroline Woods:So so what do they do okay.
Kenny Polcari:So what you have to do is you have to diversify the way you might want to think about going into an S&P equal way fund. You have to be equal way fund. You realize the has to be equal. Weight is up almost 10.5% this year. And when the S&P is up 12% right now okay this is up 12% because it’s got a big tech weighting.
Kenny Polcari:But if tech gets whacked then the S&P the market weighted S&P is going to get whacked. But the S&P equal weight won’t react as much. So you may want if you want the exposure because you want broad market exposure. Then they put more money into the equal weight S&P versus the the regular way S&P because because you’re you’ll be overweight in technology.
Kenny Polcari:And then if you own the S&P and then you say oh I’m going to own the X okay. Or I’m going to own, you know, the the IVs that, you know the tech ETF, you’re going to be even more overweight in technology. So you have to understand if you’re going to play the game in ETFs, you have to understand what those ETFs own, what the exposure is and then ultimately what your exposure.
Kenny Polcari:If you’re going to play with individual names, then you have to spread it out. Make sure that you’ve got you’ve got, representation across the sector, right, to make sure that you’re balanced.
Caroline Woods:So, Kenny, if I gave you all my extra cash today, not my retirement, but just my extra cash, and I said, start a portfolio from scratch for me today at these levels, what would you do?
Kenny Polcari:
Caroline Woods:So I would.
Kenny Polcari:Start. Yeah. Yeah. No, it’s great advice. No, it’s great that, so first of all, what have do is I have to sit down and talk to you, just assess kind of what your own risk profile is, right? Because because I don’t know what your risk profile is. So you can give me all the cash you want.
Kenny Polcari:But if you say to me, look, I’m, I’m, I’m I’m more risk.
Caroline Woods:I want to be risky. It’s my extra cash. I want to be risky. I’m a long way from.
Kenny Polcari:Okay. So you want to be risky, right? You’re young. You’ve got 25 years to go. You want to be risky. So I would start. I wouldn’t take it all today and just plop it in. But I would start to feed it in, and I would start to build a portfolio of the broad, equal weight S&P 500, not the market weight.
Kenny Polcari:Be equal weight. I’d put you in, health care. I’d put you in, industrials right separately. Either we can play. Yes. If you want to eat that type portfolio. But if you if you want an individual name portfolio, I’d pick things like JP Morgan, IBM and Bank of America, Johnson and Johnson, Amazon, Apple, Microsoft. Those are all the names that I would I would, you know, I put you in the SPV which is he has a B value trade right.
Kenny Polcari:Which are value names. Right. So they’re not as sexy as the growth names, but they’ll offer stability especially, you know, on a drawdown.
Caroline Woods:Okay. And what do you need to see for me to get even more risky and just go into, you know, bigger tech again?
Kenny Polcari:Wow. Listen, you should everyone should have tech exposure again. It’s going to depend where you are, right? You’re younger than I am. I have tech exposure, but I’m 65. My tech exposure is going to be a whole lot less than somebody who 40 or 45. Or at least it should be right just because of my age and where I’m at in the life cycle.
Kenny Polcari:So again, that’s all part of this conversation of which I’m happy to have with you if you want to have a conversation. But, you know, that’s all very that’s all very individual. You can’t just it’s not like a one size fits all question. Just because I don’t know anything about you. I don’t know about your family.
Kenny Polcari:I don’t know what what what what you’re trying to provide for. All that stuff plays a role in how I might help design a portfolio.
Caroline Woods:That’s when your fee starts kicking in. All right, I guess it’s with them. All right, Kenny.
Kenny Polcari:But I listen, I’m kind of nice to you.
Caroline Woods:All right? Kenny, I think this is a great time to pivot to our rapid fire round of this or that. You know how to play. Quick questions. Quick answer is no. Hedging is you can help it. Yeah. Are you ready?
Kenny Polcari:All right.
Caroline Woods:There we go. Yep. Bull market intact or cracks forming. Cracks forming Q4 take some risk off or stay fully invested.
Kenny Polcari:Stay fully invested.
Caroline Woods:Stocks by year end higher or lower from here.
Kenny Polcari:I think they’re going to end right here. So I don’t think they’re going to be higher or lower. I think this is where we are.
Caroline Woods:But a bumpy road to get there.
Kenny Polcari:But bumpy road out the.
Caroline Woods:Dow or Nasdaq from here.
Kenny Polcari:I think. So that’s that.
Caroline Woods:S&P or Russell.
Kenny Polcari:Staying the low I have to say S&P because the grades go up Russell the spins are going to get lack.
Caroline Woods:Mag seven or everything else.
Kenny Polcari:Everything else.
Caroline Woods:Buy the dip or raise cash.
Kenny Polcari:You’re tying my hands on that one.
Kenny Polcari:You got to buy the dip. Unless of course you see those other things, right? I’m not trying to hedge, but if suddenly we see treasuries go to 5.4%, then I’d say, you know, not necessarily raise cash, but don’t put any more to work. Don’t buy the debt. Right.
Caroline Woods:Better my next pullback. No I get it. We appreciate the context. It’s okay that buy on the next pullback tech or something outside of tech. Yeah.
Kenny Polcari:I say tech.
Caroline Woods:The number one stock. You’re definitely buying on a pullback.
Kenny Polcari:
Kenny Polcari:IBM.
Caroline Woods:You’re seeing the pullback for IBM right. You buy it buy here. Yeah one sector you want to own in Q4.
Kenny Polcari:One sector healthcare.
Caroline Woods:One sector you don’t want to own in Q4.
Kenny Polcari:Consumer many discretionary.
Caroline Woods:Micron ahead of earnings buy now or wait.
Kenny Polcari:Buy it.
Caroline Woods:Nvidia or AMD.
Kenny Polcari:Us.
Kenny Polcari:I can say Nvidia because I own it. I don’t own AMD because that’s the way I played it. So I’d have to I have to be loyal.
Caroline Woods:Okay. Switching gears, is Nike ahead of earnings bargain or steer clear.
Kenny Polcari:Steer clear I.
Caroline Woods:Nike or Carnival which is also reporting.
Kenny Polcari:You’re killing me. And neither I, I don’t like either one of them. They’re not names that I own. So you know, I’d be I’d be okay with the. I’d be poking, carnival.
Caroline Woods:Consumer stocks pick selectively or just avoid here.
Kenny Polcari:Consumer staples.
Caroline Woods:No. Consumer discretionary.
Kenny Polcari:No. I would stay away from I don’t like consumer discretionary okay.
Caroline Woods:The one stock in your portfolio you’d never sell even in a crash is.
Kenny Polcari:
Kenny Polcari:Bike racer.
Caroline Woods:And finish this sentence.
Kenny Polcari:I wouldn’t sell the market. I wouldn’t have Amazon. I wouldn’t sell my game. People it either.
Caroline Woods:Okay, we’ll take all of us. Finish this sentence. If the market pulls back 10%, the first thing I’m doing is it’s up.
Kenny Polcari:In London right now. First thing I’m doing, I would, I would, I would, I would rebalance the portfolio.
Caroline Woods:Kenny Polcari senior market strategist of Slatestone wealth I always appreciate you joining us. Thanks for flying along. Thanks for all your picks and your insights.
Kenny Polcari:Thank you for letting me play along. I always enjoy that. Next time I’ll be with you at the New York Stock Action.
Caroline Woods:Can’t wait. Kenny, if you enjoyed this street talk, check out our full interview with Brent Schutti. He’s also in the S&P 500 is to concentrated camp and says where to move your money now.
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Jim Cramer issues blunt warning on high-dividend stocks
Jim Cramer has a warning for investors hunting dependable income: Generous dividend might be hiding a costly problem.
On the Sept. 28 episode of “Mad Money,” he argued that some high-yield stocks have become increasingly dangerous as rising bond yields and weakening businesses undermine their appeal.
Those quarterly checks offer little comfort when share prices keep falling. For investors accustomed to treating dividend payers as a financial cushion, that challenges a familiar playbook.
Buy an established company, collect the income, and wait out the turbulence. But what happens when the turbulence hits both the stock and the payout?
Cramer examined multiple recognizable companies whose sizable yields have failed to protect shareholders.
His concern goes beyond disappointing stock performance. With Treasury bonds offering increasingly competitive income, investors have greater reason to question the risks they are accepting. And the biggest yields deserve the toughest scrutiny of all.
Cramer says big dividends can hide bigger problems
Cramer’s warning is that a big dividend just can’t rescue a weakening business, especially as government bonds offer investors a compelling alternative.
“But lately, high-yielders no longer represent safety,” he said on Sept. 28. “If anything, they represent complacency, even danger.”
He cited a 10-year Treasury yield of 5.24%. Separately, the Associated Press reported the benchmark at 5.23% Monday, after it touched its highest level since 2007.
That competition matters. Investors need a reason to accept uncertain dividends and volatile share prices when Treasury income becomes increasingly attractive.
Cramer pointed to VICI Properties (VICI), yielding 7.93% but down nearly 18% for the year, and General Mills (GIS), yielding roughly 7.3% while down 28%, according to his figures.
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His concern was the businesses underneath those payouts. This includes sluggish growth at VICI and declining sales, earnings pressure, and higher input costs at General Mills.
UPS (UPS) faces another combination of threats, including lost Amazon business, competition, and fuel costs. Edison International (EIX) carries wildfire liability risk.
“Who cares about a high dividend yield if the earnings estimates are coming down?” Cramer asked.
The danger can eventually reach the payout itself.
He cited Campbell’s dividend reduction and the company’s projection of annual sales declines of 2% to 4% as reported by Reuters.
Still, Cramer remained optimistic about Kraft Heinz’s (KHC) turnaround, showing his argument is selective. A high yield needs operating support.
Otherwise, investors risk collecting income from a business that is losing the financial strength needed to sustain it, while a falling share price erodes their invested capital.
The S&P 500’s 10 highest dividend yields demand a closer look
Dividend yield is a measure of a stock’s annual dividend per share divided by its share price, expressed as a percentage.
For example, a stock yielding 7% would provide $70 in annual dividends on a $1,000 investment, assuming the payout remains unchanged.
But a bigger yield doesn’t necessarily mean a better investment. Falling share prices can push yields higher, even as a company’s outlook weakens.
That said, these are the S&P 500’s 10 highest-yielding stocks, according to Quant500’s September 28 closing data:
VICI Properties (VICI): 7.93%
General Mills (GIS): 7.26%
United Parcel Service (UPS): 6.96%
Edison International (EIX): 6.82%
Kraft Heinz (KHC): 6.79%
Altria Group (MO): 6.42%
Crown Castle (CCI): 6.33%
Clorox (CLX): 6.14%
Amcor (AMCR): 6.08%
Healthpeak Properties (DOC): 6.07%Source: Quant500’s S&P 500 dividend rankings, as of Sept. 28, 2026. Yields fluctuate with share prices and dividend changes.
Jim Cramer warns that generous dividends may conceal growing risks for investors.Slaven Vlasic / Getty Images
Make the dividend prove it deserves your money
Investors have to treat Cramer’s warning as a reason to review their income holdings, starting with how each company funds its dividend.
Compare annual dividend payments with free cash flow after capital spending.
If payouts consistently exceed that cash, investigate if borrowing or asset sales are filling the gap. For property REITs, examine adjusted funds from operations and its calculation.
Next, check debt maturities and earnings forecasts. Refinancing at higher rates can squeeze cash available for shareholders, particularly when sales are weakening.
Then ask whether the yield adequately compensates for those risks.
Against a 5.23% Treasury benchmark, a stock yielding 7% offers 1.77 percentage points more headline income. That comparison excludes dividend growth, price changes and taxes but exposes how small the apparent cushion can be.
Focus on total return. A hypothetical $10,000 investment paying $700 in dividends still loses $800 overall if its share price falls by 15% before taxes.
Avoid building an income portfolio around one troubled sector simply because its yields look generous. Consider spreading essential spending reserves across cash and treasuries, with maturities that match upcoming needs.
Longer Treasury bonds can also lose market value before maturity. For stocks, prioritize sustainable payouts and cash-generation improvements over yield rankings.
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