Uncertainty Ahead For Wall Street [AUDIO]
Wall Street's had a pretty good run this summer, with stocks generally advancing well. But there is a lot of uncertainty ahead.
Mercer County stock expert Ken Kamen says all eyes will be focused on the upcoming presidential debates, and on the November election itself.
He says there's a lot of fiscal uncertainty out there, that includes where the middle class will be, tax-wise next January. Also, he says, "at this point in our fiscal history and the deficits as high as they are, how we choose to tackle them will have so much to do with our future for the next decade or two, and there just no getting around it."
To put it in focus, Kamen tells us Wall Street is rooting for Romney. And if they get Romney, he thinks you're going to see the market rally into the end of the year, in hopes that we'll get a more fiscally conservative approach to the federal budget.
He says many are nervous about whether the party is going to come to an end if the election doesn't go in a market-friendly way. Kamen adds that if it looks like we're not going to be getting some of the reforms and fiscal policies that the market is hoping for, we will probably get a sell-off after the election.