Editor's Note: Combining his passions for the markets, humor and food, "What's cookin' with Kenny Polcari" is a blog published twice weekly on CNBC.com. With more than 30 years of experience on Wall Street, Polcari provides insight and analysis on the markets, as well as a recipe du jour. Buon Appetito!
Summer 1976. The beginning of the "disco era" and topping the charts was a group known as Tavares with their hit single "Don't Take Away the Music."
Need I say anything more?
(Read more: After Fed shocker,confusion and relief on Wall St.)
Stocks exploded to the upside on the news that Uncle Benny and the Jets would NOT taper. Let me repeat: would NOT taper its bond purchases for the foreseeable future. Although so many of the Street's analysts, economists and strategists prepped us, ad nauseam, for months over the size and rate of tapering, THEY ALL GOT IT WRONG! All those surveys and polls must have been asking the wrong people and how funny to see all of these same people squirming in their seats saying "da, da, da, da, da" on most of the business channels after the news.
What did they miss? Did they not see the macro data? Have they not been listening to the news? Did they not see the complete disconnect between reality and make believe? Did they not hear Benny say, "tapering could begin sometime in the fall?" Well, actually it is STILL summer. Fall begins on Sunday Sept. 22, 2013. I'm just sayin' ...