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' ...
Benny surprises the masses and kicks off the next chapter of this ongoing party, citing the underlying rationale that a sharp rise in rates in recent months could now weigh on the economy, never mind that they downgraded growth forecasts and are worried about the gridlock in D.C. to bolster the argument.
Not that I want to keep the presses going at all, but I have been beaten and ridiculed for not buying into the taper discussion as it became so "obvious" that the Fed was going to cut back. I guess it was NOT so obvious. This after they have spent countless hours convincing the world that September would mark the beginning. I reiterate Benny never said September. He left that door wide open.
Did you see what happened to gold at 1:55 p.m.? Makes a complete reversal going from $1,309 to $1,344 PRIOR to the announcement signaling that the "unexpected" was about to happen and at 1:59:30 p.m., S&P futures blasted off, even though the news had not even hit the tape. Tastes FISHY to me, but since the market is celebrating, break out the Champagne and try the baked/broiled salmon in Champagne cream sauce (but I'll get to my recipe later).
(Read more: Why Bernanke may have ended gold's bear market)
Did someone have the information before everyone else did? Is this just another example of "information for sale" to the highest bidder? Hey, look someone has to make some money while others get run over (story for another day). But in the end, the stocks celebrated (not sure why really since the message is—the economy is not living up to the expectation for growth) as the realization of more Kool-Aid hit home.
Has the Fed lost credibility with the Street? Are the threats by the Fed to withdraw liquidity from the system lacking in substance and no longer believable? Who exactly whispered in the ears of all of these economists, strategists and analysts so that they would do the heavy lift and prep the markets? Will the long end of the yield curve rise beyond its control? This raises more questions than it answers.
And now from the kitchen of Kenny Polcari, here's his recipe of the day!
Baked/broiled salmon dressed in Champagne cream sauce
So in keeping with the party taking place on Wall Street and the world, try the broiled salmon with this great and simple Champagne cream. This sauce can also be used on chicken, steak and even over pasta. It is yours to enjoy!
- Heavy cream (why go lite?)
Begin by melting a half stick of butter in a saucepan. Add in the diced/chopped shallot and sauté over medium-low heat. You do not want to burn the shallots, so no more than 5 minutes or so. Now add in 3 tablespoons of flour and whisk until blended. Next, slowly introduce 1 cup of Champagne and then three-fourth of a cup of heavy cream. Let it all come together nicely, keeping heat on simmer. The sauce will start to thicken. Remove and season with salt and pepper. (At this point you can let it cool and put it in the fridge for use at a later time.)
Preheat oven to 375 degrees.
Next, take your pieces of salmon, rinse and place in a baking dish. Season with salt and pepper. Then, place in the oven and bake for 10-15 minutes depending on thickness. Now turn on the broiler and broil the top of the salmon just until it is a bit toasted on top. Check for doneness by flaking with a fork.
Now remove and set aside. To serve, reheat the Champagne cream sauce and then spoon the sauce onto the plate. Place one piece of salmon on top and serve. Always have extra sauce on the table for your guests. Serve this with steamed French cut green beans, seasoned with fresh lemon juice, a splash of olive oil and salt and pepper. Enjoy with a chilled glass of Santa Margherita pinot grigio.
—By Kenny Polcari, director of NYSE floor operations, O'Neil Securities and CNBC contributor, often appearing on "Power Lunch." The author is not compensated by CNBC for this or any other written materials found on CNBC.com.
About Kenny: Kenny has more than 30 years of experience on Wall Street. Currently director of NYSE floor operations on behalf of O'Neil Securities, he has also worked for Icap and Salomon Brothers. You can follow Kenny on Twitter
@kennypolcari and visit him at kennypolcari.com.
Disclosure: The market commentary is the opinion of the author and is based on decades of industry and market experience; however no guarantee is made or implied with respect to these opinions. This commentary is not nor is it intended to be relied upon as authoritative or taken in substitution for the exercise of judgment. The comments noted herein should not be construed as an offer to sell or the solicitation of an offer to buy or sell any financial product, or an official statement or endorsement of O'Neil Securities or its affiliates.