The Fed has created monetary heroin and if they even try to ween the addict off of it, it causes all sorts of issues, long-time market watcher Peter Grandich told our Daniela Cambone.
"It would be hard to expect the U.S. stock market to continue going higher without Chinese and Japanese stocks going higher. It's a canary in the coal mine," Grandich warned.
Chinese stocks fell on Friday, rounding off a volatile week for investors. The CSI 300 index fell 0.8% on the day and 5.5% for the week, the worst since February. In Hong Kong the Hang Seng Index, which earlier this week saw its biggest two-day loss since 2008, dropped 1.4%.
Peter Grandich's work can be found at Peter Grandich and Company and Pete Speaks.