Doug Kass is the president of Seabreeze Partners Management Inc. Until 1996, he was senior portfolio manager at Omega Advisors, a $6 billion investment partnership. Before that he was executive senior vice president and director of institutional equities of First Albany Corporation and JW Charles/CSG. He also was a General Partner of Glickenhaus & Co., and held various positions with Putnam Management and Kidder, Peabody.Expand

Kass received his bachelor's from Alfred University, and received a master's of business administration in finance from the University of Pennsylvania's Wharton School in 1972. He co-authored "Citibank: The Ralph Nader Report" with Nader and the Center for the Study of Responsive Law and currently serves as a guest host on CNBC's "Squawk Box."Collapse

My Takeaways and Observations Real Money Pro($)

The U.S. dollar weakened. The price of crude oil rose by 83 cents to $49.15. Gold roared ahead, up $25 to $1,345 as it breakouts from the $1,300 level. Agricultural commodities got schmeissed across the board: wheat -16, corn -4, soybean -16 and oats -7. Bonds continued to ramp. iShares 20+ Year Treasury Bond ETF (TLT) was up $1.68. The yield on the 10-year U.S. note dropped by four basis points to 1.46% after hitting 1.40% early in the morning. The long bond yield declined by seven basis points to a 2.24% yield. The 2s/10s spread declined to a new record low of 85 basis points. Not good for financials that borrow short and lend longer and that have an asset-sensitive balance sheet. Municipal bonds were down small but closed-end funds traded somewhat higher. High-yield bonds were mixed. Blackstone/GSO Strategic Credit Fund (BGB) was up a dime and back to $14.50 in the search for yield. Banks disappointed for the second day in a row, as I suggested in my Sell Banks post yesterday morning. http://realmoneypro.thestreet.com/dougs-daily-diary?published[value][date]=2016-06-30#why-im-not-bank-20160630 All major money center banks were lower today. After the close Warren Buffett filed for permission to go over 10% of Wells Fargo's (WFC) ownership, though he currently doesn't have an intention to do so. He is averaging down! Brokerage stocks also were lower, but marginally so. Insurance stocks also stunk after a feeble rally from large declines in the last week. I remain short Lincoln National (LNC) and MetLife (MET). Retail was mixed to higher. Shorts Nordstrom (JWN) and Foot Locker (FL) didn't do a damn thing. Old tech flat lined. Autos rallied small but could get hit on the after-the-close news. I covered much of my shorts in the belly of Monday's declines. I am a short seller on strength now. iShares Nasdaq Biotechnology ETF (IBB) was up $5. Allergan (AGN) rose $3 and there were good gains for value plays Celgene (CELG) and Gilead Sciences (GILD). Energy and media were mixed. Ag equipment was mixed. Caterpillar (CAT) was up a half a buck but Deere (DE) was down after a Morgan Stanley downgrade yesterday. (T)FANG returned to favor, led by Amazon (AMZN), Alphabet (GOOGL) and Netflix (NFLX), which caught an upgrade. Staples quieted down. In individual stocks, Twitter (TWTR) is making a move back toward some previous resistance (I added). My longs DuPont (DD) and Hartford Financial Services Group (HIG) showed little movement. Here are some value-added contributions on our site: 1. Jim "EL Capitan " Cramer gets toothy.  He also chimes on Tesla's (TSLA) accident.   Again, Tom Graff on bonds and Tim "Not Phil or Judy" Collins on bond spreads.  Eric Jackson on the impact of the Lions Gate (LGF) deal on Viacom (VIAB).  Rev Shark on correction risks.
I want to wish a happy July 4th to our subscribers, contributors, editors and members of the management and support teams at TheStreet.com.
Over on RealMoney, Tom Graff takes exception to my bond short in a well-reasoned column. 

History in the Making? Real Money Pro($)

My recollection is that the Stock Trader's Almanac stipulates that the Friday before the July 4th holiday has historically been the strongest market day of the year.

Subscriber Post of the Week Real Money Pro($)

This week's Subscriber Post of the Week is from my pal "MissD_Dallas."
I used the market's early ramp to boost my short of the SPDR S&P 500 ETF (SPY) to somewhere between medium- and large-sized.
As I wrote in my opener, we might be seeing something of a blow-off and reversal in bonds today.

Twitter Looks Mighty Tweet Real Money Pro($)

Twitter (TWTR) has gotten jiggy of late.

Doug's Morning Musings Real Money Pro($)

Like yesterday afternoon, this morning's trading has had virtually no downticks.

The Book of Boockar Real Money Pro($)

Peter Boockvar writes this morning about the big challenges that we all face in navigating the markets:

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