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

The U.S. dollar strengthened on New York Fed President Stanley Fischer's hawkish comments. The price of crude oil is flat. Gold also flat lined. A $1,300 to $1,310 test seems possible. Entry point? A wild day in agricultural commodities: wheat -18, corn -5, soybean -14 and oats -6. (To those in Comments Section, I would continue to avoid fertilizers. I don't understand the interest in purchasing Potash (POT) down below! Double entendre! ) Lumber rallied by a beaner after being lower this week. Municipals are flat but closed-end muni bond funds are getting hit by profit taking; I would be out of/avoid this asset class. Junk bonds are unchanged. Banks continue to act swell, led by Bank of America (BAC) . Insurance is slightly higher but my fav long, Hartford Financial Services Group (HIG) , continues to lag. Brokerages, up big, are flat. I initiated shorts in MS and GS based on the magnitude of the recent rally, reduced expectations for capital market activity and a flattening yield curve. Retail was broadly lower. I addressed the headwinds facing dollar-store companies in my opening missive. Both DG and DLTR reversed by more than $2 from the morning highs. Home Depot (HD) also is lower again (Some interest in this name in the Comments Section; I would continue to avoid after a period of outperformance). Biotech is flat as a pancake. Energy stocks moved lower despite a modest rise in the price of crude. I initiated trading shorts in U.S. Oil Fund (USO) , Schlumberger (SLB) and Exxon Mobil (XOM) this week. Autos down on the day. I pointed out the rise in subprime auto delinquencies yesterday as another signpost of Peak Autos. Staples have been hit on a stronger U.S. currency. Media is weaker. Here are some value-added contributions on our site today: Jim "El Capitan" Cramer on what's real or Memorex? Jim also chimes in on his view of the dollar-store space. Mark "Nashville Cats" Sebastian on a Financial Select Sector SPDR ETF (XLF) game plan.  Rev Shark on possible reactions to the Fed.  Ed Ponsi "Scheme" on how to play Jackson Hole. 

A Big Pile of Penney's Real Money Pro($)

I used today's dip by J.C. Penney (JCP) to less than $9.90 a share to move to a large-sized position in the retailer, up from my previous medium-sized stake.

Now You Know Real Money Pro($)

I always receive questions about my conviction level and weightings for a given move.
The S&P 500 has reversed gears by some 20 handles from today's highs, while volume should soon die down because this is a Friday in August.

Adding to My Penney's Real Money Pro($)

I'm buying more J.C. Penney (JCP) at $9.94.

A Ludacris Forecast Real Money Pro($)

I'm trading with the thought that a reversal to the downside could occur later today.
Goldman Sachs says the odds of a September Federal Open Market Committee rate hike have risen -- but will be (ugh!) data-dependent.
Here's Peter Boockvar's take on Federal Reserve chair Janet Yellen's speech today at Jackson Hole:

Today's Trades (and Prices) Real Money Pro($)

I initiated shorts of Goldman Sachs (GS) at $167.62 and Morgan Stanley (MS) $31.32. I added to my short of the SPDR S&P 500 ET

Grant's Yellen Musings Real Money Pro($)

Here's Sir Mark Grant's take on Federal Reserve chair Janet Yellen's Jackson Hole speech:

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