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 was quite strong. This will likely pressure multinational company profits. The price of crude oil rose by $1.05 to nearly $51 a barrel. Gold fell by $5 to $1,172.* Ag commodities: wheat down $0.08, corn down $0.04, soybeans $0.24, oats unchanged. Lumber down $6. Bonds pressured. The 10-year U.S. note yield rose by over 5 basis points and the long bond by 7 basis points. (The Generational Bottom in yields appears quite safe). The 2s/10s spread widened by 5 basis points to 129 basis points -- a new high. Good for financials with an imbalance of rate sensitive assets over liabilities. Municipals fell after a strong day on Wednesday, and closed end muni funds were broadly lower. Junk bonds were little changed. (Blackstone / GSO Strategic Credit Fund (BGB) down by $0.08 after recent strength.) Banks still the "world's fair." Insurance more of the same, higher. I added to HIG. Brokerages fab, led by Goldman Sachs (GS) , again. Retail was storng led by Urban Outfitters (URBN) , Kohl's (KSS) and Nordstrom's (JWN)  , JC Penney (JCP) inched higher. Old tech was mixed. I covered Cisco (CSCO) yesterday. Biotech was slightly higher but Celgene (CELG) and Gilead Sciences (GILD) were laggards. Big pharma can't get going. Consumer non-durables were lower. I added to CPB. Autos were flat after a sensational Wednesday. Media stronger, led by
Real estate maven Mark Hanson discusses homeowners' negative equity positions:

Wall Street, a Fear-Free Zone Real Money Pro($)

Bloomberg reports:   The S&P 500 Index's climb to a record high was aided by historically strong support from bullish options tr…
I just purchased, at about $19, a small position in Direxion Daily Small Cap Bear 3X Shares ETF  (TZA)  . It seeks 300% of the inver…

Long VIX Real Money Pro($)

The VIX is now accelerating its rise.   Now up 0.9 to 13.17.   I am long IPath S&P 500 VIX Short Term FUT ETN&n…
I am seeing sizeable call activity in the December Hartford Financial  (HIG) calls today. A heads-up.

The VIX Gettin' Jiggy Real Money Pro($)

The VIX is getting jiggy now -- up by another $0.43 to $11.22.  As Arthur Cashin just mentioned -- a rapidly advancing market coupled…
I added further to my Hartford Financial  (HIG) and Campbell Soup  (CPB) longs -- see earlier post today.
Radian (RDN) trades through $16, a gain of 50% since being put on our Best Ideas List this year.   Updating my spread sheets now…

Chauncey Gardiner Time Real Money Pro($)

Doing very little today. Like Chauncey Gardiner, I am mostly watching (and doing some research).

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