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

Theleague-leading financials (I am short and growing shorter) failed to positively respond to a 20-basis-point rise in the 10-year U.S. note yield (back over 2.5%). The U.S. dollar has weakened; it still seems like a pullback in a primary bull market. As a consequence, gold rallied as did commodities (fertilizers!) and industrial-based market sectors. Bottom Line Momentum and sentiment indicators remain ambiguous, not indicating either an extension of the recent advance or for the prospects for a significant market decline. More sector rotation and some corrective action seem to be in the cards in this late market cycle advance. There does not yet appear to be a primary price trend change.
The U.S. dollar weakened. The price of crude oil rose by about two bits to $51.40. Gold fell by $8 to $1,203. I am buyer, to replace the half position I sold soon. Ag commodities: wheat down $0.08, corn up $0.02, soybean down $0.05 and oats up $0.01. Lumber was flat. For the second day in a row bonds got schmeissed iShares Barclays 20+ Yr Treas.Bond ETF (TLT) down over a beaner, again. (Good sale in fixed income last week!) The 10-year bond yield rose by 7 basis points to 2.46%. The long bond yield rose by 5 basis points. The 2s/10s expanded by 4 basis points to about 124 basis points. Municipals got hit and so did closed-end muni-bond funds. High yield was junky - but Blackstone / GSO Strategic Credit Fund (BGB) rose by a penny. Banks continue to be sold for a second day in a row -- despite much higher bond yields and lower bond prices. Crickets from financial bulls -- who seem to rationalize the large move this week and lack of correlation to bonds as a random act. Our "Trade of the Week" (short C) is now down by 5.5% or $3 since the trade was discussed in my Diary. Retail remains for sale. But my view is that a sentiment extreme is developing. Insurance stocks got whacked, including fav Hartford Financial (HIG) . Brokerages got hit, too. Goldman Sachs (GS) , put on Best Ideas List last week at $242, is down to $231. Biotech was lower, but not materially so (Celgene (CELG) , Allergan (AGN) lower). Hwwever, spec biotech roiled to the downside (Intrexon (XON) , Ziopharm Oncology (ZIOP) , Acadia Pharmaceuticals (ACAD) , Aerie Pharmaceuticals (AERI) ). Autos mixed. Ford (F) up, General Motors (GM) down. Good for our
I took some profits in my ProShares UltraShort S&P500 ETF  (SDS) long this afternoon.
The Deplorable masses had come out in force Delivered a victory that would chart a new course The snowflakes were shell-shocked with tears in their eyes The media had lied to them . . . 'What a great surprise They had been promised a blowout a criminal Hillary win But instead ole criminal Hillary took one right on the chin From all corners celebrities took their far left cue Telling the deplorables' we're far smarter than you In their high-horse bubble, with no working-class clue They tell us all we must follow their out of touch view The fake news and ignorance came at a cost They can't understand all the reasons they lost Blaming it on Comey and Russian excuses are sad Failing to acknowledge she was the one who was bad Yes, Hillary Clinton, in so many ways was flawed She couldn't help exposing she was a lying fraud The campaign revealed her corruptness and greed Her speeches insulted deplorables' votes she'd need Out in the city streets there arose such a clatter It was Soros-paid protestors...Black Lives Matter With businesses to pillage and windows to shatter Looting was their game knowing issues did not matter Eight years of Obama had given them plenty of cause To yearn for a replacement with another Santa Claus Soon the bottom-feeder criminals will all feel the pain When the wheels fall right off of their gravy train And now all the snowflakes are riddled with fear Upset the PC police will soon be out on their ear The cocoa and crayons will help them for a while But soon reality will creep in and cramp their style I would've supported any Republican that rose In the end I would vote for whoever we choose He wasn't my first choice, but soon I would concede The one they call Trump is the one that we need I saw him on TV in front of a very large crowd He spoke about veterans, it made me feel proud He spoke about energy safety prosperity and jobs Taking this country back from the Washington snobs He was dressed in Armani, all tailored and neat The Bruno's he wore made his outfit complete For a man of his vintage, he seemed rather fit And he looked presidential, I will have to admit His eyes glowed like embers, his smile the best His hair was the color of my old hunting vest His love for this country was on full display His actions spoke louder than his words could say He thanked all his voters, and before he was off Saved thousands of jobs while Obama played golf Fate of this country he leaves nothing to chance Filled out his superior cabinet weeks in advance The men he had chosen were of the same mind Let's set the bar high, and not lead from behind He picked up his phone as he rose from his seat With a flick of his finger, he sent out this tweet "Now Mattis 'Now Kelly 'Now Sessions' And Pruitt' On Perry' On Flynn' You're the ones who can do it Start lifting those restrictions and building that wall Dash away 'Mattis 'Kelly' and 'Flynn 'Dash away all! The roar of his audience rose from the stands He kissed all their babies and shook all their hands He answered their questions and calmed all their fears They knew it was going to be a productive four years He then jumped into his limo, and off to his jet A fellow that snowflake liberals won't soon forget He sent one more tweet as the evening expired "Happy Inauguration to all, "OBAMA > YOU'RE FIRED!"

SIS BOOM BLAH (Part Two) Real Money Pro($)

I continue to view the action as indicative of a broad and possibly consequential market top.   With financials, in particular, lead…
In spite of the National Retail Federation raising its fourth-quarter holiday sales forecast to 4% as opposed to the original 3.6% number, nearly all retailers of consequence who have issued preliminary holiday sales results (Wal-Mart Stores (WMT) , TJX Companies (TJX) , Ross Stores (ROST) , Best Buy (BBY) , Bed, Bath & Beyond (BBBY) and Nordstrom (JWN) have not yet released estimates) have indicated weaker comparable-store sales at their brick-and-mortar facilities. The market has punished all misses at this juncture.
Yesterday I outlined the rationale behind my L ong F/Short GM pairs trade.   I am adding to this trade now.
With interest rates rising over the last few days, banks and other financials shares have been quite weak after earnings reports.
As seen in the U.S. Treasury market's response to a still-dovish Janet Yellen and the rise in rates after her speech, the same thing is happening in longer-term bonds in Europe after a very dovish commentary from Mario Draghi.

Apple Catches a Downgrade Real Money Pro($)

OTR Global downgraded Apple (AAPL) to Mixed following checks that indicate a muted first-quarter order outlook for the iPhone. The firm's analyst said leading handset buyers mostly are not planning to increase Apple's market share in their portfolios in first quarter as overall smartphone markets remain weak and competition from Chinese vendors continues.


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