Doug Kass

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Doug Kass is the president of Seabreeze Partners Management Inc.Expand

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. 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

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Doug Kass

 | May 24, 2016 | 4:07 PM EDT
The U.S. dollar rallied strongly. And stocks lost their correlation to the currency, rising dramatically. Crude oil advanced by 60 cents to $48.68. But nat gas dropped by six cents. Gold declined by more than $22 an ounce; I cautioned about the precious metal yesterday. Again, participants "off sides" much like equities today.  Agricultural commodities were mixed: wheat +2.75, corn +0.75, soybean -2.25, oats -.50. Lumber rose by $2.50 following the buoyant housing data. Bonds fell. Dennis Gartman had quite negative comments on fixed income in his daily letter today. The yield on the 10-year note rose by one basis point to 1.85% and the long bond was flat at 2.63% despite a successful two-year auction. Municipals were well-bid. Closed-end muni bond funds continued toward their second daily advance. High yield was also stronger. Blackstone/GSO Strategic Credit Fund (BGB) sprinted up nearly 1%. Banks flourished with talk of a June/July rate hike and, perhaps, a few more later in the year. Insurance rallied. I added to long Hartford Financial Services Group (HIG). Brokerages rose but failed to rally as hard as the overall market. Retail was weak, though Home Depot (HD) rose $2. Best Buy (BBY) was a feature to downside after disappointing guidance. Surprisingly, my two shorts -- Foot Locker (FL) and Nordstrom (JWN) -- were marginally lower. Old tech was led by Microsoft (MSFT), which caught an analyst upgrade at Cowen and rose $1.50. IBM (IBM) was up a similar amount. Media was up, but marginally. Disney (DIS) and Comcast (CMCSA) were up 50 cents each. Energy stocks underperformed. My short Exxon Mobil (XOM) was up a quarter and short Schlumberger (SLB) rose 60 cents. Staples were higher. Autos were ahead, but small and non-threatening to the shorts. Ford (F) was up 15 cents and General Motors (GM) up 35 cents. Biotech, my new long target, rallied. iShares Nasdaq Biotechnology ETF (IBB) was up $5. Buys Allergan (AGN) gained $3.60, Celgene (CELG) rose $2.35, Gilead Sciences (GILD) was up $2.70 and Intrexon (XON) was up 70 cents.  Ag equipment was well-bid. Caterpillar (CAT) was up 40 cents and Deere (DE) gained $1.40. (T)FANG was marvelous. Strong gains in Netflix (NFLX), Alphabet (GOOGL), Amazon (AMZN) and Facebook (FB). NOSH was strong as investors/traders gobbled up O'Reilly Automotive (ORLY) and HD. CRABBY's six components were higher. In terms of individual stocks, Apple (AAPL) continued its ascent, rising $1.30. Potash (POT), which I sold yesterday, was conspicuously weaker despite Monsanto's (MON) $3 gain. Twitter (TWTR) hit new lows. Oaktree Capital Group (OAK) rallied; I added at low levels today and over last few days. DuPont (DD) is the "world's fair," hitting another new high and up 85 cents. Here are some value-added columns posted on Real Money Pro today: Jim "El Capitan" Cramer on Catalyst City.  Tim "Not Judy or Phil" Collins on an interesting comparison between U.S. Oil Fund (USO) and Alerian MLP (AMLP).  Bret "Meet George" Jensen says take a chill pill.  Tim Melvin on three interesting small bank ideas. Rev Shark gets Billy Joel on us -- it's all just a matter of trust.
By

Doug Kass

 | May 24, 2016 | 2:22 PM EDT
Yesterday in "Some Reasons to Avoid Gold" I cautioned about the near-term price outlook for the precious metal. Today gold is showing more…
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Doug Kass

 | May 24, 2016 | 2:11 PM EDT
Today's two-year U.S. Treasury note auction's strength surprised many. Here's Peter Boockvar's take: "The two-year note auction was excellent. The…
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Doug Kass

 | May 24, 2016 | 1:56 PM EDT
I added to my longs of Hartford Financial (HIG) and Oaktree Capital (OAK). I substantially increased my short of th
By

Doug Kass

 | May 24, 2016 | 12:47 PM EDT
A Possible Double Bottom. After a brutal nine-month period of underperformance, the iShares Nasdaq Biotechnology ETF (IBB) appears to have possibly put in a "double bottom." The ETF breached $400 to the upside 10 months ago before tumbling to around $249 intraday on May 12. But today, IBB was up some $4 at last check to about $270. A Successful Test of 2014's Low? Besides a potential double bottom, IBB might have made a successful test of an important low going back to 2014, as this chart suggests. Rotation Opportunity? My expectation is that the U.S. dollar might experience renewed strength over the near term. If so, a rotation out of commodities, industrials and other resource sectors might move money back into former market leaders like biotech.
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Doug Kass

 | May 24, 2016 | 11:43 AM EDT
You have to be struck by stocks' bullishness this morning in the face of the strong U.S. dollar. Perhaps players are positioned incorrectly, as I…
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Doug Kass

 | May 24, 2016 | 11:01 AM EDT
Peter Boockvar parses through this morning's mixed U.S. economic data: "New-home sales jumped to a 619,000 annualized rate in April, well above the…
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Doug Kass

 | May 24, 2016 | 10:33 AM EDT
The SPDR S&P 500 ETF (SPY) is up by some two beaners this morning, so I have to decide whether to continue re-establishing my…
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Doug Kass

 | May 24, 2016 | 9:59 AM EDT
I'm aggressively adding to my Short Trade of the Week  -- a short of the Consumer Staples Select Sector SPDR ETF (XLP) -- at…
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Doug Kass

 | May 24, 2016 | 9:50 AM EDT
It's just a box of rain,I don't know who put it there.Believe it if you need it,Or leave it if you dare. But…

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