Here's a new summary (8/26/09) of Doug Kass' turn to the bear camp and his reasons why. As the summary states, you'll want to read Kass' full article ... I'll just note there's news tonight from Investors Intelligence that bears are lowest since 2007, and bulls are highest since December 2007! Well, I'll also point out that it remains possible for another 5th-wave push up - it's just as I said in my earlier post, no guarantees so this is a time to be very careful.
His reasons include the sentiment, as well as his view of the market being overbought. It's a good article so do check it out.
Doug Kass writes at The Street, and the summary with link below to the full article, is from Ockham / WallStreetPit.com:
His reasons include the sentiment, as well as his view of the market being overbought. It's a good article so do check it out.
Doug Kass writes at The Street, and the summary with link below to the full article, is from Ockham / WallStreetPit.com:
"Anyone who reads TheStreet.com (NASDAQ:TSCM) with any regularity is familiar with Doug Kass. Mr. Kass is founder and president of Seabreeze Partners Management, and is a well known and respected financial market pundit. He was right on the money with his contrary opinion that the market was due for a rebound in March, and he even placed his S&P 500 price target at 1050. With Wednesday trading in the history books, the S&P 500 stands at 1028.12, which is certainly an impressive 54% rally from the trough. Its been a nice ride and now the market and the economy are in a completely different place more than five months after Kass' call. Accordingly, Kass is updating his outlook on the stock market based on the new environment. We have reprinted some of his article, but it is worth reading the entire piece."
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