Doug Kass Takes on Goldman
Goldman Sachs recently upped their targets on the S&P 500, but Doug Kass of Seabreeze Partners explains why they're wrong, and why a market correction could come soon. With CNBC's Jackie DeAngelis and the Futures Now Traders.
(Watch Video: Doug Kass Takes on Goldman Sachs)
But Kass said that he remained bearish.
"I'm staying the course. I think this market is extremely fragile," he added. "I don't see it in a lot of strong hands."
Kass also noted the lack of broad conviction.
"I see a lot of computer-driven trading, a lot of short-term-oriented hedge funds chasing performance without real conviction, and a lot of retail investors who are scared out of the market," he said. "There aren't a lot of Warren Buffetts, who I visited in Omaha two weeks ago. There aren't long-term investors with real conviction, with the exception of Leon Cooperman, who are willing to hold stocks through thick and thin."
(Read More: Doug Kass, Still a Berkshire Bear)
Kass also announced that he was back in Apple.
"I paid $443.65 this morning," he said.
"It's generally recognized that Apple's profits now will be basically flat for a couple of years, showing little growth, likely between $35 and $45 a share, but the free-cash-flow generation is going to be meaningful, and it's going to support continued buybacks and dividend increases," Kass added. "We have a 2.8 percent yield today. Investor sentiment could hardly be worse."
(Read More: Doug Kass: I Blew It On Apple Target)
Trader disclosure: On May 23, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long EBAY; Stephanie Link is long WFC; Stephanie Link is long COST; Joe Terranova is long JULY CRUDE OIL FUTURES; Joe Terranova is long MINI S&P FUTURES; Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long AAPL; Joe Terranova is long SPLK; Joe Terranova is long TBT; Joe Terranova is long SWN ; Joe Terranova is long IBM; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long C CALLS; Pete Najarian is long GS CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long WFC CALLS; Pete Najarian is long XLF CALLS; Pete Najarian is long INTC CALLS ; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long FB CALLS; Pete Najarian is long MSFT; Pete Najarian is long C; Anthony Scaramucci is long AAPL; Anthony Scaramucci is long BAC; Anthony Scaramucci is long GS; Anthony Scaramucci is long JPM; Anthony Scaramucci is long MS; Anthony Scaramucci is long WMT; Anthony Scaramucci is long GOOG; Doug Kass is long AAPL.
24 May, 2013
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Source: http://www.cnbc.com/id/100762317
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