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EXCLUSIVE OFFER: Jim Cramer's Protégé, Dave Peltier, only buys Stock Under $10 that he thinks could potentially double or triple in the next 6 to 12-months. See what he's trading today with a 14-day FREE pass.

Kass: Olympic Sabre Rattling

Stocks in this article: LNCPRUMETAXPGS

At Friday's close, the S&P 500 stood at 1386, within 2% of my fair market value calculation. Unless the domestic economy begins to reaccelerate, my market valuation will have downside risk.

All In? No! All Out!!

On poker not making the Athens Olympics:

After all, the ribbon-waving rhythmic gymnasts are in. The shuttlecock-chasing badminton players are in. Even the ice-sweeping curlers are in. And poker's out? That's like throwing a party for mankind's greatest inventions and forgetting to invite indoor plumbing.

-- Poker.net (2004)

During the middle of last week, I added to some of my favorite longs, including Lincoln National (LNC), Prudential (PRU) and MetLife (MET), which should benefit from the rising interest rate environment that I expect.

Late last week, as Mr. Market gapped higher, I added to some of my favorite shorts, including American Express (AXP) and Goldman Sachs (GS), and hedged my long portfolio by shorting the SPDR S&P 500 ETF Trust (SPY).

I start the day approximately 15% net short.

Lady In Waiting?

Monica (Courtney Cox) : Well, Wendy's more of a ... professional waitress.
Rachel
(Jennifer Aniston) : Oh, I see. And I'm sort of maintaining my amateur status so that I can waitress in the Olympics.

-- "Friends," The One With the Stoned Guy (1995)

No one would ever say that trading and investing would be fun or easy, and the action over the past two weeks (a market without memory) only served to reemphasize that point.

Ifs, Ands & Butts

Question: If the monarchy suddenly disbanded, which song would you want played at your gold medal ceremony instead of the National Anthem?
Answer: "Baby Got Back" by Sir Mix-A-Lot.

-- Holly Lam-Moores, Team GB handball player on TimeOut.com (2012)

Reward vs. risk has deteriorated within the context of last week's ramp.

Err on the side of conservatism.

And go U.S.A.!

At the time of publication, Kass and/or his funds were long LNC, PRU and MET common/short AXP, GS and SPY common, and short SPY calls, although holdings can change at any time.

Doug Kass is the president of Seabreeze Partners Management Inc. Under no circumstances does this information represent a recommendation to buy, sell or hold any security.

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