Kass: Time to Buy the Bull?

This blog post originally appeared on RealMoney Silver on April 1 at 7:44 a.m. EDT.

This morning, I have decided to move both my short and intermediate-term market ratings to an all-out buy -- my new market rating is now 10-10! -- based on the following considerations:

• While I initially expected a 5% to 10% decline in the S&P 500 this year, my new year-end S&P target is 1,666, for a gain of 26% from current levels. I might be low.
• The writedown of toxic paper throughout the world's financial system has dramatically overstated the severity of the credit issue. In fact, I fully expect, in the fullness of time, that a write-up of balance sheet assets in 2009 at the major money center banks and brokers will be a contributing factor to a surprising 25%+ rise in corporate profits.
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