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Doug Kass fills his blog on RealMoney every day with his up-to-the-minute reactions to what's happening in the market and his legendary ahead-of-the-crowd ideas. This week he blogged on:

  • How Kass is totally not like Mae West in stocks and bonds.
  • How Kass has been trading lately.

Click here for information on RealMoney, where you can see all the blogs, including Doug Kass'--and reader comments--in real time.

I'm the Polar Opposite of Mae West When It Comes to Stocks and Bonds

Originally published June 23 at 9:03 a.m. EST

"I only like two kinds of men, domestic and imported."
-- Mae West

When I was a "yute" in this investing game, I was told that lower oil prices would be a boon to the consumer and retail activity as well as a spur to economic growth.

Now, with the price of crude oil dropping to new multimonth lows and apparently mired in the $40-to-$50 range for quite a while going forward, another quiver in the "short bonds" arrow has been put in place.

While I believe the risk/reward is about 3 to 1 or 4 to 1 negative for equities, it is my view that over the intermediate term the risk/reward is something like 6 to 1 or even 8 to 1 negative on bonds.

I am negative on both stocks and bonds and at the polar opposite to Mae West, who only liked two types of men -- domestic and imported (see quote above).

I have added to my iShares 20+ Year Treasury Bond ETF (TLT) short in each of the past 10 trading days

Position: None.

My Trading and Investing Activity in Thursday's Session

Originally published June 23 at 8:04 a.m. EST

The terra is getting less firma.

From my perch, the market is growing more fragmented and unpredictable. Leadership is narrowing, new highs are moderating and volume is declining.

I would reduce time frames and raise cash to larger-than-normal levels. Though I am living in the ursine world, most should not short unless you are very disciplined.

Besides travelling I spent most of Thursday adding to my large net short exposure by virtue of more individual shorts and the reduction of some longs.

There were some buys, however: I added to Twitter  (TWTR) and established a new long in Dillard's  (DDS) , which I placed on my Best Ideas List and which managed a $2 advance in the trading session. (Nordstrom  (JWN) also leaped ahead Thursday). I continue to increase the size of my Energy Select Sector SPDR (XLE) investment.

Importantly, I reduced Allergan (AGN) back down to tag ends after its $33 rise in a few short weeks. I hope I can replace the stock I sold at lower levels. AGN remains on my Best Ideas List and is my favorite large-cap long for 2017.

I re-established a small long in ProShares UltraPro Short QQQ (SQQQ) .

My bottom line is that, in S&P terms, the market holds about 3.5 times more downside than upside--an unfavorable reward v. risk.

Position: Long TWTR large, AGN small, JWN, DDS, XLE, SDS large, SDS calls, SQQQ small; short SPY.

Action Alerts PLUS, which Cramer manages as a charitable trust, is long AGN.