NEW YORK (Real Money) -- Doug Kass of Seabreeze Partners is known for his accurate stock market calls and keen insights into the economy, which he shares with RealMoney Pro readers in his daily trading diary.
This past week, Kass wrote about how consumer confidence is looking more solid, how mortgage companies are settling outstanding deals before year-end, and why Kass is shorting the Nasdaq (QQQ) .
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Solid Confidence Numbers
Originally published on Friday, Nov. 14, at 11:15 a.m. EST.
We're seeing a good consumer-confidence number Friday from the University of Michigan/Reuters survey: 89.4. That compares with the analyst consensus of 87.5 and the prior month's figure of 86.9.
Current and future conditions readings were higher.
The bulk of the better number came from the reduction in inflationary expectations.
As we know, this consumer-confidence number is importantly influenced by lower oil prices and inflationary expectations.
The trend in confidence has been higher for the last 12 months -- though this hasn't translated yet into improving consumption.
Signposts of an Ocwen Settlement
Originally published on Nov. 14, at 8:09 a.m. EST.
After the close last night, Ocwen (OCN) announced that it had mutually agreed with Wells Fargo (WFC) to terminate its previous agreement to acquire a portion of the bank's mortgage-service business ($39 billion worth of servicing about 185,000 loans). Ocwen will receive back its $25 million deposit from Wells.