Doug Kass shares his views every day on RealMoneyPro. Click here for a real-time look at his insights and musings.

 

 

All Out of Allstate

 
Originally published at 11:20 a.m. EST on March 3, 2016
 
 

I've eliminated my long of Allstate  (ALL) .

The stock has risen to $65 from its recent low of around $56, so the risk-vs.-reward quotient no longer looks attractive.

Position: None
 


 

Recommended Reading
 
Originally published at 11:09 a.m. EST on March 3, 2016
 
Bruce "The Chart Man" Kamich has a good piece this morning about the technicals for  Potash Corp.  ( POT) .

As I mentioned yesterday, Sanford Bernstein is also seeing a fundamental bottom for the agricultural sector's cycle.

Position: Long POT
 


 

Shorting Exxon and Schlumberger Again

Originally published at 12:15 p.m. EST on March 3, 2016
 

I've reshorted Exxon Mobil  (XOM) at $82.09 and Schlumberger (SLB) at $74.43 today and am putting both back on my "Best Short Ideas" list.

I shorted both of stocks previously, but covered those positions on Jan. 26. I closed out my XOM position at $75.14 and my SLB short at $64.07, having made in excess of $10 a share on each. I also took them off of my "Best Short Ideas" list at that time.

But since then, XOM has rallied back to about $82 a share and SLB has risen to roughly $74 even though market risks are growing and oil prices seem likely to remain under pressure throughout 2016.

In other words, we're back to "Oil Vey!"

Position: Short XOM (small), SLB (small)

At the time of publication, Kass and/or his funds were long POT and short XOM and SLB, 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.