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 he's cleaning the slate for the New Year.
- How he's reducing gross and net exposure.
Click here for information on RealMoney, where you can see all the blogs, including Doug Kass'--and reader comments--in real time.
"Just one more thing."
-- Lt Columbo
Here are a few more housekeeping items.
I am making several late-day moves.
Finally, the market on close imbalance is down to under $2 billion so I am making some additional short covers.
Position: Long GLD; short GLD puts, SPY small.
With my entire ProShares UltraShort S&P 500 ETF (SDS - Get Report) cover and incremental long purchases Wednesday to Thursday and this morning, I basically have moved to market-neutral as I want a clean slate into the New Year.
However, I will be shorting strength in the days and weeks ahead in accordance with my negative market view.
I will be out most of the late morning and early afternoon on some errands and personal stuff, so posts will be quite brief today.
Here is a good summary of overnight and early-morning movement in a variety of asset classes (Hat Tip Zero Hedge).
I have reduced my gross and net exposure into year-end.
Now I have a small net short aggregate exposure after taking some short gains and adding to selective longs today.
I want to enjoy the weekend.
I continue to believe this is a function of tax-loss selling and concerns about the prospects for a change in the manner carried interest is taxed (which I believe is well discounted).
I am sticking with OAK, despite its wilting leaves of late.
Position: Long OAK.