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'
 
Originally published Dec. 30 at 3:53 p.m. EDT

"Just one more thing."
-- Lt Columbo

Here are a few more housekeeping items.

I am making several late-day moves.

Firstly, I am taking profits in my ProShares Short QQQ ETF (PSQ - Get Report) and ProShares Trust UltraPro Short QQQ ETF (SQQQ - Get Report) longs -- for a nice profit.

Secondly, I am taking my small- to medium-sized SPDR S&P 500 ETF Trust (SPY - Get Report) short down to small sized at $223.02.

Thirdly, I am also adding to SPDR Gold Trust ETF (GLD - Get Report) at $109.72.

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.


 
Cleaning the Slate for the New Year
 
Originally published Dec. 30 at 8:41 a.m. EDT

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).

Position: None.


 
Reducing Gross and Net Exposure Into Year-End
 
Originally published Dec. 29 at 3:12 p.m. EDT

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.

Position: None.


 
Hanging in There With Oaktree Capital
 
Originally published Dec. 29 at 2:06 p.m. EDT

Alternative managers, Blackstone (BX - Get Report) and Oaktree Capital (OAK - Get Report) (in which I am long), continue to trade poorly.

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.

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