All positive signs, Kass says.
In fact, Kass is so positive he predicts GDP in the second half of the year will likely be up over 1%.
And to top it all off, he says market indicators are off the charts in terms of stocks being oversold.
What's the trade?
In anticipation of a snap-back in the second-half, Kass recommends taking a look at the technology sector. Always go with technology for beta, he says.
What's the bottom line?
"We have reached a yearly low for the market for the year," he concludes. "This business is going to be fun again and it's going to happen sooner than most people think."
You can find our complete interview with Doug Kass in the Word On The Street video clip above or click here.
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Trader disclosure: On July 6, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Pete Najarian Owns (CRUS) Call Spreads; Pete Najarian owns (AKAM) call spreads; Pete Najarian owns (GNW); Seymour owns (AAPL), (BAC), (GOOG), (INTC), (POT); Kelly owns (BP) puts; Kelly owns (FCX) puts; Kelly owns (GLD); Kelly owns (GDXJ); Kelly is short (GS); Terranova owns (MON), (AGU), (KO), (XOM), (TEVA), (RDS.A), (GMCR), (UPL), (GS); Terranova owns (GLD) July 123 puts; Terranova owns (GS) JULY 130 CALLS; Terranova owns (GS) JULY 135 CALLS; Terranova is short gold
For Tim Seymour:
Seygem Owns (WBD)
For JoeTerranova
Terranova works for (VRTS)
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners owns more than 1% of (CASS)
Virtus Investment Partners owns more than 1% of (LDR)
Virtus Investment Partners owns more than 1% of (LPHI)
Virtus Investment Partners owns more than 1% of (MGRC)
Virtus Investment Partners owns more than 1% of (XLB)
Virtus Investment Partners owns more than 1% of (XLP)
Virtus Investment Partners owns more than 1% of (XLY)
Virtus Investment Partners owns more than 1% of (XLI)
Virtus Investment Partners owns more than 1% of (XLK)
Virtus Investment Partners owns more than 1% of (XLU)
Virtus Investment Partners owns more than 1% of (SUBK)
Virtus Investment Partners owns more than 1% of (WDFC)
Virtus Investment Partners owns more than 1% of (YDNT)
Virtus Investment Partners owns more than 1% of (DRYS)
For Anthony Scaramucci
Scaramucci and SkyBridge Capital own (BAC)
Scaramucci and SkyBridge Capital own (BP)
Scaramucci and SkyBridge Capital own (C)
Scaramucci and SkyBridge Capital own (GOOG)
Scaramucci and SkyBridge Capital own (GS)
For Brian Kelly
Accounts managed by Kanundrum Capital own (AUY)
Accounts managed by Kanundrum Capital own (GFI)
Accounts managed by Kanundrum Capital own Gold
Accounts managed by Kanundrum Capital own Treasuries
Accounts managed by Kanundrum Capital own US Dollars
Accounts managed by Kanundrum Capital is short (AMZN)
Accounts managed by Kanundrum Capital is short (RCL)
Accounts managed by Kanundrum Capital is short (XLY)
Accounts managed by Kanundrum Capital is short (XLE)
Accounts managed by Kanundrum Capital is short (AFL)
Accounts managed by Kanundrum Capital is short (CME)
Accounts managed by Kanundrum Capital is short (EWI)
Accounts managed by Kanundrum Capital is short (EWO)
Accounts managed by Kanundrum Capital is short (GS)
Accounts managed by Kanundrum Capital is short (HIG)
Accounts managed by Kanundrum Capital is short (RKH)
Accounts managed by Kanundrum Capital is short (XLF)
Accounts managed by Kanundrum Capital is short (XLI)
Accounts managed by Kanundrum Capital is short (FCX
Accounts managed by Kanundrum Capital is short (GFI)
Accounts managed by Kanundrum Capital is short (JOYG)
Accounts managed by Kanundrum Capital is short (XLB)
Accounts managed by Kanundrum Capital is short (XLK)
Accounts managed by Kanundrum Capital is short (V)
Accounts managed by Kanundrum Capital is short (PCAR)
Accounts managed by Kanundrum Capital is short (COF)
Accounts managed by Kanundrum Capital is short (KMX)
Deborah Weinswig
Employees Of Citi Own (WMT), (JCP)
An Employee Of Citigroup Global Markets Or Affiliates Is A Trustee Of (TGT) Citigroup Global Markets Or Affiliates Owns 1% Or More Of (SKS) Citigroup Global Markets Or Affiliates Has Managed Or Co-Managed An Offering Of (DG), (KR), (WMT) In Past 12 Months Citigroup Global Markets Or Affiliates Has Received Investment Banking Compensation For Services Provided In Past 12 Months From (DG), (KR), (SKS), (SVU), (TGT), (WMT) Citigroup Global Markets Or Affiliates Expects To Receive/Seek Investment Banking Compensation From (WMT) In Next 3 Months Citigroup Global Markets Or Affiliate Received Non-Investment Banking Compensation From (HD), (JCP), (KSS), (KR), (M), (SWY), (SVU), (TGT), (WAG), (WMT), (COST) In Past 12 Months (DG), (KR), (SKS), (SVU), (TGT), (WMT) Are Or In Past 12 Months Were Investment Banking Clients Of Citigroup Global Markets (CVS), (DG), (HD), (JCP), (KSS), (KR), (M), (SWY), (SKS), (SVU), (TGT), (WAG), (WMT), (COST) Are Or In Past 12 Months Were Clients Of Citigroup Global Markets (Non-Investment Banking, Securities-Related Services) (HD), (JCP), (KSS), (KR), (M), (SWY), (SVU), (TGT), (WAG), (WMT), (COST) Are Or In Past 12 Months Were Clients Of Citigroup Global Markets (Non-Investment Banking, Non-Securities Related) Citigroup Global Markets Or Affiliate Received Compensation From (DG) In Past 12 Months Citigroup Global Markets Is A Market Maker In (CVS), (M), (COST) Citigroup Global Markets And/Or Affiliates Has A Significant Financial Interest In Relation To (HD), (JCP), (KR), (LOW), (M), (JWN), (SWY), (SVU), (TGT), (WMT), (COST) Citigroup Global Markets Or Affiliates Owns 5% Or More Of (SKS)
Doug Kass
**No Disclosures**
Mark Zandi
**No Disclosures**
David Riedel
**No Disclosures**
Scott Nations
**No Disclosures**
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