On Thursday August 18th Kass told us that banks were ridiculously oversold; that the space should gain about 10-15% in 2 months and advance much more than that in about a year.
And despite the dismal action in stocks such as Bank of America, Kass is again is sticking by his call. “I strongly believe we’ll see 50% gains in banks and as much as a doubling over the next 6-15 months.”
In case you're wondering why we give so much real estate to Doug Kass’ market calls, it's because he has an uncanny knack for timing markets.
Last year -- on July 6, 2010, Kass said the market had made its lows for the year and his call proved to be extremely accurate. And less than a week before the S&P 500 hit a generational low of 676 on March 9, 2009, Kass went on CNBC and predicted the bottom. (You can click on the links in the preceding sentences to go to those posts.)
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Trader disclosure: On Aug 23rd 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (BAC); Finerman owns (BAC) ; Finerman owns (AAPL) ; Finerman owns (MSFT) ; Finerman owns (JPM) ; Finerman owns (FS); Finerman owns (FL); Terranova owns (VRTS) ; Terranova owns (CAT) ; Terranova owns (OXY); Terranova owns (CVI) ; Terranova owns (DAR) ; Terranova owns (AXP) ; Terranova owns (EMC) ; Terranova owns (ORCL) ; Terranova owns (WFM) ; Terranova owns (AMZN) ; Terranova owns (JPM) ; Terranova owns (FCX) ; Terranova owns (WFC) ; Terranova owns (AAPL) ; Terranova owns (IBM) ; Terranova owns (XOM); Kelly owns (JJC) ; Kelly owns (SLV) ; Kelly owns Euro; Weiss owns (JPM) ; Weiss owns (BTU) ; Weiss owns (NIHD) ; Weiss owns (UGL) ; Weiss owns (COP) ; Weiss owns (DVN) ; Weiss owns (QCOM) ; Weiss owns (NS) ; Weiss owns (ETP) ; Weiss owns (EUO)
For Mike Khouw:
**No disclosures
For Doug Kass
Kass owns (GLD)
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