” The abrupt market moves have temporarily distracted market participants from the reasonably good prospects for the U.S. economy and for better profit trends,” he says.
What’s the trade?
Kass tells us he expects the S&P to trade between 1080 and 1180 through the end of the year.
And if you're looking for single stock stories on last Friday’s Fast Moneyhe said, "financials are attractive. ETrade looks great. And I love the mortgage insurers. The housing industry has been underperforming and I think it recovers far faster than anyone expects."
What's the bottom line?
"The hardest trade is to buy," he tells us – but it’s the best trade.
______________________________________________________
Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to fastmoney@cnbc.com.
Trader disclosure: On May 27, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Finerman’s Firm Owns (AAPL); Finerman Owns (BAC) & (BAC) Calls; Finerman’s Firm Owns (BAC); Finerman’s Firm Owns (GOOG); Finerman’s Firm Owns (GS) Calls; Finerman Owns (HPQ); Finerman’s Firm Owns (HPQ); Finerman Owns (JPM); Finerman’s Firm Owns (JPM); Finerman’s Firm Owns (PDE); Finerman’s Firm Owns (RIG) & (RIG) Calls; Finerman Owns (RIG) Calls; Terranova Owns (FTO), (STLD), (YHOO), (OIH), (APA), (AXP), (BTU), (SWN), (GLD); Seymour owns (AAPL), (BAC), (F), (GOOG), (RTP), (UNG), (VALE); Adami Owns (C), (GS), (INTC), (MSFT); Grasso Owns (C), (BAC), (JPM), (NDAQ), (BP), (LPX); Edwards owns (VXX); Levy Owns (GS) ; Levy Short (BP) Calls
For Patty Edwards
Edwards owns (AAPL) For Clients
Edwards owns (VXX) For Clients
Edwards owns (MS) For Clients
Edwards owns (JPM) For Client
Edwards owns (BAC) For Clients
Edwards owns (AMZN) For Clients
Edwards owns (GOOG) For Clients
Edwards owns (MSFT) For Clients
Edwards owns (HPQ) For Clients
Edwards owns (YHOO) For Clients
Edwards owns (INTC) For Clients
Edwards owns (NVDA) For Clients
Edwards owns (CSCO) For Clients
Edwards owns (QQQQ) For Clients
Edwards Owns (BP) For Clients
Edwards Owns (C) For Clients
Edwards Owns (COP) For Clients
Edwards Owns (COST) For Clients
Edwards Owns (CVX) For Clients
Edwards Owns (DO) For Clients
Edwards Owns (F) For Clients
Edwards Owns (JPM) For Clients
Edwards Owns (LCC) For Clients
Edwards Owns (MS) For Clients
Edwards Owns (NE) For Clients
Edwards Owns (PDE) For Clients
Edwards Owns (RIG) For Clients
Edwards Owns (SLB) For Clients
Edwards Owns (TOT) For Clients
Edwards Owns (VXX) For Clients
Edwards Owns (XOM) For Clients
Edwards Owns (YHOO) For Clients
Edwards Owns (SPX) For Clients
Edwards Owns (QQQQ) For Clients
Edwards Owns Gold For Clients
Edwards Owns Platinum For Clients
Edwards Owns Silver For Clients
For Jared Levy
Peak6 investments owns and has an options postion (GS)
Peak6 investments is short and has an options postion (MS)
Peak6 investments is short and has an options postion (DB)
Peak6 investments owns and has an options postion (JPM)
Peak6 investments owns and has an options postion (CS)
Peak6 investments owns and has an options postion (BAC)
Peak6 investments owns and has an options postion (UBS)
Peak6 investments owns and has an options postion (C)
Peak6 investments is short and has an options postion (XLF)
Peak6 investments is short and has an options postion (AMZN)
Peak6 investments owns and has an options postion (AAPL)
Peak6 investments owns and has an options postion (YHOO)
Peak6 investments is short and has an options postion (EBAY)
Peak6 investments is short and has an options postion (GOOG)
Peak6 investments owns and has an options postion (MSFT)
Peak6 investments is short and has an options postion (HPQ)
Peak6 investments is short and has an options postion (DELL)
Peak6 investments owns and has an options postion (ADBE)
Peak6 investments owns and has an options postion (BP)
Peak6 investments is short and has an options postion (RIG)
Peak6 investments is short and has an options postion (HAL)
Peak6 investments is short and has an options postion (CVX)
Peak6 investments is short and has an options postion (XOM)
David Hilal
FBR Capital Markets is a Market Maker of (MSFT)
CNBC.com with wires