Doug Kass: watch out for the, U No, Uh-Oh...

Smart guy and market timer Doug Kass provided his view of the fundamentals behind the likelihood of a big market reversal.   In short, the law of diminishing returns is kicking in.  READ KASS.  This guy has been very accurate in his calls over time.  A short summary is:

• Nothing the fed is doing is helping because it can't help.  If it could, interest rates would be 0% all the time, not just during "emergencies".
• Kass has been calling for sawtooth action which has panned out so far but believes it will soon be time to "go short and stay short".

The whole article is well worth a read and you might find it humorous to see him refer to the fed as the Wizard of Oz.  If he just called it Ozt then he would be exactly correct.