Tags: Kass | Bears | Surprise

Doug Kass: Market Bears Could Be in for an Unpleasant Surprise

Thursday, 26 April 2012 07:37 AM

Those betting the stock market will tank could be in for an unpleasant surprise, says hedge fund manager Doug Kass, president of Seabreeze Partners.

"Risk is back on and, quite frankly, the bears might be screwed because if 'they' couldn't take them down this week, the correction is over," Kass tweets on his Twitter page.

Good news is already hitting the wire.

Editor's Note: Wall Street Insider: The System Is Rigged

U.S. tech bellwether Apple surprised Wall Street by reporting revenue in the previous quarter of $39.2 billion, up 59 percent on year, while net profits hit $11.6 billion, up 94 percent on year.

This week could serve as a litmus test for the markets.

The Federal Reserve is due to release its latest language on monetary policy, and optimistic tones could bode well for the market.

Should first quarter gross domestic product growth figures come in solid on Friday while weekly initial jobless claim remain steady, stocks could rise.

Apple, meanwhile, sold more iPhones than expected, catching the Street off guard.

"Apple once again surprises on the upside despite expectations that iPhone sales would lag," Michael Yoshikami, CEO of YCMNET Advisors tells Reuters.

"When you have a strong rally in a stock it often sells off for no better reason than uncertainty — I think you're going to see the naysayers go away."

Others are looking at Apple with greater fondness.

"The bigger takeaway is that Apple is becoming a fantastic international growth story and it’s difficult to do proper channel checks just with the U.S.," says Peter Misek, equity analyst at Jefferies, according to CNBC.

"Estimates are now probably going to be tweaked upwards."

Editor's Note: Wall Street Insider: The System Is Rigged

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Thursday, 26 April 2012 07:37 AM
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