The Fortress Top?

Friday, February 09, 2007 | 03:00 PM

Earlier today, Doug Kass was calling today's opening surge the "Fortress Top" as the hedge fund Fortress (FIG) went public.

I don't disagree that hedge funds going public are dubious, given their "reliable earnings stream and safety from blow ups". 

In a note to subscribers yesterday, I explained why big cap tech was looking so risky, and why Microsoft (MSFT) was potentially ugly. Today, Cantor's Peter Bookvar noted that Microsoft is now down 7 days in a row and down 9 of 10 trading days on nervousness that Vista sales are sluggish -- but let's not forget MS Office, or the iPod killer, Zune . . .


On a related note, a hedge fund buddy disagrees with me that sentiment has been leaning bullish, but not excessively so as to be a contra-indicator. SF thinks the general attitude has been frothy to the point of excess. To wit: earnings shortfall seem to be deemed company specific while good reports are proof of the economy being bullet proof. Then there is the analyst communtiy tripping over itself to call a bottom in SemiConductors; All that's before we get to the GM upgrades, which are to say somewhat starry eyed as to behemoth's problems and decreasing market share.


I Am Calling This the Fortess Market Top
Doug Kass
Real Money, 2/9/2007 10:28 AM EST

Semis Ready to Roll Again
INVESTORS' SOAPBOX, J.P. Morgan Securities
Barron's FEBRUARY 9, 2007

Friday, February 09, 2007 | 03:00 PM | Permalink | Comments (11) | TrackBack (0) add to | digg digg this! | technorati add to technorati | email email this post



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The uptrend on the major indexes is still intact, next week we'll know if "liquidity" will step in to buy the dip, or whether we start the long awaited correction - maybe 5-10%? Most seem bullish still...

Posted by: Lauriston | Feb 9, 2007 3:28:29 PM

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