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The Best of Kass

Tickers in this article: AAPL
NEW YORK ( TheStreet) -- Doug Kass of Seabreeze Partners is known for his accurate stock market calls and keen insights into the economy, which he shares with RealMoney Pro readers in his daily trading diary.

Among his posts this week, Kass explained why Friday's employment report wasn't so rosy and why investors' preoccupation with Apple is reaching mania levels.

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Temporary Blindness
Originally published on Friday, March 9 at 1:06 p.m. EST.

  • Many jobs that were added this month were low-quality and/or largely a function of lower-wage temporary workers.
  • Two things struck me in the jobs report when I parsed through the data.

    1. The average workweek was unchanged.
    2. More importantly, average hourly earnings rose by only 0.1% (month over month).

    The second point seems to me to be a statement that those jobs that were added this month were low-quality and/or largely a function of lower-wage temporary workers.

    Indeed, that is precisely the case.

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    Of the 227,000 net jobs added in February:

  • 20% of the monthly increase was temporary jobs, which rose by 45,000 (up from 32,000 in January).
  • 18% was food service/bars, which added another 41,000 jobs.
  • Finally, education/health added 71,000, or another 31%, of February's total job gains (these are skilled workers but lower-paying).
  • So, temporary workers, waiters/waitresses/bartenders and teachers were responsible for almost 70% of the job growth last month.

    Maybe I am negative data-mining (as I am net short!), but I simply don't see this sort of quality of job creation as a solid foundation for the domestic economy.

    Position: None

    More Fast Times at 'Fast Money' High
    Originally published on Thursday, March 8 at 11:44 a.m. EST.

  • I offered some observations on Apple and the broader market.
  • First of all Rat, you never let on how much you like a girl. "Oh, Debbie. Hi." Two, you always call the shots. "Kiss me. You won't regret it." Now three, act like wherever you are, that's the place to be. "Isn't this great?" Four, when ordering food, you find out what she wants, then order for the both of you. It's a classy move. "Now, the lady will have the linguini and white clam sauce, and a Coke with no ice." And five, now this is the most important, Rat. When it comes down to making out, whenever possible, put on side one of Led Zeppelin IV.
    -- Mike Damone, Fast Times at Ridgemont High

    On Wednesday night's segment, along with Melissa "Stacy" Lee was Dan "Stoner" Nathan, Guy "Spicoli" Adami, Tim "Pirate King" Seymour and Pete "Mr. Hand" Najarian.

    I offered some observations on Apple(AAPL) and on the broader market.