Kass: My 'Fast Money' Recap
Melissa started by asking me if I was sticking with my market top call and whether I maintained my belief that the bullish days of summer were about over.
I said that I stood by my position. I remain concerned about the potential for a disappointing downturn in corporate profits, the likely further erosion in China's economy and a more rapid decline in the EU's economy than is generally anticipated. And then there is the fiscal cliff and the growing likelihood that President Obama will be elected (seen as a negative for businesses and capital markets).
We spent some time on China, the world's economic driver of growth. Several panelists felt that China would stimulate itself out of the doldrums.
I am less convinced and pointed out the profound weakness in the Chinese stock market, which has dramatically diverged from other world stock markets. It is important to remember that China's stock market was the first to drop in late 2007 and accurately presaged the stock market, financial and economic crisis of 2008.