The Best of Kass

The fundamental outlook is stormy, with slowing global growth being ignored in favor of the hopium of more Band-Aid monetary policy initiatives. The global monetary put might be overstated as the impact of easing is waning in its impact. Importantly, since June 1, 52% of the incoming domestic economic data were worse than expected, 11% were in line and 37% were ahead of consensus.

The subject du jour, of course, was Paul Ryan's appointment by Governor Romney as his vice presidential ticket mate.

I made the case that the Ryan decision, the growing economic ambiguity around the world and other factors could produce near-term market pressures.

Judge asked me what the market downside might be. I suggested that, unlike the summers of 2010 and 2011 when I went on "Fast Money" suggesting that the lows of the year might be made on the S&P, I interpret the conditions in the summer of 2012 differently. To me, a yearly high might be put in place in August. In response to another question, I thought a move to 1300-1320 in the S&P was a possibility in the correction I foresaw in the months ahead.