Kass: My 'Fast Money' Recap

NEW YORK (Real Money) -- It was a fun segment with Scott Wapner, who subbed for Mel last night on "Fast Money."

Let's go straight to the tape!

At the start, I reminded everyone that when discussing the markets on "Fast Money" during the first week of April, I suggested that we faced a correction of about 5%.

At the low on Monday, we got close to that loss.

What makes me more constructive now is that we have had a panoply of concerns but the market has only bent it has not broken. Some of the obvious concerns include an economic contraction in Europe, an Italian and Spanish debt crisis that shows few signs of stabilization, renewed questions regarding austerity in the EU as a solution to its fiscal woes, a potentially upsetting French presidential victory by François Hollande, a cut in the outlook for India's sovereign debt, a sudden and ominous drop in the yield on the 10-year U.S. note (from 2.38% to close to 1.90%), and a technical breakdown in the S&P 500 under important technical moving averages.

It's important to remember that, at times, it is how stocks react to news that is sometimes as important, or more important, than the news itself.