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Doug Kass: Market Won’t Make Another Swish Down
CNBC.com | September 22, 2011 | 06:26 PM EDT

It ain’t easy to find a big bull these days, but as the saying goes, ‘seek and ye shall find.’ Ironically our search turned up famed bear, Doug Kass! Back in August Doug Kass, who is president of Seabreeze Partners and a CNBC Contributor , told us that the market was way too bearish – and he’s sticking by that call.”I still think the lows are in,” he tells us with conviction on September 22nd. And to be clear he defines the low as 110.27 in the SPY .

Kass feels strongly that investors are simply refusing to accept a key economic theme – although growth is slowing, it’s not stopping. ”All the economic releases continue to point to non-recessionary conditions in the US,” he says.In addition, he thinks banks are on the brink of something he calls a La Dolce Vita moment, a reference to a 1960’s movie in which Marcello Mastroianni was forced to choose between the allure of high society versus domestic life. “I think domesticity wins,” he says. In other words, Kass expects banks will get it together.

And finally, he thinks lower commodity prices – especially lower oil prices – are good for the recovery. “The correlation between GDP and the inverse of oil prices is extremely tight. That might be the key to the recovery,” Kass says.

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