Hey Bernanke, What Up?

Doug Kass has been running an Entourage themed commentary today:

"Technology remains in a downward trajectory, almost as bad as Aquaman’s
(Vince in "Entourage") sputtering career. Simply stated, tech remains drek
and subject to future
shlock
.

The financials, specifically money center banks, are on the rise like
Turtle’s rap group (Saigon). Nevertheless, I continue to short Financial
Select Sector SPDR
(XLF) on any strength.

The cyclicals remain problematic — like Ari’s new talent management agency
that Beverly D’Angelo is trying to revive! And energy is as sold as Eric ("E")!

The homewreckers continue their ascent of the last week, though like Johnny
Drama and his new movie gig, the sector remains tenuous.

Finally, the consumer staples, despite protestations from many quarters that
they are the place to hide, are getting less respect that Ari’s secretary,
Lloyd."

Over the course of several IMs, I mentioned a few things to Doug (which he agreed with me on):

1) I think the odds of a 1/4 point hike is much higher than people think; I place it at 49%, versus the 18% or so the Fed Fund Futures have on it;

2) As far as the parallel to Entourage, i asked "When do we get the bar brawl with Seth Greens guys?"

Here’s Doug’s write up:

Hey Bernanke, What Up?

"Tomorrow holds more suspense than I think the Fed Funds Futures market suggests.

Today’s action was relatively benign. Tomorrow holds more suspense than I think the Fed Funds Futures market suggests (under 18% chance of a Fed increase). Like Seth Green said to "E" regarding his girlfriend Sloane, the market wants to know "What Up?" Hey Bernanke, what up? We will know in about 23 hours. Enjoy your evening."

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