Hedgie Doug Kass was on CNBC's Fast Money last night, and is calling for a modest correction (5-6%ish), outlining his reasons in the video below. Quite a few of his 'technical' reasons are based on points I've been making in the past week – weakening breadth, and transports breaking down for example. (ironically breadth has improved today) Before you dismiss his comments, Doug has been on a roll this year as he was one of the few entering the year who called for potential all time highs in the S&P 500 and a big rally in the financials.
8 minute video – email readers will need to come to site to view
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