Earlier, Doug Kass appeared on CNBC to give his trading outlook. Kass was somewhat bullish on housing, downplaying the recent Case-Shiller release on the grounds that it was a lagging indicator. He stated that there was real evidence that the residential real estate market has turned. Kass pointed to individual areas of the country not encumbered with a large supply of foreclosures. Kass stated that the housing recovery is being masked by particularly weak regions. On the market overall, he stated that stocks were very vulnerable to a decline of 4-7%, and many stocks will drop 10-15%. Kass stated that it rarely pays to buy stocks when 85% are trading above their moving average. Looking further ahead, Kass said that it was extremely important to aknowledge that Obama is likely to gain presidency back. While Kass himself is a Democrat, he agrees that a Republican president would be more favorable to business. Kass would be a buyer of stocks after a pullback. Rising oil prices are a significant headwind to an advancing market. Kass stated that, historically, it does not pay to own stocks when housing is rallying. He stated that bonds should have a warning label on them. After a pullback, Kass stated that he would buy Home Depot (NYSE: