Doug Kass of Seabreaze remains skeptical of QE2 and believes the S&P has topped out, but admits he believed it topped out 50-60 points ago. "We had cash for clunkers and now we have cash for stock market gains". Kass said he's also watching Treasury yields and risk premiums.
I see that the 30-year Treasury Bond Yield is testing the 200 day moving average at 4.195% (+1.3%) and the 10-year note yield is above the 50DMA at 2.587% (+0.94%). The S&P is down 0.28% at 1,219.88. Below are charts of $TNX, $TYX, $SPX and the Fast Money video. Kass is at 7:50.
$SPX (S&P 500 -Large Cap Index) - StockCharts.com
$TYX (30-Year Treasury Bond Yield) - Stockcharts.com
$TNX (10-Year Treasury Note Yield)
Also read: Kass: Where's the Beef, Ben? (Part Deux) at TheStreet.com