Fast Money to Doug Kass-- What we worry? Strange Bedfellows

Doug Kass, a seasoned and successful investor, was brought on Fast Money this evening. He was cool; he was lucid; he was convincing. But he was as far off message from the folks at Fast Money as one could be. It is to Fast Money's credit that they did have him on the program, even if they paid only scant attention to what he had to say. His message was simple and sobering -- we are bubbled out. The markets are responding to momentum not fundamentals. They are far overshooting.

Were the Fast Money people listening? Didn't seem that way to me. All they wanted to know was what Kass was investing in now. His answer was no surprise -- but it wasn't what they wanted. He was shorting, and only shorting.

The contrast between him and the folks at Fast Money was striking. They are certain and up-beat, convinced that we are still in a rally and deaf to those of differing positions. That would be fine were they not one of the major new business shows on TV and were there not so many people following their advice.

I hate to think of the many tonight who will jump into this "rally" tomorrow -- driven by unchecked momentum -- and buy IBM, Microsoft and maybe even Google only to find that there is no floor and that the fundamentals just are not there. Thank you Fast Money for bringing Kass on.