Doug Kass of Seabreeze partners was on CNBC to discuss the U.S. Stock market outlook.
Here are his thoughts:
-- U.S. stock market has reached its high for the 2012.
-- High risk of deterioration in the corporate profits.
-- Expect more rapid decline in euro zone economy.
-- Upcoming fiscal cliff.
-- Investors are not discounting the risk associated with China.
-- China will have a hard landing.
-- It is already showing that the Shanghai stock index is the worst performing, down 40% since the rally after the financial crisis whereas S&P 500 is up 42% in the same time period.
-- China's government will try to simulate its economy with monetary easing but he doubts that will work.
Here is the video: