Columnist and money manager Doug Kass tells CNBC that the recent market turbulence is distracting investors from good news about the U.S. economy, and that high-frequency trading has “so screwed up the market that you can throw out all technicals”. Kass says that while there are fundamental headwinds, the market is offering a strong 8% earnings yield — far above Treasury yields — a good sign. He expects the S&P 500 to trade within a range of about 1080 to 1180 through the summer.