Month: June 2026

Every great market collapse came from one of four things.

Look at the last fifty years of S&P 500 drawdowns. The big ones all have a name.

– 1973: Inflation. -43%
– 1987: Liquidity. -30%
– 2000: Tech. -47%
– 2008: Credit. -55%

Four causes. Inflation, liquidity, tech, credit.… pic.twitter.com/FwN30aRgAv

— Thierry from arvy 🇨🇭 (@ThierryBorgeat) June 15, 2026

Position: None

There’s battle lines being drawn
Nobody’s right if everybody’s wrong
Young people speaking’ their minds
Getting so much resistance from behind

It’s time we stop
Hey, what’s that sound?
Everybody look – what’s going down?

— Buffalo Springfiield, “For What It’s Worth”

I am at the largest index short exposure in quite a long time.  

Positions: Short SPY M QQQ M

Upside:

-RXT +21% (AMD signs definitive agreement with Rackspace for initial 30 MW AMD-based compute deployment; approves workforce realignment impacting about 15% of global workforce)

-CAMP +13% (JPMorgan Chase and Co Raised CAMP to Overweight from Neutral, price target: $9)

-WDC +5.8% (memory and storage strength)

-OLN +5.7% (Olin and Huntsman to combine in a $13B all-stock merger of equals)

-STI +5.3% (announces AI-assisted design and manufacturing tech of bipolar solid-state batteries for vehicles, infrastructure)

-MBLY +5.0% (plans full-owned autonomous ride-hailing business)

-CYTK +4.7% (higher off EDG-7500 data)

-SPCX +4.7% (momentum)

-STX +4.2% (memory and storage strength)

-QCOM +3.3% (reportedly in talks to purchase Tenstorrent to expand AI chip capabilities)

-VMI +2.7% (guidance ahead of investor day)

Downside:

-DOMO -20% (earnings)

-PLAY -18% (earnings, color)

-ALVO -9.2% (prices ~22.7M shares in offering at $3.75/share)

-EWTX -9.1% (EDG-7500 reports 12-week Phase 2 Part D CIRRUS-HCM topline in obstructive and nonobstructive HCM)

-HUN -5.8% (Olin and Huntsman to combine in a $13B all-stock merger of equals)

Positions: None.

Positions: None.

5 out of the 7 stocks in the Magnificent Seven have actually underperformed the S&P 500 since the start of 2025, a very different picture than 2023-2024.

Only Google and Nvidia have outperformed.

Video: https://t.co/E01T36FFad pic.twitter.com/kI49xObk4W

— Charlie Bilello (@charliebilello) June 15, 2026

Position: None

Positions: None.

Positions: none.

Only times in history where the Semiconductor Index gained more than 230% in a 14-month span:

1) December 1998 – February 2000
2) April 2025 – Today

That's the entire list. pic.twitter.com/HDbVXcAzja

— Charlie Bilello (@charliebilello) June 16, 2026

Position: None