Early Morning Trading
Dougie Kass
Added to Index shorts at 540AM
SPY $743.19
QQQ $721.05
Position: None
SpaceX and Iran Are Set to Squeeze a Skeptical Market
Two big catalysts, one big question. Here are my thoughts and strategy on a notable day for the market.
Oscillator Still in Neutral
The S&P Short Range Oscillator remains in neutral at -0.10 vs. -0.61.
Position: Short SPY (S), QQQ (S)
SpaceX Tweets of the Day
Position: None
Some Advice on the SpaceX IPO From The Oracle of Omaha
* This morning SpaceX launches a $75 billion initial public offering, valuing the company at nearly $1.8 trillion
* Discussions of the IPO today will consume the business media as guests deliver plenty of hype and similar/redundant “talking points” but provide little substance — full of sound and fury but signifying nothing…
Over history Warren Buffett has expressed skepticism about initial public offerings.
To Warren it was unlikely that the best bargain was a brand new IPO that is heavily marketed and carries ridiculously high commissions.
Perhaps Warren Buffett’s most famous quote regarding IPOs revolves around the notion that an IPO is priced at a time of the seller’s choosing while being actively promoted by both insiders (to maximize their profits) and by Wall Street (who exist to sell products):
“An IPO is like a negotiated transaction – the seller chooses when to come public – and it’s unlikely to be a time that’s favorable to you.”
He compared IPOs to buying lottery tickets, saying:
“People win lotteries every day… You don’t want to get into a stupid game just because it’s available.”
He further said:
“The idea that a newly issued security (IPO)—brought to market at a time of the seller’s choosing and surrounded by massive hype—is the single best bargain among thousands of global businesses is absolute nonsense.
When an offering carries a ridiculous 7% commission just to incentivize salespeople, it simply cannot be the most attractive investment available.
While people easily get caught up in the excitement of a new launch, look at the reality: you have thousands of existing public companies whose prices are set by a natural auction market, free from aggressive promotion or hidden fees.
It makes no sense to buy a security precisely when an insider decides the timing is perfect to sell. Frankly, it isn’t worth spending five seconds thinking about IPOs.”
Here are some of my specific views of the SpaceX IPO (hint: we are avoiding the offering and currently considering shorting the shares on strength in the aftermarket):
Finally, from my Daily Diary on Wednesday:
Well Go On and Read It… The SpaceX Prospectus
The Marx Brothers respond:
BY Doug Kass · Jun 10, 2026, 7:15 AM EDT
Position: None
Stocks Were Due for an Oversold Bounce. Was That It?
The question is, will we get more of a bounce than we saw on Thursday?
A Big Rally Thursday. How Did Sentiment Change?
A big down day yesterday, followed by a rally today. Let’s check in to see how investors are feeling.
Thursday’s After-Hours Advancers and Decliners
After-Hours % Advancers
After-Hours % Decliners
Position: None
Thursday’s Closing Market Data
Closing Volume
– NYSE volume 1% above its one-month average
– NASDAQ volume flat to its one-month average
– VIX index: down 11.97% to 19.56
Breadth
S&P 500 Sectors
% Movers
Nasdaq 100 Heat Map
Closing S&P 500 Heat Map
Position: None
SpaceX IPO Grows Oversubscribed With Emotions High
The market faces an interesting setup going into Elon Musk’s IPO.