Rise and Shine, Sarge Is Here!

Rise and shine, cupcake. It’s Thursday morning and the pitchforks are out. Time to get after it. ]No, Wednesday wasn’t just a bad dream. Nasdaq futures are trading “ugly” this morning while S&P futures are simply trading “in the red.”

Dougie is off today. It is I, Sarge. I will be your tour guide for the day, so let’s crank it up. Coffee, push-ups (or some personally appropriate activity), repeat. 

I, I’m invincible
I’m indestructible
It’s my destiny

I’m invincible
I’m unshakable
Through the truth in my soul

– John Cooper (Skillet), 2000

Rock on, my brothers and sisters. Helmets, flak jackets, gas masks and three sources of water. I want everyone out on the parade field with their gear in fifteen minutes.

Now, move…  

Position: None

Moving From Large to Medium-Sized

With S&P futures -73 handles (following large declines in reporting companies CrowdStrike ($CRWD) and Broadcom ($AVGO) I am covering some of my shorts from yesterday and this morning:

* $SPY $752.18

* $QQQ $741.69

From last night and during Tuesday’s regular trading session:

After-Hours Trading

At 4:55 PM Tuesday I added to index shorts:

SPY $760.02
QQQ $746.92

Position: Short SPY (L), QQQ (L)

BY Doug Kass · Jun 3, 2026, 5:45 AM EDT

I moved from large-sized to medium-sized.

Position: Short SPY (M), QQQ (M)

Wednesday’s Closing Market Stats

Closing Volume

– NYSE volume 3% below its one-month average  
– NASDAQ volume 5% below its one-month average; 
– VIX index: up 1.84% to 16.06

Breadth

S&P 500 Sectors

% Movers

Nasdaq 100 Heat Map

Closing S&P 500 Heat Map

Position: None