ASML Plans Capacity Additions: 8 Key Items Shaping the Stock Market Wednesday
U.S.-Iran, Nvidia confirms Vera tracking, Apple Intelligence approved in China, and other headlines that are moving stocks this morning.
Second-Level Shorting
I have added to my Morgan Stanley ($MS) short (at $231.37) after the “better than expected” earnings per share release.
Here is the complete release: 2Q26 MS Earnings Release
I am employing second level thinking. Howard Marks: The Importance of Second-Level Thinking • Novel Investor
Positions: Short MS S
Subscriber Comment of the Day (And My Response … and More Responses)
billmc
37m ago
Cramer advised not bring overly concerned regarding current forward market PE vs in 1999 on his intro last night. My thought was that market concentration risk is the issue, not relative PEs.
1ReplyShare
Dougie Kass
35m ago
market structure (disproportionate role of passive strategies and products) when combined with the gamification of the markets (ODTE, levered ETFs etc) are the risks I see.
ReplyShare
Asaxelrod
2m ago
Cramer also berated the ETFs yesterday morning for causing dislocation across some tech based on IBM’s pre-announcement, the guy only pumps momentum and likes the ETFs when they are simply reinforcing that momentumReplyShare
Dougie Kass
just now
axe as i have commented he doesnt complain when momentum based investors (ETFs and others) bid up stock prices…
Positions: None.
Cool CPI, Sharp Warsh, Booming Banks
Let’s check on inflation, what Fed Chief Warsh told lawmakers, the banks and my latest take on the chart.
Inflation Cools, but the Market Still Lacks Leadership
The focus turns to earnings as AI and chip leaders struggle.
K-Shaped (in Income and Wealth)
Position: None
On Market Concentration…
This phenomenon is ripe for a market structure “event”:
Position: None
On the Semis…
What I do know is that 80% margins are never a permanent condition.
Semis are prominent in my high-beta, high-tech short basket:
Position: None