Recommended Reading
Knowledge@Wharton… America at 250 America at 250: Innovations That Transformed Business – Knowledge at Wharton
Positions: None
What Will Warsh Say? 8 Key Items Shaping the Stock Market Wednesday
Trump favors diplomacy with Iran, Nike’s continued challenges, Citi cuts its crypto outlook, and other headlines moving stocks this morning.
Semi Shocker; Micron, Intel, AMD Hit Home Runs; Warsh Gets to Work
Let’s pop open the hood and look at the market in June and Q2 to zero in on the winners; also, why we must watch the new Fed head closely today.
Why I Won’t Reveal the Components in My High-Beta Tech Short Basket
I received a number of emails from subscribers who don’t understand why I refuse to discuss the constituents of my high-beta tech short basket:
* I am not making investment recommendations — I am simply showing what, in principle I am doing.
* I show my weightings (S, M, L) as an indication of my confidence level, among other factors. It also reflects the risk appetite/discipline I have incorporated in the conservative way I manage Seabreeze Partners.
* If I was to mention the names in the basket — particularly since many of the stocks move plus or minus 10% a day — it would likely be interpreted as a recommendation.
* I don’t feel most retail traders/investors should short stocks for the reasons I have discussed over the last 28 years. This is especially true of these high-beta and volatile stocks.
* When I put on an aggressive short (like this) it should indicate how bearish I am and how unfavorable I view reward vs. risk. That’s the message that I am communicating.
* Frankly it is not hard to figure out several of the constituents in my tech short basket, but I’ll leave it to your imagination.
Position: Short High-Beta Tech Basket
Looking Ahead After Wall Street’s Best Quarter Since 2020
The S&P 500 gained 15% and the Nasdaq 21% in Q2, but Q3 presents substantial challenges as three big issues come into play.
The CNBC Panelist Said What? (Issue #6)
Position: None
Putting His FANG Into the Stock Market: Getting to Know Bob Lang
We sit down with TheStreet Pro contributor Bob Lang to learn more about his experience and how he created the FANG acronym.
Short-Term Tactics
* I was very active on the short side yesterday
On the last day of trading for the month and quarter, S&P futures rose as high as +65 handles in what seemed like an algo-driven markup — and closed about +41 handles (as it dropped about 20 handles in the last few minutes).
This morning S&P futures are -30 handles.
Ignored throughout Tuesday was a sharp rise in yields:
Observation
TLT low of the day, yields at the high of the day as quarter-end markups started early in the equity markets.
Position: None
BY Doug Kass · Jun 30, 2026, 1:09 PM EDT
As posted in my Diary, fearful of a quarter-end mark-up, I shorted equities more aggresssively yesterday — but on a scale higher (giving the market a wider berth) than I have in several weeks:
* Most notably, on strength and steadily through the day I moved from very small sized to small sized to medium sized index shorts ($SPY and $QQQ).
* I put on three tranches of my high-octane tech short basket yesterday. I can’t remember when I did so aggressively in the past but it reflects my view of the exceptionally poor reward vs. risk on the market darlings.
* I added meaningfully to my $GRNY short and added to $JOET short.
* On the buy side I added to $PEP and $PG, which should prosper in a correction.
* With the rescheduling of cannabis hearings going so well, I added to individual weed longs. The group looks like it might finally be breaking out of a range.
Position: Long PEP (S), PG (S), VRNOD (S), GLAS (S), GTBIF (S), TRLV (S), CURLD (VS); Short SPY (M), QQQ (M), GRNY (M), JOET (S), High-Beta Tech Basket
Oscillator Remains Slightly Overbought
THE S&P Short Range Oscillator remains in a small overbought at 1.34% vs. 1.73%.
The Oscillator has basically been small overbought throughout the month of June.
Position: Short SPY (M), QQQ (N)