Short Covering

Avatar photo Doug Kass on July 1, 2026

I covered most of my index shorts this morning:

* SPY ($SPY) $744.47

* QQQ ($QQQ) $729.36

I will continue to trade opportunistically until there is a clear downtrend.

I am sticking with  my high beta tech basket of shorts – for now. 

I plan to reshort on strength – which I expect as inflows start to come in at quarter and month’s beginning.

Positions: Short SPY VS QQQ VS

Upside, Downside Movers in the Morning

Avatar photo Doug Kass on July 1, 2026

Upside:

-KLAR +8.4% (Swedish court orders Google to pay SEK14.3B to one of Klarna-owned PriceRunner)

-FMC +8.3% (announces pact for $13.30/share with Tessenderlo Group worth $400M)

-BE +7.9% (expands Brookfield AI infrastructure power project financing framework to $25B from $5B)

-LUNR +6.6% (awarded NASA contract valued up to $148M)

-GRND +6.3% (Morgan Stanley Raised GRND to Overweight from Equal Weight, price target: $18)

-NOW +4.5% (Guggenheim Securities Raised NOW to Buy from Neutral, price target: $125)

-GIS +4.3% (earnings, guidance)

-OKLO +4.1% (receives DOE approval for Groves Isotope Test Reactor Documented Safety Analysis)

-CRM +3.8% (Guggenheim Securities Raised CRM to Buy from Neutral, price target: $228)

-XPEV +3.7% (June deliveries)

-MSM +2.7% (earnings, guidance)

-PLTR +2.5% (momentum)

Downside:

-SSTK -32% (Getty Images plans to terminate Shutterstock merger after CMA condition requiring sale of Shutterstock editorial business)

-AA -5.4% (South 32 Ltd. divests aluminum value chain assets to Alcoa for up to $5.6B)

-SNDK -4.2% (memory weakness)

-MU -3.3% (memory weakness)

-KR -2.9% (acquires food and pharmacy retailer Giant Eagle for $1.65B)

-NIO -2.4% (June deliveries)

-CAT -2.3% (Burry short mention)

-NKE -2.1% (earnings, guidance)

Positions: None.

Chronicling Dr. Michael Burry’s Portfolio

Avatar photo Doug Kass on July 1, 2026

But I caution you all that the roads on Wall Street are paved with geniuses who were right one time in a row:

Positions: None.