Fed Governor Christopher Waller Sparks Surprise Market Rally
It was a surprisingly strong day, but is it a trap going into the August jobs report?
Things I Did Today
Here are today’s things:
* I shorted more $SPY at $770.05 and SPY calls.
* I reshorted $CRM at $263.66 and $JPM at $360.35.
* I shorted $SNOW at $377.51 and covered at $368.01.
* I sold my $GLD long at $411.65.
Position: Short SPY common (L), calls (S), CRM (S), JPM (S)
Pepsi Update
I would normally have repurchased $PEP on the move below $140, but our research now suggests that Q3 2026 has been challenging.
Position: Long PEP (VS)
Market Is Unresponsive to Interest Rate Movement
$TLT just hit the low of the day.
Bond yields at day’s highs, bond prices at day’s lows.
Short squeezes (of heavily shorted stocks) are abundant as we move to the last 60 minutes of trading.
Positions: None
After-Hours Earnings Calendar for Thursday
Position: None
How to Profit on the FX Markets as the Yen Faces Pivotal Moment
Here’s how U.S. investors can play the underlying trends in the Japanese yen exchange.
Diane Swonk Speaks
Position: None
Chart of the Day: Looking at Apple as a New Chapter Begins
A new era with John Ternus begins for the company.