Understanding My Trading Moves
The following posts (in case you left early on Wednesday!) helps to explain why I got shorter (on strength yesterday) — remember I covered my index shorts on the whoosh lower at around 11 p.m. last night to take a quick profit!
PPS
Bookings shrunk and backlog did not grow!
The after-market move in Microsoft ($MSFT) reminds me of the up move Meta ($META) had based on the print and earnings per share, before the market figured out the internals — and then hammered the stock.
Obviously Google ($GOOGL) wet the bed too:
https://www.zerohedge.com/markets/msft-rises-azure-beat-bookings-shrink-and-backlog-stalls
Position: None
BY Doug Kass · Oct 28, 2026, 4:55 PM EDT
Market Postscript
* Here are my thoughts following the plethora of EPS releases after the close…
With Google’s ($GOOGL) miss (the deceleration in its core business was unanticipated by every panelist on “the show”), Meta’s ($META) continued awful share price action, Nvidia’s ($NVDA) price rollover threatening chart support, Amazon’s ($AMZN) lackluster share price action (and underperformance) and some possible toppiness in Apple’s ($AAPL) share price, we are left with one… Microsoft ($MSFT).
Meanwhile, ServiceNow’s ($NOW) disappointing results (the company cut subscription revenues for the full year) will likely weigh heavily on software stocks (which were market leaders) tomorrow morning.
I remain independent in view.
As I said in response to subscriber jryan, most stocks do not meet my standards to buy and I won’t change my process or discipline — even if Perma Bulls Tom Lee and Dan Ives (confidently) see clear skies ahead…
The S&P Short Range Oscillator registered 1.84% (more overbought than the prior day) and I ended the day with a large short position in SPY
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Position: Short SPY (L)
BY Doug Kass · Oct 28, 2026, 4:51 PM EDT
Now Large-Sized on SPY Short
I have moved to large-sized SPY short at $774.19.
Position: Short SPY (L)
BY Doug Kass · Oct 28, 2026, 4:11 PM EDT
Adding to Shorts
Bonds down, crude oil up.
I am adding to shorts.
Position: Short SPY (M)
BY Doug Kass · Oct 28, 2026, 12:00 PM EDT
Positions: None
