Author: Doug Kass

TREASURY AUCTIONS:

11:30AM: Treasury hosts a $69B 17-Week Bill Auction

1:00PM: Treasury hosts a $25B 30-Year Bond Auction

2:00PM: Treasury buyback (liq support)

FED SPEAKERS:

11:30AM: Fed Bank of Boston President Collins (Non-Voter) delivers remarks and participates in fireside chat before the Boston Economic Club, Boston, MA (No media Q&A. Livestream at bostonfed.org)

1:15PM: Fed Bank of Minneapolis President Kashkari (Voter) participates in moderated discussion hosted by the St. Paul Area Chamber, St. Paul, MN. (Audience Q&A expected. No media Q&A. No prepared/embargoed text. Livestream at minneapolisfed.org/live);

7:00PM: Fed Bank of Dallas President Logan (Voter) participates in moderated conversation on the energy sector before a “Global Perspectives” event hosted by the Federal Reserve Bank of Dallas and the Dallas Citizens Council, Dallas, TX (Livestream available)

ECONOMIC CALENDAR

Position: None

* In which the irrational is being rationalized (or ignored) by the bullish cabal

Amid deteriorating market breadth, 

rising interest rates,

The U.S. 30-Year Yield is now 5.03%.

It has only been higher for a handful of days in the last 19 years. And it is now just 8 basis points from a new 19-year high. pic.twitter.com/bLBL4NzjQe

— Jim Bianco (@biancoresearch) May 13, 2026

and inflation, improvisational foreign policy, the proliferation of 0DTE options and two-to five-time inverse ETFs, Cathie Wood’s proud admission of large investment losses (which is not viewed as an “asset” to her strategy),

It’s a very under-appreciated asset associated with her strategies pic.twitter.com/Oym6IHsVKz

— Dr. Rajiv Doodad (@DoodadDoctor) May 13, 2026

and a +$5 overnight rise in Nvidia’s ($NVDA) share price (because Jensen Huang is accompanying President Trump to China) 

BREAKING: President Trump says "the great" Jensen Huang of Nvidia, $NVDA, is currently on the Air Force One with him on the way to China.

Trump says Elon Musk, Tim Cook, Larry Fink, Stephen Schwarzman, David Solomon, and many other CEOs are joining him on the trip. pic.twitter.com/RSqvlZYbN8

— The Kobeissi Letter (@KobeissiLetter) May 13, 2026

— equity futures are rebounding mightily this morning (after yesterday’s short-lived swoon).

Like Stanley Kramer’s 1963 movie It’s a Mad, Mad, Mad, Mad World, a legendary, star-studded comedic epic about a group of strangers racing across California to find a hidden treasure. It is famous for its massive slapstick scenes, numerous cameos, and an ensemble cast including Spencer Tracy, Milton Berle, and Ethel Merman.

But our markets have their own cast of contributing perennial bulls (and comediennes) that worship at the altar of price — that we watch daily in the business media. We no longer mention these actors (and nameless machines/algos) that are looking for investment treasures as we prefer to criticize by category and praise by individual. 

It’s truly A Mad, Mad, Mad, Mad World.

Read on about the markets which, to paraphrase Warren Buffett, are now feeling less like a church and more like a casino…

Position: None

Only in Cathie Wood’s world would anyone have the nerve to tweet this out:

It’s a very under-appreciated asset associated with her strategies pic.twitter.com/Oym6IHsVKz

— Dr. Rajiv Doodad (@DoodadDoctor) May 13, 2026

Position: None

After-Hours % Advancers

After-Hours % Decliners

Position: None

Closing Volume

– NYSE volume 12% above its one-month average 

– NASDAQ volume 9% above its one-month average

– VIX index:  down 2.29% to 17.96

Breadth

S&P 500 Sectors

% Movers

Nasdaq 100 Heat Map

Closing S&P 500 Heat Map

Position: None

I was scaling up on strength in my short $SPY, but I took my short in right after the close at $737.40 for a small gain.

I want a good night’s sleep!

Thanks for reading my Diary today.

Enjoy the evening. 

Be safe.

Position: None

I am shorting $SPY at $737.27

Position: Short SPY (VS) 

Wolf Street howls about the Fed’s “real rates” being negative.

Position: None