Pepsi Loses Its Fizz
Break in.
As expected, PepsiCo ($PEP) cuts its 2026 outlook on margin pressure.
Position: Long PEP (VS)
Not Broadening
* In fact, the markets are narrowing…
I wanted to repost this column from late yesterday afternoon:
Another Day That the Russell Isn’t Crowing
Res ipsa loquitor:
SPY -0.27%
QQQ -0.31%
RSP -0.71%
IWM -1.32%
Fortunately I have FIN TV turned off and I don’t have to hear about the market’s broadening (not!) — and how healthy the top heavy market is.
Position: Short SPY (VS), QQQ (VS)
BY Doug Kass · Oct 7, 2026, 3:51 PM EDT
Position: Short SPY (S), QQQ (S)
We’re Still Oversold
The S&P Short Range Oscillator remains oversold at -3.69% vs. -3.88%.
As noted earlier and in the Comments Section, we reshorted the indices at the beginning of the New York Yankees game last night (ugh!).
Position: Short SPY (S), QQQ (S)
Wednesday Evening Shorting
From the Comments Section:
Dougie Kass
Wednesday evening trading 740PM – shorting more Indices:
SPY $777.70
QQQ $758.99
Position: Short SPY (S), QQQ (S)
Wednesday’s After-Hours % Movers
Position: None
Wednesday’s Closing Market Stats
Closing Volume
– NYSE volume 4% below its one-month average
– NASDAQ volume 11% below its one-month average
– VIX index: up 0.53% to 15.09
Breadth
S&P 500 Sectors
% Movers
Heat Maps
Position: None
Another Day That the Russell Isn’t Crowing
Res ipsa loquitor:
$SPY -0.27%
$QQQ -0.31%
$RSP -0.71%
$IWM -1.32%
Fortunately I have FIN TV turned off and I don’t have to hear about the market’s broadening (not!) — and how healthy the top heavy market is.
Position: Short SPY (VS), QQQ (VS)
As Gold Goes So Goes Equities (Short Term)?
* Play along with me on this one!
As I have mentioned recently I have noticed that on a very short-term basis $GLD has led $SPY.
GLD has rallied about +$2.50 from the lows after being -$8.
As GLD rallied so did the SPY.
But GLD seems to be making no headway after the dead cat bounce. Will SPY resume its downtrend over the balance of the day?
Maybe.
But I have still not reloaded on the short side, save the additional short in $GRNY.
And I have certainly not replaced my covered index shorts from the whoosh lower in the AM.
Position: Short SPY (VS), QQQ (VS), GRNY (M)
Howling About Mortgage Rates
Wolf Street howls about the drag of high mortgage rates.
Mortgage Rates Jump to 7.5%, Home Buyers Pull Back Further, Demand Sags | Wolf Street
Position: None
From Wally
P.S. I am not yet bottom-fishing in financials/banks.
P.P.S. I estimate that Bank of America ($BAC) has unrealized losses in its investment portfolio (mainly U.S. Treasuries) of about $92 billion. The other major money center banks have also been “dinged” by the decimation in fixed-income prices.
Position: None