Author: Doug Kass

* And higher yields…

U.S. 10-Year Yield ripping again 📈 📈 pic.twitter.com/vHcnjfqev3

— Barchart (@Barchart) October 7, 2026

And this:

Japan is dumping US treasuries hard again pic.twitter.com/BvxFSwXTqg

— JustDario (@DarioCpx) October 7, 2026

Meanwhile, the equity risk premium deteriorates further — lending a further argument to lower forward market returns.

Position: None

Position: None

Closing Volume

– NYSE volume 5% below its one-month average 

– NASDAQ volume 7% above its one-month average 

– VIX index: down 3.29% to 15.01

Breadth

S&P 500 Sectors

% Movers

Heat Maps

Position: None

henderson

Ed has a free newsletter today and it’s a cold look at the numbers. Glaringly, he talks about the AI labs’ coming debt raises is going to be tricky due to their lack of assets compared to the neoclouds that have valuable servers, racks and GPU’s even if they’re unable to finish the sites or fufill the massive power requirements (dark GPU’s anyone). 

Free newsletter: Outside of major hyperscaler backstops, I estimate that Anthropic and OpenAI would get a speculative B or CCC credit rating, which would be insufficient for the $50bn-$100bn a year they need, in an era of historically high interest rates.https://t.co/t2mXEd7GNz

— Ed Zitron (@edzitron) October 6, 2026

Position: None

Keith and Jim share my fears about market structure:

Jim Bianco @biancoresearch says the rise of zero-day options "is outright gambling. And it's no longer investing."

"Nobody wants to go public early in the process and have their stock gyrate around like a Kalshi betting market." pic.twitter.com/0vW16pBW6o

— Hedgeye (@Hedgeye) October 6, 2026

Position: None

* Yes that is all there is — as diversification is dying

I know what you must be saying to yourselves
“If that’s the way she feels about it, why doesn’t she just end it all?”
Oh, no, not me
I’m not ready for that final disappointment

‘Cause I know, just as well as I’m standing here talking to you
And when that final moment comes, and I’m breathing my last breath
I’ll be saying to myself

“Is that all there is?
Is that all there is?
If that’s all there is, my friends, then let’s keep dancing
Let’s break out the booze and have a ball
If that’s all there is”

– Peggy Lee, Is That All There Is?   Peggy Lee — Is That All There Is? 1969

Diversification is dying.

For every $1 invested in the S&P 500, ~41 cents now goes to just the 10 largest stocks.

Nvidia, $NVDA, alone accounts for 8 cents, followed by Apple, $AAPL, at 7 cents, Microsoft, $MSFT, and Alphabet, $GOOGL, at 6 cents each, and Amazon, $AMZN, at 4… pic.twitter.com/99ZTFgNxq8

— The Kobeissi Letter (@KobeissiLetter) October 6, 2026

Why even mention any stock except hyperscalers, semis and memory companies?

Position: None