90 Minutes to Go
S&P Futures: -32 vs FV.
Nasdaq Futures: -430 vs FV.
10-Year Note: 4.46%.
2-Year Note: 4.05%.
3-Month T-Bill: 3.71%.
US Dollar Index: -0.33%
WTI Crude: $93.53.
Gold: +1.17%
Silver: +0.74%.
Bitcoin: -4.54%.
Position: Long physical gold & silver
The End of an Era
Since 2001, day traders in the U.S. have been required to maintain a balance of $25K in their accounts. If these traders failed to do that, they would only be permitted to execute three day trades over a five-day period. Making a fourth trade in five days would flag them as pattern day traders and they would then be locked out of their accounts. The pattern day trading rule was adopted by FINRA in 2001 in response to the collapse of the dot-com bubble. These requirements were implemented in order to cut excessive risk-taking and reduce speculative activity.
Under a new system, effective today, the $25K minimum balance has gone the way of the blacksmith. So has the rule that counts trades and so has the “Pattern Day Trader” moniker. Instead, broker-dealers will utilize new tools to assess the actual risk of any one trader’s activity.
By the way, existing margin requirements aren’t going anywhere. I, for one, am in favor of this development, as at times, I have had one smaller account or another become more active. The system did not adjust for traders with several accounts that might hold a larger balance in aggregate who needed to be active for a short time in a smaller account.
Position: None
150 Minutes to Go
S&P Futures: -33 vs FV.
Nasdaq Futures: -395 vs FV.
10-Year Note: 4.48%.
2-Year Note: 4.06%.
3-Month T-Bill: 3.71%.
US Dollar Index: -0.21%
WTI Crude: $95.27.
Gold: +0.67%
Silver: -0.15%.
Bitcoin: -4.61%.
Position: Long physical gold & silver
Rise and Shine, Sarge Is Here!
Rise and shine, cupcake. It’s Thursday morning and the pitchforks are out. Time to get after it. ]No, Wednesday wasn’t just a bad dream. Nasdaq futures are trading “ugly” this morning while S&P futures are simply trading “in the red.”
Dougie is off today. It is I, Sarge. I will be your tour guide for the day, so let’s crank it up. Coffee, push-ups (or some personally appropriate activity), repeat.
I, I’m invincible
I’m indestructible
It’s my destiny
I’m invincible
I’m unshakable
Through the truth in my soul
– John Cooper (Skillet), 2000
Rock on, my brothers and sisters. Helmets, flak jackets, gas masks and three sources of water. I want everyone out on the parade field with their gear in fifteen minutes.
Now, move…
Position: None
Must Watch Tweet of the Day
Position: None
Moving From Large to Medium-Sized
With S&P futures -73 handles (following large declines in reporting companies CrowdStrike ($CRWD) and Broadcom ($AVGO) I am covering some of my shorts from yesterday and this morning:
* $SPY $752.18
* $QQQ $741.69
From last night and during Tuesday’s regular trading session:
After-Hours Trading
At 4:55 PM Tuesday I added to index shorts:
Position: Short SPY (L), QQQ (L)
BY Doug Kass · Jun 3, 2026, 5:45 AM EDT
I moved from large-sized to medium-sized.
Position: Short SPY (M), QQQ (M)
No Need to Cover This One!
Investment short, Sleep Number ($SNBR), prepares for a bankruptcy filing.
A perpetual short that never has to be covered!
Position: Short SNBR (VS)
Wednesday’s After-Hours Advancers and Decliners
At 4:26 PM:
After-Hours % Advancers
After-Hours % Decliners
Position: None