More Reasons to Pay Attention to Micron’s Earnings and Guidance
SK Hynix is teeing up a U.S. IPO, and it stands to benefit these two holdings.
Broadcom and OpenAI Make an AI Chip Splash with Jalapeño
This is the opening salvo in their relationship, but Broadcom has other irons in the AI infrastructure fire.
Chart of the Day: Meta’s Technicals Continue to Erode
Headwinds continue for this mega-cap name but some support is not far away.
Key Observation (Part Deux)
Breadth mixed (but sector divergences are wild), trading inconsistent and swinging wildly intraday:
* Despite the evisceration of tech yesterday, there are few tech stocks higher on the day — Google ($GOOGL) (DJIA inclusion), Amazon ($AMZN), Apple ($AAPL)
League leading hitter, Nvidia ($NVDA), has cracked to the downside some fractal support
* Hard reversal lower in financial stocks
* Carnage in the oil patch ($OIH -$13) with oil -$2.65
* Consumer staples are the world’s fair ($KO, $PEP, $PG and $KMB)
* Private equity shares are breaking down (after more redemptions and gates)
* Bitcoin breaks $60k to the downside (remember this was one of the possible catalysts I mentioned to a disrupted market filled with leveraged players)
* Speculative faves $PLTR (don’t investors ever learn?) and $HOOD are breaking down
Position: Long KO (S), PEP (S), PG (S), KMB (S)
I Like the Tune, But It’s Hard to Dance To
“I give it a 75 I like the jump and everything but Nancy SInatra is not right for the music.”
– American Bandstand
American Bandstand 1966 -Rate-A-Record -These Boots Are Made For Walkin’, Nancy Sinatra/Jewel Akens
It is no longer news in Iran that is moving the markets. It’s market structure (gamma squeezes, double/triple-levered ETFs, etc.) that is moving the markets.
As they said on American Bandstand, I give it a 70 — nice tune but hard to dance to.
American Bandstand – Record Review
As I wrote earlier:
A Key Observation
This is one of the strangest and most difficult markets to navigate:
* Intraday volatility is extreme
* Sector rotation is also heightened
…In the market with no memory from day to day.
I have decided to trade less of the indices and concentrate my efforts on individual longs and shorts, where I have strong conviction.
Position: None
BY Doug Kass · Jun 24, 2026, 11:15 AM EDT
Position: None
Good Guy, Bad ETF Structure
If the daily average volume in the $JOET ETF was greater than it is I would be much larger in this short for the reasons mentioned earlier this week.
Specifically, the quarterly rebalancing for the momentum-based fund is disadvantageous in a market with violent swings and rotation.
This helps to explain the ETF’s underperformance relative to the momentum indices and other momentum-based ETF.
Good guy, bad structure (with one hand behind his back).
Position: Short JOE (TS)
The Mid-Term Election Race Is Heating Up, and So Is the Advertising Spend
Facebook and Google are positioned to profit amid the larger shift to digital advertising.
