Small-Caps Lead a Broad Rally as Tech Bounce Stalls
Easing long-term yields and oil prices lifted the Russell 2000 to its best day since early August and saw 9 of 11 S&P 500 sectors higher, even as weakness in Tech dragged on the cap-weighted index.
Chip Selloff Keeps a Lid on Indices Despite Another Day of Broader Gains
Eight of 11 sectors rose and the Dow Jones Industrial Average gained for a third straight day, but another selloff in chipmakers kept the S&P 500 little changed and the Nasdaq in the red on the lightest volume of the year.
Covered CRM
I covered my ($CRM) $258.54 (-$5.85) and ($JPM) $356.80 (-$5.25), trading short rentals just now.
I plan to re-short strength.
Positions: None.
Things I Did Today
Here are today’s things:
* I shorted more $SPY at $770.05 and SPY calls.
* I reshorted $CRM at $263.66 and $JPM at $360.35.
* I shorted $SNOW at $377.51 and covered at $368.01.
* I sold my $GLD long at $411.65.
Position: Short SPY common (L), calls (S), CRM (S), JPM (S)
More Early Thursday Morning Trades
* At 4:45 AM…
I reshorted $CRM at $259.59.
Position: Short CRM (S)
Covered My Salesforce Short
Trading short rental Salesforce ($CRM) is more than $10 lower than the day’s highs and is -$4.00 on the day.
I covered my CRM at $254.01 and I plan to reshort on strength.
Position: None
Adding to 2 Shorts
I added to two shorts:
* JPM ($JPM) $359.47
* CRM ($CRM) $258.89
Positions: Short JPM S CRM S
Things I Did Yesterday
Here are Monday’s things:
* I reshorted the indices after the market closed last night — $SPY at $767.32 and $QQQ at $717.13.
* I added to my $MSOS common at $4.94 and call long positions (slightly out of the money for September and October).
* I added to $VRNO at $6.12.
* I initiated a very small $GLD long at $405.42 (which I added to overnight at $401.28).
* I added to my $CRM short at $260.24.
* I reshorted the private equity space — $APO at $137.61, $BX at $142.94 and $KKR at $110.63.
* I reshorted $CRWV at $85.02.
* I reshorted $JPM at $356.14.
Long MSOS common VL calls S VRNO S GLD VS
Position: Short SPY (S), QQQ (S), CRM (S), CRWV (VS), APO (VS), BX (VS), KKR (VS), JPM (S)
Adding to CRM, Bidding for VRNO
I added to my CRM ($CRM) short at $258.95 this morning.
I am bidding for VRNO ($VRNO) at $6.05 now.
Positions: Long VRNO S; short CRM S
Thanks to Salesforce, ServiceNow, the Contrarian SaaS Bet Is Paying Off
The Software-as-a-Service (Saas) apocalypse hasn’t arrived, despite the growth of AI.