Here are today’s things:
* Re-shorted indices — $SPY at $748.84 and $QQQ at $722.33.
* Added to $GRNY short at $27.87 — moved to large sized.
* Shorted $JPM $337.81 and $C at $142.90.
* Added to $MSOS at $4.77 and selected individual cannabis shares — $TRLV, $VRNOD, $GTBIF and $GLAS.
Position: Long MSOS (M), TRLV (S), VRNOD (M), GTBIF (S), GLAS (S); Short JPM (M), C (S), GRNY (L), SPY (S), QQQ (VS)
I moved to large-sized short GRNY ($GRNY) at $27.86.
Positions: Short GRNY L
I added to my GRNY ($GRNY) short at $27.88.
Positions: Short GRNY M
* I was very active on the short side yesterday
On the last day of trading for the month and quarter, S&P futures rose as high as +65 handles in what seemed like an algo-driven markup — and closed about +41 handles (as it dropped about 20 handles in the last few minutes).
This morning S&P futures are -30 handles.
Ignored throughout Tuesday was a sharp rise in yields:
TLT low of the day, yields at the high of the day as quarter-end markups started early in the equity markets.
Position: None
BY Doug Kass · Jun 30, 2026, 1:09 PM EDT
As posted in my Diary, fearful of a quarter-end mark-up, I shorted equities more aggresssively yesterday — but on a scale higher (giving the market a wider berth) than I have in several weeks:
* Most notably, on strength and steadily through the day I moved from very small sized to small sized to medium sized index shorts ($SPY and $QQQ).
* I put on three tranches of my high-octane tech short basket yesterday. I can’t remember when I did so aggressively in the past but it reflects my view of the exceptionally poor reward vs. risk on the market darlings.
* I added meaningfully to my $GRNY short and added to $JOET short.
* On the buy side I added to $PEP and $PG, which should prosper in a correction.
* With the rescheduling of cannabis hearings going so well, I added to individual weed longs. The group looks like it might finally be breaking out of a range.
Position: Long PEP (S), PG (S), VRNOD (S), GLAS (S), GTBIF (S), TRLV (S), CURLD (VS); Short SPY (M), QQQ (M), GRNY (M), JOET (S), High-Beta Tech Basket
Added to GRNY ($GRNY) short at $27.61.
Positions: Short GRNY M
Here are today’s things:
* Shorted $SPY at $749.07 and $QQQ at $743.67 — covered SPY at $744.80 and QQQ at $737.99.
* Added to $JOET short at $45.64 and $GRNY short at $27.63.
* Shorted a package of high-beta tech.
* Shorted more $MS at $227.32.
* Shorted more $IWM at $297.07.
* Added to longs $MSOS at $4.76, $MSOX at $3.00, $GTBIF at $7.55, $VRNOD at $5.55, $CURLD at $9.73 and $TRLV at $9.40.
Position: Long MSOS (L), MSOX (VS), GTBIF (S), VRNOD (S), CURLD (VS), TRLV (S); Short high-beta tech package, JOET (S), GRNY (M), MS (M), IWM (S)
Added to JOET ($JOET) $45.64 short at and GRNY ($GRNY) short at $27.63 .
Positions: Short JOET S GRNY M
Into this morning’s market ramp I have put back on my speculative short basket.
This is my third foray into this.
As mentioned in my GRNY ($GRNY) and JOET ($JOET) post (previous) this typically is a very very short term and opportunistic trade.
A true rental.
Positions: Short High Beta Tech Package
* Among other reasons, I now want to be short momentum.
I plan to aggressively expand my ($GRNY) short now and to continue to modestly expand my ($JOET) short (despite my fondness for its portfolio manager Joe Terranova).
Let me give you two straightforward reasons for my tactics:
* Both ETFS are grounded in momentum-based investing. Here are the holdings of GRNY (GRNY Holdings – GRNY GRNJ GRNI | Fundstrat Granny Shots ETFs) and JOET (JOET – Portfolio – Virtus Terranova US Quality Momentum ETF | Morningstar). Given my increasingly negative near term market view I want to now be short momentum (i.e., the leading edge of market leadership). Shorting these ETFs satisfies my objective of shorting momentum and conforms to my conservative risk profile and appetite, as, for me, it is too dangerous (save very very short term forays on the short side) to position short in SNDK ($SNDK), MU ($MU), AMD ($AMD), INTC ($INTC), AMAT ($AMAT) et al.
* Both ETFs rebalance with strict multi month disciplines. This disadvantages both ETFs in the event of a violent change in sector leadership. In other words, why be long a momentum based ETF if one hand is tied behind its back?
Any questions about this, please comment in The Comments Section.
Short GRNY M JOET S
Here are today’s things:
* Re-shorted $SPY at $746.68 and $QQQ at $736.53.
* Re-shorted $GRNY at $27.49 and JOET at $45.57.
* Added to cannabis longs: $MSOS ($4.69), $MSOX (new position) and GTBIF ($7.49).
* Shorted more $MS at $228.47.
Position: Long GTBIF (S), MSOS (VL), MSOX (VS); Short SPY (S), QQQ (S), GRNY (VS), JOET (VS), MS.
