Earnings Dynamics Have Changed With Biggest Reports Ahead
Semiconductor weakness lifted the hyperscalers again while the market waits on the Fed.
Investors Turn Bullish on This Biotech Stock Heading Into Catalyst
Breadth holds up while chips fall, and this biotech chart is setting up ahead of earnings season.
Market Takes 1-2 Punch From Oil and Capex Fears
Rising rates and capex fears hit at the same time, but the rotation is limiting the damage.
Good Reports From Google, Texas Instruments Not Attracting Buyers
The news is hitting and there is some knee-jerk selling.
Things I Did Today
Here are today’s things:
* Covered my index shorts very early (4:30 AM) premarket: $SPY at $746.05, $QQQ at $703.66 and $IWM at $295.66
* Shorted $GRNY at $37.58
* Added to cannabis: $TRLV at $8.67 and $MSOX at $2.51
* Shorted more $JOET at $45.29
* Sold some $PG long at $150.31
Position: Long TRLV (S), MSOX (VS), PG (VS); Short JOET (S), GRNY (L)
Early Morning Trading (4:30 AM)
With S&P futures -23 handles and Nasdaq futures -225 handIes I covered my index shorts for a profit:
* $SPY $746.05
* $QQQ $703.66
* $IWM $295.66
From yesterday:
(An Updated) Things I Did Today
Here are today’s things:
* Shorted SPY at $748.67, QQQ at $709.06 and IWM at $295.97(all very small)
* In cannabis land, I added to these longs: GTBIF at $7.10, TRLV at $8.79 and VRNO at $5.69
* Added to PEP long at $134.57
* Shorted GRNY at $27.52 and JOET at $45.28
Position: Long PEP (S), GTBIF (S), TRLV (S), VRNO (S); Short SPY (VS), QQQ (VS), IWM (VS) GRNY (M), JOET (S)
BY Doug Kass · Jul 21, 2026, 2:30 PM EDT
Position: None
(An Updated) Things I Did Today
Here are today’s things:
* Shorted $SPY at $748.67, $QQQ at $709.06 and $IWM at $295.97(all very small)
* In cannabis land, I added to these longs: $GTBIF at $7.10, $TRLV at $8.79 and $VRNO at $5.69
* Added to $PEP long at $134.57
* Shorted $GRNY at $27.52 and $JOET at $45.28
Position: Long PEP (S), GTBIF (S), TRLV (S), VRNO (S); Short SPY (VS), QQQ (VS), IWM (VS) GRNY (M), JOET (S)
Shorting All 3 Indices
I shorted very small all three indices:
* $SPY $748.72
* $QQQ $709.25
* $IWM $295.97
I plan to work on a scale higher — with a wide berth.
Position: Short SPY (VS), QQQ (VS), IWM (VS)
Not Broadening
I initiated a non-broadening short, $IWM, late yesterday:
Re-shorting the Russell
I am reinitiating a short in the Russell index:
* IWM $296.08
Non-broadening philosophy.
Position: Short IWM (S)
BY Doug Kass · Jul 15, 2026, 1:47 PM EDT
And I cautioned about the vicious rotation (which I view as unhealthy):
Abby Normal… Another Market Structure Warning
* This sort of sector and sub-sector movement rarely ends well…
The violence of the market’s rotation is not a good thing.
It is only a matter of time before we see a (leveraged) hedge fund blow up.
I believe it might be presaging a market structure “event” — such as a flash crash (at some point).
Position: None
BY Doug Kass · Jul 15, 2026, 2:15 PM EDT
Position: Short IWM (M)