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)
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)
Here are today’s things:
* Shorted the indices: $SPY at $752.83 and $QQQ at $722.13
* Covered my index shorts for a profit: SPY at $749.63 and QQQ at $717.82
* Shorted $GRNY at $27.86 and $JOET at $45.83
* Shorted $JPM at $338.50 and covered it at $327.31
* Reshorted $JPM at $343.78
* Shorted $MS at $230.43
* Added to $MSOS at $4.65, $MSOX at $2.73, $TRLV at $8.85 and $VRND at $6.08
Position: Long MSOS (VL), MSOX (S), TRLV (S), VRND (S); Short GRNY (M), JOET (S), JPM (S), MS (S)
Back shorting GRNY ($GRNY) $27.81 and JOET ($JOET) $45.82
Positions: Short GRNY S JOET S
Here were yesterday’s things:
* New short position — Bloom Energy ($BE) at $265.39
* New option position — Bought Nvidia ($NVDA) puts
* Reshorted $SPY at $748.88 and $QQQ at $722.58
* Shorted $GRNY at $27.81
* Shorted $JOET at $45.97
* Reshorted Morgan Stanley ($MS) at $223.61
* Supersized long $MSOS at $4.46
Position: Long MSOS (VL), NVDA puts; Short SPY (VS), QQQ (VS), MS (S), GRNY (M), JOET (S), BE (S)
Back shorting ($GRNY) $27.80 and ($JOET) $46.
Short GRNY S JOET S
In the premarket gaps/markups I shorted more C ($C) $145.01 and JPM ($JPM) $340.44 (both had price targets raised by UBS: C $150, JPM $384).
Adding to GRNY ($GRNY) and JOET ($JOET) shorts
Buying MSOS ($MSOS) more aggressively. And individual names.
Positions: Long MSOS L; Short GRNY M JOET S C M JPM 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
I’m shorting more $JOET based on my reasoning last week.
Position: Short JOET (S)
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)
