I covered some $JOET at $44.97 and $GRNY at $27.32.
I’m also adding to $MSOS long and bidding for consumer staples (under the market) — $PEP, $PG, $KMB.
Position: Long MSOS common (VL) and calls (S), PEP (S), PG (S), KMB (S); Short JOET (VS), GRNY (VS).
* Market breadth has improved.
* The Russell is crowing relative to the senior averages.
* Bonds can’t rally.
* Financials can’t hold their gains.
* Many large-cap tech stocks continue to show signs of rolling over.
* It is all $NVDA, all the time.
* On the other hand, consumer non-durables ($KO, $PEP, $PG, $KMB, etc.) are suddenly rallying today after days of weakness.
* The business media is preoccupied with silly data on September weakness. (Another CNBC Blather Survey — there have been nine discussions of this thus far today.)
A sloppy and trendless tape.
Position: Long PG (VS), PEP (VS), KO (VS), KMB (VS)
With a mere $1 billion gap in the way, SCHD is about to dethrone VIG. But bigger isn’t always better.
It’s one of those days where things looked bad, but the up and down volume statistics were equal.
I am further reducing consumer staples exposure on the strong move today and over the last week — $PEP, $PG, $KMB and $KO.
These stocks have been reasonably good performers and stalwarts in a backdrop of volatility.
The recent advance has reduced the reward vs. risk.
Position: Long PEP (VS), PG (VS), KMB (VS), KO (VS)
* TGIF!
With three hours left in the trading week, markets seem to meandering (though they have recovered about half of yesterday’s decline.
Breadth is uninspiring and so is the volume low.
The indices full of sound and fury — gapped higher, retreated, advanced and are stable now.
The strength is a bit surprising considering that yields are up for the second day in a row — and back to where the Treasury announced their intentions.
The algos seem quiet with some strength in Mag 7 after an awful day yesterday and memory/chips exhibiting some further losses.
Financials were stronger in the morning and have given up most of the gains and then some.
Consumer staples-are showing strength (with $PG and $PEP leading the way) — somewhat surprising considering the better market tone. $KO looks about to make a 52-week high.
Cannabis is trying to break out of a trading range… to the upside.
I see little in the way of extremes (from a sector or stock standpoint) or trading opportunities.
Doing mostly research and anticipating the end of a long week.
Most importantly, Ollie the doxie (I was at vet two more times in the last 24 hours) is mending and the family health issue has passed.
Position: Long PG (S), PEP (VS), KO (S)
Renewed conflict in the Middle East, Microsoft and Meta earnings and other headlines moving stocks this morning.
A 12% yield sounds better than 3%, until you look at what’s actually generating each payout.
Single-stock leveraged ETFs top 2026’s performance charts, with gains above 500%. But their own prospectuses warn investors away, and a collapse in South Korea shows what happens to retail buyers when the trade turns.
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)
