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.
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 $295.97
I plan to work on a scale higher — with a wide berth.
Position: Short SPY (VS), QQQ (VS), IWM (VS)
There Are 2 Ways to Trade Earnings Reports. Only One Is a Real Strategy.
Most investors treat earnings reactions like a bet at the casino. Here’s the smarter approach.
Market in No Rush to Buy Dips Ahead of Big Tech Earnings
The action quickly turned dreary as there has been no rush into stocks despite sharp pullbacks.
To Whom It May Concern…
The semis are wobbling and everyone is talking about Korea. No wonder we’re starting to see some concern. Just don’t call it panic.
Don’t Be Fooled. There’s Ugliness Hiding Under the Surface.
The indexes Thursday did not reflect the carnage in recent leaders and chip names and the ‘aroma of fear.’
Covering Index Shorts
With this intraday drop I am covering my Index shorts for a quick profit:
* SPY ($SPY) $753.73
* QQQ ($QQQ) $716.97
From earlier:
Sizing Up to … Small on Index Shorts
I have moved from very small to small-sized short the indexes:
* SPY (SPY) $755.12
* QQQ (QQQ) $723.12
I plan to scale on any more strength.
Positions: Short SPY S QQQ S
BY Doug Kass · Jul 15, 2026, 9:47 AM EDT
Positions: None.