The Information Was Fine. The Reactions Were Not.
The gloom is thick, but fundamentals are not the problem. Plus, an important reminder for investors after a trying week.
Profiting From the QQQs
I sold my $QQQ trading long rental right after the close at $684.21 for a small profit.
Position: None
Back Long QQQ
I’m back long (trading rental) in $QQQ at $682.95 — on the greater oversold.
Position: Long QQQ (VS)
… And, I Sold QQQ
Sold my QQQ ($QQQ) trading long rental at $690.70 for a profit.
Positions: None.
Adding to QQQ
I added to my QQQ ($QQQ) trading long rental at $685.36
Positions: Long QQQ S
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)