The Nasdaq closed at a record, and the S&P 500 came within a whisker, as the rally broadened for a second straight session, even as 10 and 30-year yields climbed to their highest close since 2002.
Here are today’s early things:
* I am back shorting the indexes: $SPY $770.89 and $QQQ $752.24
* I added to $MSOS $4.45
* I initiated a short in $NVDA $235.91.
Positions: Long MSOS common VL calls S; Short NVDA VS SPY S QQQ S
I am back shorting the indexes on a scale this morning.
The proximate causes include (as I mentioned midday on Friday):
* Most importantly the inability for bond yields to stabilize even after Friday’s weak jobs report.
* As financials go so goes the markets? Banks, after a deadcat bounce, are stinking up the joint.
* The continued dollar strength is likely to put pressure on the price of gold. I have observed that $GLD leads equities recently.
* My calculus on fair market value for the S&P is much lower than current cash levels.
And all the other fundamental and valuation concerns I have !
Positions: Short $SPY VS $QQQ VS
With S&P cash +13 handles I am back shorting the indexes:
* $SPY $770.45
* $QQQ $752.01
Positions: Short SPY VS QQQ VS
Payrolls missed every estimate, raising bets for an October FOMC hold, and the Nasdaq-100 powered to a record high. But Treasury yields reversed an early drop.
Here are today’s things:
* I shorted $SPY at $771.85 and $QQQ at $752.11.
* I covered SPY at $767.90 and QQQ at $748.45.
* I added to $MSOS at $4.40, $GLAS at $5.10 and $GTBIF at $6.66.
Position: Long MSOS common (VL) and calls, GLAS (S), GTBIF (S)
I covered the balance of my index shorts (for a profit):
* $SPY $767.36
* $QQQ $747.36
Position: None
With S$P cash +42 handles I took in half of my Index shorts on the reversal from the highs (for a profit):
* $SPY $768.38
* $QQQ $749.32
Position: Short SPY VS QQ VS
I have moved from very small to small sized short the indexes:
* $SPY $771.79
* $QQQ $752.41.
Positions: Short SPY S QQQ S
With S&P futures +66 handles and Nasdaq futures +335 handles I am starting a short scale on the Indexes:
* $SPY $770.73
* $QQQ $750.60
Look at the weak average hourly wage data – I am ever more convinced that with real wages dropping since April 2026 and the large drawdown in the savings rate, the consumer is weakening more than consensus realizes.
Positions: Short SPY VS QQQ VS
