Added to Index Shorts
* SPY ($SPY) $747.84
* QQQ ($QQQ) $737.13
Positions: Short SPY S QQQ S
Why I Sold AMZN, MSFT
On Wednesday afternoon (near the lows) I established longs in Microsoft ($MSFT) and Amazon ($AMZN).
I know Amazon reasonably well, not so much Microsoft (though I was prone to buy it based on Bill Ackman’s recent buy (at much higher levels) in his new publicly traded vehicle ($PSUS).
While I have successfully trafficked/traded Amazon and Microsoft on several occasions — my avoidance of the stocks reflected a generally negative view that those two constituents of Mag7 (as with the others) had morphed from a capital light to capital intensive. That metamorphosis has execution risk, increases the likelihood of lower share buybacks and provides less certainty to the profit stream.
As noted in my Diary yesterday and this morning, MAG7 in the aggregate have been awful performers — and have likely been a source of funds to buy memory and semi stocks.
I aggregated sell-side research reports on both companies last night (as I spent some portion of the evening trading ($SPY)/($QQQ) and concluded in the case of MSFT the above challenges are being exacerbated by continued changes in their AI strategy and positioning. Though I am not an expert on Microsoft, from my perch, MSFT’s estimates might be lowered.
I am not sure, however, why Amazon has been so weak, but I decided to bale on that as well. I plan on continuing to do my research on the name to get more informed and current.
From Comments Section last night:
Dougie Kass
11h ago
Sold my AMZN $239.88 adn MSFT $383.06
From earlier:
Loaded Up on Microsoft and Amazon
I bought a ton of MSFT at $378.05 and AMZN at $237.01 in the last 15 minutes of the day.
Position: Long MSFT (M), AMZN (M)
By Doug Kass · Jun 17, 2026, 4:03 PM EDT
Dougie Kass
11h ago
I am not sure I understand the after market ramp = s and p futures +64 and nasdaq futues +401
*taking profits in msft and amazn buys
shorting spy $745.81 and qqq $732.40
Position: None
Thursday Premarket Trading
With the catapult higher in stock futures I resold stock futures at around 4:10 AM:
* $SPY $746.71
* $QQQ $734.45
Position: Short SPY (VS), QQQ (VS)
Covered My Index Shorts
With S&P cash down by over -50 handles I have covered my index shorts:
* $SPY $744.95
* $QQQ $726.18
I plan to reshort any rally.
From earlier today:
Early Wednesday Morning Trading (4:05 AM)
I am back adding to index shorts with S&P futures +20 handles and Nasdaq futures +260 handles:
* SPY $752.33
* QQQ $736.17
Position: Short SPY (M), QQQ (M)
BY Doug Kass · Jun 17, 2026, 5:44 AM EDT
Position: None
Short Adds
I added to my Index shorts:
* SPY ($SPY) $751.49
* QQQ ($QQQ) $734.53
Positions: Short SPY M QQQ M
My Impulse to More Aggressively Short the Indices at 4 AM
When I awoke at 3:30 AM I saw S&P futures +20 handles and the Nasdaq futures +255 handles.
What caught my eye was the outsized gain in the Nasdaq — even though Mag 7 stocks were flat to slightly lower at around 4 AM — it was all due to gaps in semi and memory stocks (especially $MU, $AMD and $SNDK):
I shorted $SPY and $QQQ because I don’t think that outsized influence and divergence continue for a host of reasons.
Position: Short SPY (M), QQQ (M)
Early Wednesday Morning Trading (4:05 AM)
I am back adding to index shorts with S&P futures +20 handles and Nasdaq futures +260 handles:
* $SPY $752.33
* $QQQ $736.17
Position: Short SPY (M), QQQ (M)
Financial Stocks Benefit as Rotational Action Intensifies
Technology names led on Monday, but lower interest rates were the focus on Tuesday.
Adding to a Health-Related Name as SpaceX Sucks Up the Oxygen
As the action narrows, I’m continuing to raise cash.
More Morning Short Moves
More index shorts:
* SPY ($SPY) $755.18
* QQQ ($QQQ) $743.91
Short SPY M QQQ M