SPY Short, a Size Up
I have moved to medium-sized short ($SPY) at $751.01
Positions: Short SPY M
Short Covering
I covered most of my index shorts this morning:
* SPY ($SPY) $744.47
* QQQ ($QQQ) $729.36
I will continue to trade opportunistically until there is a clear downtrend.
I am sticking with my high beta tech basket of shorts – for now.
I plan to reshort on strength – which I expect as inflows start to come in at quarter and month’s beginning.
Positions: Short SPY VS QQQ VS
Short-Term Tactics
* I was very active on the short side yesterday
On the last day of trading for the month and quarter, S&P futures rose as high as +65 handles in what seemed like an algo-driven markup — and closed about +41 handles (as it dropped about 20 handles in the last few minutes).
This morning S&P futures are -30 handles.
Ignored throughout Tuesday was a sharp rise in yields:
Observation
TLT low of the day, yields at the high of the day as quarter-end markups started early in the equity markets.
Position: None
BY Doug Kass · Jun 30, 2026, 1:09 PM EDT
As posted in my Diary, fearful of a quarter-end mark-up, I shorted equities more aggresssively yesterday — but on a scale higher (giving the market a wider berth) than I have in several weeks:
* Most notably, on strength and steadily through the day I moved from very small sized to small sized to medium sized index shorts ($SPY and $QQQ).
* I put on three tranches of my high-octane tech short basket yesterday. I can’t remember when I did so aggressively in the past but it reflects my view of the exceptionally poor reward vs. risk on the market darlings.
* I added meaningfully to my $GRNY short and added to $JOET short.
* On the buy side I added to $PEP and $PG, which should prosper in a correction.
* With the rescheduling of cannabis hearings going so well, I added to individual weed longs. The group looks like it might finally be breaking out of a range.
Position: Long PEP (S), PG (S), VRNOD (S), GLAS (S), GTBIF (S), TRLV (S), CURLD (VS); Short SPY (M), QQQ (M), GRNY (M), JOET (S), High-Beta Tech Basket
Going Medium-Sized Shorts
With S&P cash +29 handles I have moved to medium-sized short the indexes:
* SPY ($SPY) $744.28
* QQQ ($QQQ) $732.31
Positions; Short SPY M QQQ M
Going Small on Index Shorts
I moved from very small to small sized short the indexes:
* SPY ($SPY) $741.74
* QQQ ($QQQ) $728.50
Positions: Short SPY S QQQ S
Early Morning Trading (4:30 AM)
Added to Index shorts with S&P futures about +10 handles:
* $SPY $741.87
* $QQQ $725.71
Position: Short SPY (VS), QQQ (VS)
Scaling Into More Index Shorts
With S&P cash +63 handles I am scaling (slowly) into more index shorts:
* $SPY $738.98
* $QQQ $719.45
Position: Short SPY (VS), QQQ (VS)
Back Shorting the Indices
Back shorting the indices with S&P cash +55 handles:
* $SPY $738.14
* $QQQ $718.32
Position: Long SPY (VS), QQQ (VS)
Covered Index Shorts
Covered index shorts:
* SPY ($SPY) $73410
* QQQ ($QQQ) $708.47
Positions: None