Unfriendly Fed and Meta Disappointment
The hawkish bloc is growing, and the rotation that was absorbing the damage reversed.
Investors Turn Bullish on This Biotech Stock Heading Into Catalyst
Breadth holds up while chips fall, and this biotech chart is setting up ahead of earnings season.
Added to Index Trading Longs Rentals
Added to index trading long rentals: SPY ($SPY) $737.11 and QQQ ($QQQ) longs $676.73.
Positions: Long SPY S QQQ S.
Long Trading Rental on Indexes
I have taken a long trading rental in the indexes (on the oversold):
* SPY ($SPY) $737.80
* QQQ ($QQQ) $678.04
At the time of publication, Kass was long SPY VS QQQ VS
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)
RSP vs. SPY: Does Diversification Require Equal Weight?
The equal-weight RSP solves the S&P 500’s concentration problem, but not for free. Which one makes sense for you?