Stay Tuned
If $GLD leads $SPY as I suggested it might, the strength in GLD augurs well for stocks into the expiration.
Position: None
Things I Did Today
Here are today’s things:
* I covered the balance of my short indices:
$SPY $760
$QQQ $717.65
* I added to $MSOS common at $4.81 and calls, and to Trulieve ($TRLV) at $10.85 and Green Thumb (GTBIF) at $7.29.
* I added small to $PEP at $130.09.
* I added to $GRNY short at $27.71
Position: Long MSOS common (VL) and calls (M), TRLV (VS), GTBIF (S), PEP (VS); Short GRNY (M)
In Case You Missed It (My Gold/SPY Post)
I posted this last night (many missed it) about $GLD correlating to short-term moves in the S&P Index $SPY.
So far, so good, with S&P cash -14 handles this morning:
Post Script
* Looking at correlation between GLD (leading) and SPY (lagging)…
Not exactly an awful close, but the S&P Index did fall about 11 handles (as GLD fell by over -$3) —modifying this post:
Just Wishin’ and Hopin’?
Just a quick observation.
Gold seems to be moving with equities.
Actually it has been moving slightly ahead of stocks — by anticipating some short-term movement.
If that is the case, with GLD trading down from $401.44 to $388.75 — some stock weakness may lie ahead over the balance of the day.
Or I may be wishin’ and hopin’ like Dusty Springfield.
Wishin’ And Hopin’ (Stereo Version)
Position: None
BY Doug Kass · Sep 17, 2026, 2:50 PM EDT
This might be a reasonable tool for short-term traders. I will watch the correlation in the days ahead.
Position: Short SPY (S)
BY Doug Kass · Sep 17, 2026, 5:37 PM E
Positions: None.
Post Script
* Looking at correlation between $GLD (leading) and $SPY (lagging)…
Not exactly an awful close, but the S&P Index did fall about 11 handles (as GLD fell by over -$3) —modifying this post:
Just Wishin’ and Hopin’?
Just a quick observation.
Gold seems to be moving with equities.
Actually it has been moving slightly ahead of stocks — by anticipating some short-term movement.
If that is the case, with GLD trading down from $401.44 to $388.75 — some stock weakness may lie ahead over the balance of the day.
Or I may be wishin’ and hopin’ like Dusty Springfield.
Wishin’ And Hopin’ (Stereo Version)
Position: None
BY Doug Kass · Sep 17, 2026, 2:50 PM EDT
This might be a reasonable tool for short-term traders. I will watch the correlation in the days ahead.
Position: Short SPY (S)
Pack Your (Money) Bags. It’s Time to Hit the Road to Greener Markets.
Here’s why you should use this Vanguard ETF to move some of your money outside of the U.S.
Things I Did Today
Here are today’s things:
* I shorted the indices:
$SPY $761.34
$QQQ $714.29
* I shorted more $JOET at $44.94 and $GRNY at $27.65.
* I added to $GTBIF at $7.40 and $MSOS at $4.92 longs.
* Liquidated $GLD at $398.35.
Position: Long MSOS common (VL) and calls (S); Short SPY (S), QQQ (S), JOET (S), GRNY (S)
SPY, QQQ Moves
With S&P futures +97 handles and Nasdaq futures +465 handles, I am putting on my next tranche of Index shorts:
* SPY ($SPY) $763.84
* QQQ ($QQQ) $716.72
I continue to scale on strength.
My objective is to be medium sized on any further rally.
Positions: Short SPY S QQQ S
Adding to Index Shorts
Added to Index shorts:
* SPY ($SPY) $760.52
* QQQ ($QQQ) $712.71
Positions: Short SPY S QQQ S
Trading the Market That I Face
Yesterday we covered all our short index exposure into weakness.
I am reacting to the robust rally from yesterday afternoon’s swoon (and changing risk ranges).
With S&P futures +64 handles and Nasdaq +323 handles I have re-shorted the indices (very small):
* $SPY $760.73
* $QQQ $712.55
Given the momentum-based, algo-dominated market (“buyers buy strength and sell weakness”), I plan to give Mr. Market a wider berth on my scaling into a larger position.
In other words, I am trading in the market that I face, not the market that I want!
I am confronting the previously mentioned machines with technology (and fractal analysis) (h/t Hedgeye) and risk management/discipline.
Position: Short SPY (VS), QQQ (VS)
Things I Did Today
Here are today’s things:
* I covered my short $SPY calls in the morning’s weakness.
* I added to my $MSOS common at $4.88 and to MSOS calls.
*I added to my $GLD long at $391.55.
Position: Long MSOS common (VL) and calls (S), GLD (M)