There Was More Than One Comeback Last Night!

* The NY Knicks had the greatest comeback in NBA Finals Playoff history

* The S&P and Nasdaq futures’ recovery was not far behind…

S&P futures were -45 last night (at the lows) and are now +55 handles — a rally of +100 handles on no news!

I am covering the balance of my index longs from last night (at 508 AM):

* $SPY $731.39

* $QQQ $702.46

From last night:

Dougie Kass10h ago

I have reestablished a trading long rental in the Indices: 
* SPY  $723.35
* QQQ $690.05

Dougie Kass 9h ago

The after hours has grown volatile.

Futures were down 45 handles from the close, now -17 handles 

I want to enjoy the Knicks game.

I covered 745PM most of my Index longs for a small profit – now very small: 

SPY $723.55

QQQ $691.53  

Position: None

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Posted by Doug Kass

Doug Kass is a world-renowned hedge fund manager with decades of experience and success navigating through some of the most turbulent periods in market history. He is known for his time-tested analytical skills and ability to look past the current noise and herd mentality. On TheStreet Pro, Kass provides frequent market commentary and investing ideas for active investors throughout each trading day in Doug’s Daily Diary. He also serves as president of Seabreeze Partners Management Inc. Previously, he served as a senior manager at Omega Advisors, a $6 billion investment partnership. He co-authored a book with Ralph Nader and the Center for the Study of Responsive Law called “Citibank: The Ralph Nader Report” and can be found as a guest host on CNBC's "Squawk Box." A Note from Doug: Current strategies and actionable trade ideas -- all on one dynamic platform built exclusively for active trades. From sudden sell-offs to sudden spikes, TheStreet Pro arms you with crucial analysis -- at a rapid fire, professional pace -- to help you make sound trading decisions -- every day, every hour, and every minute. Join me and my team of professional traders for unique perspectives and breakthrough investment opportunities.

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