Thanks for reading my Diary today and all week.

Enjoy the weekend.

Be safe.

I have covered my  (XLF)  short for a small profit.

I covered my trading short rentals at on  (AMZN)  at $193.29 and  (GOOGL)  at $183.35 — for a profit.

* The yield on the 2-year Treasury is +1 basis point to 4.722%.

* The yield on the 10-year Tresurey is +6 basis points to 4.347%.

* The yield on the long bond is +8 basis points to 4.506%.

The 2/10s curve is down to 37 bps as the slope of the yield curve normalizes.

Professor Galloway's No Mercy/No Malice ... "Age Gating."

Viking Therapeutics  (VKTX)  is +$3.25 today to $54.01.

I am taking a profit on the stock I purchased yesterday (in premarket trading) at $48.55:

Premarket Trading

* Early, today... 3:35 a.m.

I added small to (VKTX) long at $48.55.

Position: Long VKTX (S) 

JUN 27, 2024 5:48 AM EDT

I have added to my  (GOOGL)  and  (AMZN)  shorts.

* I view this as an important buying opportunity.

* The rising possibility of a Trump victory could hasten the rescheduling process.

In my judgment, market participants are taking down cannabis stocks because of the debate questions associated with the fentanyl overdose epidemic.

(With their selling) they seem to be incorrectly implying that the drug addiction issue will be a headwind to rescheduling and that a rising probability of a Trump win in November will also jeopardize the rescheduling of marijuana.

I disagree strongly on both counts.

Trump, Biden don't mention addiction treatment in debate (statnews.com)

And, importantly, as I posted this morning — the growing possibility of a Trump victory could hasten the rescheduling process:

I'm very large in cannabis now.

I have covered the balance of my  (CHWY)  short at $25.65.

The shares have declined by nearly $12 in a straight line from yesterday's short.

I have covered my  (SPY)  and  (QQQ)  common shorts for a loss.

6:40 a.m.: Fed Bank of Richmond President Thomas I. Barkin (Voter) speaks before the Global Interdependence Center/Banque de France "Central Banking Series: Paris" conference (Audience Q&A expected. Venue, other details TBA. Event information: interdependence.org/events/browse/central-banking-series-paris-2/); 

Noon: Fed Board Gov. Michelle Bowman (Voter) participates in a virtual panel discussion at the Ronald Reagan Presidential Foundation and Institute Leadership Council Conference (Audi- ence questions expected); 

Jun 30:

9:00 a.m.: Federal Reserve Bank of New York provides recording of panel remarks of Fed Bank of New York President John C. Williams (Voter) before a closed Per Jacobsson Lecture Governors' Panel organized by the Bank for International Settlements in Basel Switzerland. (Recording availability time TBA after panel ends)

* Shorted  (SPY)  $548.38

* Shorted  (QQQ)  $483.79

* Shorted  (AMZN)  $198.71

* Shorted  (GOOGL)  $184.93

* Added to  (MSOS)  $7.93

* Covered some  (CHWY)  $28.55 (Shorted $37.03 yesterday on Roaring Kitty BS)

Here are the most active pre-market exchange-traded funds as of 8:29 a.m.

Here's a chart of the big pre-market movers, percentage-wise, as of 8:49 a.m.

Upside:

-CARM +34% (announces nomination of First In Vivo CAR-M Development Candidate for Hepatocellular Carcinoma Under Collaboration with Moderna)

-OPTT +25% (signs OEM Agreement with Key Maritime Technology Provider Teledyne Marine)

-INFN +20% (Nokia confirms it will acquire INFN at $6.65/shr for EV of $2.3B via 70% cash & 30% stock)

-ESPR +19% (monetizes European royalties and announces concurrent payoff and termination of existing revenue interest facility)

-AIXI +5.3% (partners with Leading Telecommunications Provider to provide Customer Service with AI Chatbot Solution in Q2)

-CRWS +3.8% (earnings)

-GH +2.1% (Guggenheim Securities Raised GH to Buy from Neutral, price target: $36)

Downside:

-ELTX -39% (announces prelim disease-free survival analysis from the Ongoing AMPLIFY-7P Phase 1a Study of ELI-002 7PELI-002 7P administered as a monotherapy at the Phase 2 dose; files to sell public offering of common stock of indeterminate amount)

-AZTR -18% (announces 1-for-30 reverse stock split, effective Jul 1st)

-MSAI -18% (prices $10M public offering and concurrent $15M private placement for a total of $25M)

-NKE -15% (earnings, guidance)

-RCKT -13% (FDA Issues Complete Response Letter in response to Rocket’s Biologics License Application for KRESLADI)

-KRUS -11% (reports prelim Q3 revenue, cuts FY guidance)

-PSNY -6.1% (reports delayed FY23 earnings)

-MNMD -5.4% (files to sell mixed shelf of indeterminate amount and files to sell at the market offering for up to $150M)

-NRXP -3.8% (received a notice of termination of Exclusive, Global Development, Supply, Marketing & License Agreement with Alvogen)

-CCCS -3.0% (files to sell and prices secondary offering of 30M shares of common stock)

soox

Doug, after that debate I hope your year end predictions come true and neither of these guys are in the running in November.

Dougie Kass

I have strong feelings about the upcoming Election as well as the debate last night.

However, for a number of years I have refrained from discussing politics either in my Diary or in the Comments Section.

I have no intention of changing that position.

Thanks for understanding.

This table is a valuable resource for momentum-based short-term traders:

From JPMorgan:

US: Futs are higher led by RTY. Pre-mkt, MegaCap Tech are mostly outperforming: NVDA +65bp, AMZN +40bp, AAPL +54bp, GOOG/L +48bp. NKE fell 14.0% after its earnings disappointment and weak outlook from the management team. Bond yields are 0-2bp higher this morning; USD is higher. Commodities are mixed: oil and precious metals are higher; base metals are lower. Today, the macro focus will be the May PCE release to access the Goldilocks narrative. Feroli expects core PCE to print 0.14% MoM vs. 0.1% survey vs. 0.2% prior; on YoY basis, he expects core PCE to print 2.60% vs. 2.6% survey vs. 2.8% prior.

and...

EQUITY AND MACRO NARRATIVE: Today’s key macro focus will be the PCE release to assess the Goldilocks narrative. Feroli expects core PCE to print 0.14% MoM vs. 0.1% survey vs. 0.2% prior; on YoY basis, he expects core PCE to print 2.60% vs. 2.6% survey vs. 2.8% prior. Feroli flagged that FOMC’s median forecast for core PCE was 2.8% YoY in 4Q24, which can be achieved with growth of roughly +0.2% MoM for the remainder of the year. That said, with CPI and PPI both surprising to the dovish side, an in-line print should support the Goldilocks narrative and give the Fed more comfort on the disinflation progress. On yields, Jay expects a rangebound environment throughout the summer given the recent begin inflation data and a patient Fed (here).

Marijuana 'Not As Dangerous' As Previously Thought, Biden Campaign Says As It Promotes Pardons And Rescheduling In New Ads - Marijuana Moment

“When the news is wonderful and a market still can't go up, then you want to be sure to be short.”

- Michael Marcus

Bonus - here are some great links:

Here Comes July - The Best Month

A Sneak Peak into the Second Half 

There is More Than One Amazon

Rotation - Tag You Are it!

From my Surprises for 2024 Doug Kass: My 10 Surprises List for 2024 - TheStreet Pro:

Surprise #1. Donald Trump is convicted of obstruction and conspiracy.

In an agreement between the former President and the current President, Biden pardons Trump in exchange for Trump agreeing to leave the 2024 Presidential race. Governor Ron DeSantis finishes third in both the Iowa and New Hampshire primaries and drops out of the race -- with Nikki Haley capturing many of his supporters - closing the gap with Trump. Chris Christie drops out soon thereafter while Vivek Ramaswamy hangs on to the bitter end. Nikki Haley becomes the Republican Presidential nominee.

In early September, shortly after Biden wins the nomination, the President suffers a health emergency and, like Trump, leaves the race. If Trump indeed has left the race, Governor Gavin Newsom is selected as the replacement nominee for Biden. If Trump is still in the race (and not convicted) and Biden does have a health emergency, the Democrats draft Governor Gretchen Whitmer after first trying to attract Michelle Obama into the fray (she demurs). Whether the contest is between Haley/Newsom or Trump/Whitmer, the winner will be the first woman President...either Nikki Haley or Gretchen Whitmer.

There has been a consistent buyer/inflow into  (MSOS)  over the last two months.

This is the largest one-day demand factor that I can recall: 

Is it one mystery buyer?

This is a question I have been asking myself.