As of 4:25 pm:

After-Hours % Advancers

After-Hours % Decliners

Position: None

Closing Volume

– NYSE volume 7% below its one-month average 
– NASDAQ volume 43% above its one-month average 
– VIX index: down 1.49% to 19.20

Breadth

S&P 500 Sectors

% Movers

Nasdaq 100 Heat Map

Closing S&P Heat Map

Position: None

I am taking trading long rental positions in Google (GOOGL) at $344.23, Amazon (AMZN) at $235.22 and Microsoft (MSFT) at $368.15.

It’s a contrary sentiment trade — with investors now jettisoning the sector — also with a short half-life.

Position: Long GOOGL (VS), AMZN (VS), MSFT (VS)

I’ve made no trades since the last report.

Position: None

Breadth mixed (but sector divergences are wild), trading inconsistent and swinging wildly intraday:

* Despite the evisceration of tech yesterday, there are few tech stocks higher on the day — Google (GOOGL) (DJIA inclusion), Amazon (AMZN), Apple (AAPL)

League leading hitter, Nvidia (NVDA), has cracked to the downside some fractal support

* Hard reversal lower in financial stocks

* Carnage in the oil patch (OIH -$13) with oil -$2.65

* Consumer staples are the world’s fair (KO, PEP, PG and KMB)

* Private equity shares are breaking down (after more redemptions and gates)

* Bitcoin breaks $60k to the downside (remember this was one of the possible catalysts I mentioned to a disrupted market filled with leveraged players)  

* Speculative faves PLTR (don’t investors ever learn?) and HOOD are breaking down

Position: Long KO (S), PEP (S), PG (S), KMB (S)

“I give it a 75 I like the jump and everything but Nancy SInatra is not right for the music.”

– American Bandstand 

American Bandstand 1966 -Rate-A-Record -These Boots Are Made For Walkin’, Nancy Sinatra/Jewel Akens

It is no longer news in Iran that is moving the markets. It’s market structure (gamma squeezes, double/triple-levered ETFs, etc.) that is moving the markets.

As they said on American Bandstand, I give it a 70 — nice tune but hard to dance to.  

American Bandstand – Record Review 

As I wrote earlier:

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A Key Observation

This is one of the strangest and most difficult markets to navigate:

* Intraday volatility is extreme

* Sector rotation is also heightened

…In the market with no memory from day to day.   

I have decided to trade less of the indices and concentrate my efforts on individual longs and shorts, where I have strong conviction.

Position: None

BY Doug Kass · Jun 24, 2026, 11:15 AM EDT

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Position: None

From Charlie!

The Week in Charts (6/24/26) – Charlie Bilello’s Blog

Position: None

If the daily average volume in the JOET ETF was greater than it is I would be much larger in this short for the reasons mentioned earlier this week.

Specifically, the quarterly rebalancing for the momentum-based fund is disadvantageous in a market with violent swings and rotation.

This helps to explain the ETF’s underperformance relative to the momentum indices and other momentum-based ETF.

Good guy, bad structure (with one hand behind his back).

Position: Short JOE (TS)

Here are today’s things: 

* Added aggressively (again) to cannabis: VRNOD at $5.35, GLASF at $11.80, GTBIF at $7.12, TRLV at $8.06 and MSOS at $4.43.

* Shorted more JOET at $45.33.

* Repurchased consumer staples: KMB at $105.15, KO at $81.01, PG at $151.37 and PEP at $142.01. 

Position: Long MSOS (L), GLASF (S), GTBIF (S), TRLV (S), KMB (S), KO (S), PG (S), PEP (S), VRNOD (S/M); Short JOET (S)

From Peter Boockvar:

The growing competition with China/DXY/Earnings calls/Overseas

I wrote this in September 2025, “I will continue to highlight the growing commercial competition between the US and China and that US technology companies have a rival the likes they are not used to seeing.” I repeat this in light of the growing reality that US GenAI models now have to compete with its Chinese rivals but also ahead of Micron’s earnings tonight. If it’s a stock you own and/or follow, make sure to familiarize yourself with ChangXin Memory Technologies or CXMT who is going public possibly in July in Hong Kong. They are China’s top DRAM manufacturer. SemiAnalysis, the well know semi research firm, wrote yesterday “China’s CXMT is Set to Challenge DRAM Incumbents…The company is likely to become the largest semiconductor IPO in China and mark a major milestone for the country’s leading memory manufacturer, which is also destined to compete only more fiercely with the leading memory suppliers of Samsung, SK Hynix, and Micron from here.”

On the NAND side, competing against Sandisk and Western Digital is Yangtze Memory Technologies. I bring this up again to just to highlight that US tech investors need to keep a very close eye on the growing competition from China tech because as we’ve seen, many Chinese companies first prioritize market share over profit margins.

The US dollar rally has been impressive with the euro/yen heavy DXY now at the highest level since May 2025 but it is now the most overbought, according to its 14 day Relative Strength Index, since September 2022. As I continue to believe that we’re in a new world of more diversified global trade and capital flows, I’m not a believer in the sustainability of the rally. The corollary with the dollar strength is continued gold weakness, though I remain positive and long with the continued theme of central bank buying that I believe will persist.

DXY

I’ll next jump to some earnings calls of note.

From FedEx, down pre market:

“We have continued to help our customers navigate a very dynamic and complex environment, the implementation of global trade policy changes, geopolitical unrest in the Middle East, and the IEEPA refund process. In April, we began to file claims with CBP on behalf of our customers, and beginning in August, we will be passing these refunds through to our customers.”

They saw 14% revenue growth, “supported by yield strength across all services, and volume growth aligned with our commercial strategy. This growth includes a 5 percentage point benefit from fuel price driven surcharge revenue.”

To what I keep hearing about order pull forwards and have been highlighting here, “I do think that there’s a little bit of inventory buildup and restocking going on, but phenomenal, successful quarter.”

They are also benefiting from the data center buildout. “The AI and data center space is an emerging and rapidly scaling growth engine for us, delivering double digit revenue growth. Rather than a narrow vertical, this space represents a horizontal ecosystem. We are capturing demand across the entire value chain, from traditional hyperscalers to the industrial and power infrastructures that support these massive build outs.”

Oil prices, particularly diesel, has of course fallen back down again but they said “I was concerned a quarter ago that we maybe would see some demand destruction. That has not at all been the case. We’re growing around the world and we have seen no impact to demand because of the elevated fuel prices.”

From KB Homes that is trading up pre market:

“Although buyers continue to demonstrate the desire for homeownership and the ability to qualify, consumer confidence remains low, driven by a variety of factors, from elevated mortgage interest rates and affordability pressures to rising inflation and geopolitical uncertainties. We continue to attract a healthy level of traffic to our communities, signaling both consumers’ interest in purchasing a home and the appeal of our locations and products, and our cancellation rate was stable, reflecting high quality, committed buyers who can close. However, market conditions precipitated a less than optimal conversion of traffic to sales as many consumers lacked the confidence to purchase, resulting in a community absorption rate of four net orders per month.”

“To wrap up, while the spring selling season was softer than expected given consumer affordability challenges and uptick in mortgage interest rates and broader macroeconomic and geopolitical uncertainty, we made meaningful progress in returning to a predominantly build-to-order business and positioning our operations for future profitable growth.”

From Carnival and whose stock fell 5% yesterday because of a revenue miss:

“Yields exceeded expectations on resilient close-in demand and robust onboard spending.”

“while we are incredibly resilient to major external shocks, we are not immune, and near term disruption can affect the timing of results, especially when it persists for an extended period of time. Accordingly, our second quarter operational outperformance and accelerated cost efforts are offsetting the moderation we’ve incorporated into our back half outlook given the impact of the prolonged conflict. Specifically, this moderation was concentrated on our European deployments, particularly in the Med region, which were closest to the conflict. And it was further exacerbated by elevated airfares and reduced international flight capacity for North American guests. So yes, this did put a bit of a dent in our trajectory.”

With little change in the average 30 yr mortgage rate at 6.59%, purchase applications fell .6% w/o/w but up 2.8% y/o/y. Refi’s rose 3% w/o/w after a 4.5% drop in the week before and higher by 17% y/o/y.

This is one of the strangest and most difficult markets to navigate:

* Intraday volatility is extreme

* Sector rotation is also heightened

…In the market with no memory from day to day.   

I have decided to trade less of the indices and concentrate my efforts on individual longs and shorts, where I have strong conviction.

Position: None

Volume

– NYSE volume 15% below its one-month average  
– NASDAQ volume 19% above its one-month average;
– VIX index: down 4.26% to 18.66

Breadth

S&P 500 Sectors

% Movers

Nasdaq 100 Heat Map

Position: None

Tech (XLK) vs Financials (XLF) vs. Consumer Discretionary (XLY) as of 10:08 AM:

Position: None

Trulieve’s (TRLV) shares have been under pressure because of the malaise in the cannabis space and the proposed sale of 2.5 million shares by the company’s founder, Kim Rivers.

As expressed in my cannabis update yesterday, I believe an extraordinary reward vs. risk exists today.

As to Trulieve, based on Rivers’ SEC reporting I believe she is close to completing her sales (which were previously planned for in a filing).

After she completes those sales I expect the company to implement their authorized company buyback.

I would further note that a large portion of the cannibas company’s operations are medical-use based, which has already been rescheduled. 

Position: Long TRLV (S)  

I am not great on technicals.

But from a fractal standpoint, Nvidia (NVDA) broke an important technical line yesterday.

Position: None

Would You Trust AI for Ethical Advice? – Knowledge at Wharton

Position: None 

Position: None

Position: None

From Helene’s latest column “Signs of Speculation With a 4 Billion Share Penny Stock Trading Frenzy“:

Back on May 6th, Nasdaq had 122 stocks making new lows. Tuesday, there were 279 stocks making new lows. So, under the surface, we’re seeing a reduction in stocks making new highs and an increase in those making new lows. Not exactly the healthiest market.

Position: None

Up, down, up, down, up, down. (I counted at least three moves of 25 handles, while I was awake trading!)

The Spoos were more active than a bed bug last night — moving, in aggregate about one percent.

I traded SPY and QQQ profitably/aggressively but since they are closed out there is no need (or value) to recap the specific trades.

I approach evening trading opportunistically — and find a lot of inefficiencies, perhaps explaining why about one-third of my trading/investing is done in the after and pre markets.

I currently have no index positions.

Position: None

The Short Range S&P Oscillator remains firmly in overbought territory at 2.44% vs. 2.34%.

Position: None