I have a call at 1130 AM and a research call at 1:30 PM today.

Both will take about thirty minutes.

Position: None 

– NYSE volume 35% below its one-month average; 
– Nasdaq volume 33% below its one-month average; 
– VIX index: down 0.63% to 15.74

Positions: None.

We initiated a Bloom Energy (BE) short yesterday.

Today it is -$19.

Position: Short BE S

For the second time in a month MSOS (MSOS) is my Trade of the Week.

Investors are likely misinterpreting the progress at the current hearings that l expect will lead to a rescheduling of adult recreations use of cannabis.

I have aggressively added to MSOS and the individual stocks in this period of weakness for the previous reasons mentioned in my Diary (markets are stabilizing, the fiscal debt cliff has been resolved with numerous refinancings (at favorable terms), likely resolution of tax (UTP) and custodian issues that will lead to rising institutional demand, etc..)

Positions: Long MSOS VL

Positions: None.

Moved to small-sized index shorts:

* SPY (SPY) $753.10
* QQQ (QQQ) $723.35

Positions: Short SPY S QQQ S

While I don’t think this initiative has a material meaning or consequence, it probably contributed to some confusion and likely took cannabis stocks lower late Thursday.

I was an aggressive buyer (as previously noted) in the correction:

Massachusetts Initiative To Roll Back Marijuana Legalization Officially Qualifies For November Ballot – Marijuana Moment

Position: Long MSOS VL 

* Whoa Nelly!

Here is a terrific chart which graphically shows how much share of the stock market technology has risen over the last three decades:

Positions: None.

Added to following shorts:

* SPY (SPY) $752.76

* QQQ (QQQ) $722.46

* GRNY (GRNY) $27.86

Positions: Short SPY VS QQQ VS GRNY M

Upside:

-WDFC +16% (earnings, guidance)

-EQPT +12% (raises guidance and announces buyback program)

-CRCL +11% (receives OCC approval to establish First National Digital Currency Bank)

-CCC +9.5% (considering sale and hires Morgan Stanley as advisor)

-PERF +9.2% (enters going-private merger agreement at $2.00/shr cash)

-SEI +4.8% (to replace CPRX in the S&P SmallCap 600 Index)

-TWLO +2.6% (Stifel Nicolaus Raised TWLO to Buy from Hold, price target: $260)

-UUUU +2.5% (insider buys)

Downside:

-SILO -20% (prices private placement of 620.0K shares at $6.452/shr with warrants)

-FRMI -13% (prices upsized $375M 5.00% convertible senior notes due 2031)

-BKD -5.6% (reports June operating metrics including occupancy)

-SXT -3.7% (Holder reportedly said to be offering 2.05M shares at $114-116/share worth $237.7M in block trade)

Positions: None.

Positions: None

From The Stock Trader’s Almanac:

NASDAQ’s annual “Christmas in July” Midyear Rally, defined as the last three trading days of June through the first nine trading days of July, is nearing its conclusion, and 2026 has largely followed the script. After a powerful advance into late June, the rally did pause as traders locked in gains, digested fresh economic data and reacted to the latest headlines. As of today’s close, July 9, NASDAQ has advanced 3.35% with three trading days to go.

While the final outcome remains to be seen, the recent consolidation is not unusual and fits the historical tendency for the rally to experience brief interruptions before a final push. Since 1985, this 12-trading-day seasonal window has produced an average gain of 2.5% and finished higher in roughly four out of every five years, making it one of NASDAQ’s most consistent seasonal patterns. Whether the rally can finish with another burst higher or begins to fade into the typical second-half summer lull will likely set the tone for the balance of July.

NASDAQ Seasonal MACD Update

NASDAQ’s Seasonal MACD indicator entered June in negative territory and remained there until today. As of today’s close, it is positive. Currently NASDAQ would need to decline at least 342.20 points (–1.31%) in a single day to turn its MACD (12-26-9) negative. Continue to hold associated positions in QQQ and IWM.

When NASDAQ’s Seasonal Sell signal criteria are satisfied, we will send an email to all members. As a reminder, we use daily closing prices to calculate MACD. Any intraday signal does not apply. At that time, we will finish repositioning the Portfolios for the “Worst Months” and anticipate adding to some or possibly all of the existing bond ETFs and cash holdings in the Tactical Seasonal Switching Strategy portfolio.

Position: Short QQQ (VS)

Position: None

Wolf Street howls about the rising supply of unsold residential units. 

Position: None

Here were yesterday’s things:

* New short position — Bloom Energy (BE) at $265.39

* New option position — Bought Nvidia (NVDA) puts

* Reshorted SPY at $748.88 and QQQ at $722.58

* Shorted GRNY at $27.81

* Shorted JOET at $45.97

* Reshorted Morgan Stanley (MS) at $223.61 

* Supersized long MSOS at $4.46

Position: Long MSOS (VL), NVDA puts; Short SPY (VS), QQQ (VS), MS (S), GRNY (M), JOET (S), BE (S)

With a record $397 billion of cash, Berkshire Hathaway (BRK.A) (BRK.B) can buy all but 26 of the constituent members of the S&P 500:

Position: None

Wolf Street howls about U.S. crude oil production.

Position: None

The S&P Oscillator remains in the same narrow overbought range at 2.55% vs. 2.16%.

Position: Short SPY (VS), QQQ (VS)

Higher stock prices yesterday on lower volume:

– NYSE volume 24% below its one-month average  

– NASDAQ volume 35% below its one-month average 

Position: None