After-Hours % Advancers

After-Hours % Decliners

Position: None

Closing Volume

– NYSE volume 9% below its one-month average 

– NASDAQ volume 19% below its one-month average

– VIX index: down 6.91% to 16.43

Breadth

S&P 500 Sectors

% Movers

Nasdaq 100 Heat Map

Closing S&P 500 Heat Map

Position: None

EARNINGS AFTER CLOSE TUESDAY, JUNE 30

EARNINGS BEFORE OPEN WEDNESDAY, JULY 1

Position: None

I am heading out early to pick my granddaughter up at camp.

Enjoy the evening.

Thanks for reading.

Be safe.

Position: None

I am adding a second tranche to my high-beta tech short basket now with S&P cash +60 handles.

Position: Short high-beta tech basket 

More negative S&P 500 sectors since 10:30 AM despite index increase:

Position: None

TLT low of the day, yields at the high of the day as quarter-end markups started early in the equity markets.

Position: None

– NYSE volume 21% below its one-month average; 
– Nasdaq volume 25% below its one-month average; 
– VIX index: down 3.97% to 16.95

Positions: None.

With S&P cash +30 handles I am (for the third time) launching my high-tech, high-octane short basket.

Position: Short high-beta basket

Added to GRNY (GRNY) short at $27.61.

Positions: Short GRNY M

Positions: none.

Walmart’s (WMT) shares have dropped from $135 to $113 since mid-May. 

Costco’s (COST) shares have fallen from $1095 to $940.  

Positions: none.

With S&P cash +29 handles I have moved to medium-sized short the indexes:

* SPY (SPY) $744.28

* QQQ (QQQ) $732.31

Positions; Short SPY M QQQ M

From 9:38 a.m. ET.

Positions: None.

I moved from very small to small sized short the indexes:

* SPY (SPY) $741.74

* QQQ (QQQ) $728.50

Positions: Short SPY S QQQ S

Positions: None

Positions: None.

Upside:

-AVAV +35% (earnings, guidance)

-VWAV +29% (acquires 51% controlling interest in private Israeli aerospace and defense company Meteor Aerospace for ~$20.4M in stock)

-SEDG +11% (solar stock strength following FCC reportedly drafting ban on imports of foreign inverters)

-JACK +10% (momentum)

-ENPH +9.4% (solar stock strength following FCC reportedly drafting ban on imports of foreign inverters)

-APD +8.3% (will not proceed with Louisiana Clean Energy Complex)

-GMAB +8.2% (Phase 3 EPCORE DLBCL-4 meets primary PFS endpoint in R/R DLBCL)

-RDW +7.8% (awarded contract by Taiwan Color Optics to deliver Penguin Mk2.5 VTOL UAS to Taiwan Coast Guard)

-JOBY +7.0% (launches initial phase of strategic manufacturing alliance with Toyota)

-PCRX +3.8% (divests iovera° to Zimmer Biomet for up to $140M)

-RUN +3.3% (solar stock strength following FCC reportedly drafting ban on imports of foreign inverters)

-AXON +2.4% (momentum)

-FSLR +2.3% (solar stock strength following FCC reportedly drafting ban on imports of foreign inverters)

Downside:

-UNCY -51% (FDA issues complete response letter for OLC NDA resubmission due to third-party manufacturing deficiencies)

-CNXC -23% (earnings, guidance)

-NVCT -22% (prices 5.0M shares at $20.00/shr for $100M gross proceeds)

-SOC -21% (plans $100M common stock offering and $300M convertible senior notes due 2031)

-BDRX -16% (prices $3.5M registered direct offering and $1.0M private placement with warrant inducement)

-VSH -11% (prices 15M-share offering at $50/share for $750M gross proceeds)

-PATK -10% (LCII to combine with Patrick Industries in all-stock merger)

-MSTR -5.1% (adopts Digital Credit Capital Framework; authorizes $1B Digital Credit Securities repurchase and $1B class A common stock repurchase)

-DLR -4.7% (prices Blackstone secondary offering of 12.3M shares at $185/share)

-ABBV -2.1% (US House Committee opens investigation into China drug trials)

-OLN -2.0% (Tier1 firm Cuts OLN to Underperform from Buy, price target: $21 from $32)

Positions: None.

Fed Speaker

10:40 a.m.: Fed Bank of Cleveland President Hammack (Voter) television appearance on CNBC

Treasury Auctions

11:00 a.m.: Treasury Announces a 4, 8 and 17 Week Bill Auction; 

11:00 a.m.: Treasury buyback announcement (liq support); 

11:30 a.m.: Treasury hosts an $80B 6-Week Bill Auction

Economic Calendar

Positions: None.

Wolf Street howls about the U.S. fiscal mess.

Position: None

The S&P Short Range Oscillator moved to a slightly overbought at 1.70% vs. 2.24%.

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

Added to Index shorts with S&P futures about +10 handles:

*  SPY $741.87
*  QQQ $725.71 

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