Bond prices at another low (and yields at another high), which should limit the equity market’s upside (even with markups at month end).

Position: None

Here are today’s things:

* I shorted SPY at $746.06, $746.09  and QQQ at $692.96, $695.61    

* I covered SPY at $742.63 and QQQ at $687.21

* I added to GLAS at $9.57, GTBIF at $7.16, TRLV at $8.35 and VRNO at $5.28.

Position: Long GLASF (S), TRLV (S), VRNO (S)

I added to PepsiCo (PEP) and across-the-board in individual cannabis names.

Position: Long PEP (M), Cannabis

Some spectacular month-end markups today which I intend to short into.

Stay tuned.

Position: None

We are having an internet problem.

Technician working on it.

Position: None

– NYSE volume 14% above its one-month average; 
– Nasdaq volume 142% above its one-month average; 
– VIX index: up 2.63% to 17.54

Positions: None.

Charts from 10:10 a.m. ET.

Positions: None.

“Igor may I speak to you for a moment?”

– Young Frankenstein Abby normal scene

SanDisk (SNDK) – $165 from day’s highs.

Would you mind telling me whose brain you put in?

Positions: None

 

I just covered my entire Index (short) position for a profit:

SPY (SPY) $742.63

QQQ  (QQQ) $687.21

From a few minutes ago (!):

Added to Index Shorts

I added to my Index shorts on the rally after the opening:

* SPY (SPY) $746.09

* QQQ (QQQ) $695.61

Positions: Short SPY VS QQQ VS

BY Doug Kass · Jul 31, 2026, 9:48 AM EDT

Positions: None.

I added to my Index shorts on the rally after the opening:

* SPY (SPY) $746.09

* QQQ (QQQ) $695.61

Positions: Short SPY VS QQQ VS

Reddit’s shares are down by -$26 (or -15%) and its CEO is being interviewed on CNBC.

As I have written, I have never seen a company’s management who were not optimistic about their quarter or prospects.

Reddit’s CEO is another culprit.

But, congrats to Julia Boorstin at CNBC for grilling CEO Steve Huffman and holding his feet to the fire — it’s one of the first times I have seen hard balls thrown in an interview on the network. 

You Can’t Make This Up!

That said, “Drawdown” Josh (The Best Stocks In The Market) Brown purchased Reddit shares YESTERDAY (before the stock’s schmeissing!).

cnbc.com/2026/07/29/biggest-analyst-calls-on-wall-street-include-nvidia-amd.html

But that will be a feature on Monday in my “The CNBC Panelist Said What?”

Positions: None

Upside:

-REPL +132% (announces Favorable Outcome of FDA’s Cellular, Tissue, and Gene Therapies Advisory Committee Meeting for RP1 in Advanced Melanoma)

-AXTI +40% (earnings, guidance)

-NWL +20% (earnings, guidance)

-CDNA +13% (earnings, guidance)

-AMZN +11% (earnings, guidance)

-MPWR +11% (earnings, guidance)

-NVT +9.0% (earnings, guidance)

-ETN +7.6% (earnings, guidance)

-DXCM +6.9% (earnings, guidance)

-RYAN +6.8% (earnings, guidance)

-GH +6.3% (earnings, guidance)

-FND +5.7% (earnings, guidance)

-CCJ +5.6% (earnings, guidance)

-MOG.A +5.0% (earnings, guidance)

-MU +4.1% (momentum)

-BB +3.4% (earnings, guidance)

-FSLR +2.6% (earnings, guidance)

Downside:

-BIOA -61% (weakness following NVO investigational drug to treat multiple inflammatory diseases fails to reach key goal)

-GLUE -30% (weakness following NVO investigational drug to treat multiple inflammatory diseases fails to reach key goal)

-RBLX -22% (earnings, guidance)

-MTZ -17% (earnings, guidance)

-GDDY -16% (earnings, guidance)

-ALHC -15% (earnings, guidance)

-PRM -14% (earnings)

-RDDT -14% (earnings, guidance)

-VCYT -11% (earnings, guidance)

-WU -10% (earnings, guidance)

-AAPL -7.6% (earnings, guidance)

-SYK -6.7% (earnings, guidance)

-COIN -6.0% (earnings, guidance)

-JEF -5.7% (assessing exposure to Radiant World amid concerns around Radiant potential falsification of documents)

-TU -5.5% (earnings, guidance)

-AJG -4.4% (earnings)

-AN -4.0% (earnings)

-ABBV -3.6% (earnings, guidance)

-LIN -3.0% (earnings, guidance)

Positions: None.

In case you missed it from last evening (I will have more on Apple on Monday):

Shorted Apple

* As I suggested I would yesterday…

From Comments Section:

Dougie Kass

Shorted APPL $329 coincident with the EPS release

BY DOUG KASS · Jul 29, 2026, 7:30 AM EDT   

Time to Short Apple?

The shares of Apple (AAPL) keep going higher because they are NOT spending on AI.  

All the money has to go somewhere, so instead of taking it out of the market, they put it into Apple — in the great rotation that has highlighted trading in the last few weeks.

Apple recently had a poor quarter and its shares sold off on the basis of its fundamentals — but it’s now going straight up just due to flows. 

Apple’s top and bottom-line growth since 2000 is uninspiring as it is basically a giant company that has not innovated anything for about the last 10-15 years since Steve Jobs died and has conspicuously slowing growth.

Apple is a large cash-generating machine that has lived off of taking price up for its products, buybacks and passive money flows into their stock (because it is such a big index component). 

Now it is trading at 40x and at its all-time high — as it has a love fest with momentum-based investors. 

This speaks volumes about what the equity markets have become and how things are valued.    

I don’t typically short value but I am considering an AAPL short.

(I hope Warren Buffett reads this!)

Position: Short AAPL (S)

BY Doug Kass · Jul 30, 2026, 5:00 PM EDT

Positions: Short AAPL (S)

Positions: None.

Shorted more indexes:

SPY (SPY) $746.06

QQQ (QQQ) $692.96

Positions: Short SPY VS QQQVS

Positions: None.

Positions: None.

Wolf Street howls about the inflation predicament. 

Inflation in the Overall Economy, Hitting Consumers, Businesses, and Governments, Was Really Bad in Q2, even without Energy | Wolf Street

Position: None

From Doomberg:

Geopolitical Checkers

Position: None

One Analyst Says The Fed Put Is Officially Dead

Position: None

The S&P Short Range Oscillator remains slightly oversold at -1.46% vs. 1.61%.

I added to my index shorts this morning (505 AM):

*SPY $746.06

*QQQ $692.96

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