Doug KassDoug KassSome more escalation in the Strait of Hormuz causes S&P futures to drop by over -40 handles and for the Nasdaq futures to decline by -160 handles. I have covered all of my short indices:
* (SPY) $716.71
* (QQQ) $670.62
Position: None
BY Doug Kass · May 4, 2026, 6:26 AM EDT
At about 5 AM, I added to the following trading short rentals:
* (AMD) $363.21
* (MU) $560.41
* (INTC) $101.06
Position: Short AMD (VS), MU (VS), INTC (VS)
BY Doug Kass · May 4, 2026, 6:20 AM EDT
Chart of the Day: 'Fastest Market Recovery Ever'
The S&P 500 erased a double-digit drawdown in just 11 trading sessions, marking the fastest V-shaped recovery on record.
This rally has undoubtedly been unlike anything we've ever seen, with NYSE breadth topping out at just 4:1 and failing to produce a single 5:1 thrust day, something every recent recovery has delivered.
Markets are constantly evolving, and when dips are consistently met with aggressive buying, volatility starts to look less like risk and more like opportunity.
The Takeaway: The S&P 500 just delivered a record-setting rebound, reinforcing just how resilient this market has become.
Just noticed this today, but the TICK INDEX (NYSE Uptick Minus Downtick) never turned negative during yesterday’s session — highlighting a broad, persistent bid for equities.
— Duality Research (@DualityResearch)
👉🏼 According to Bloomberg, that has never happened in history! pic.twitter.com/SkJiR97mHo
$SPX: Bulls managed to avoid the bearish MACD crossover that seemed imminent last month, mirroring the price action seen in 2018. Beyond that, the monthly candle shows conviction, a move that is usually followed by bullish continuation when a reversal begins as highlighted. pic.twitter.com/FIjOHJixEa
— SmartReversals📈 (@SmartReversals)
The S&P 500 $SPX $SPY was up over 10% in April! We've seen 10%+ monthly gains 13 times since 1950.
— Astra (@AstraInsights)
Historically, these kinds of powerful upside moves have tended to signal momentum continuation, not exhaustion. 6M-1Y later has seen the index higher 85% of the time: pic.twitter.com/crb9B8Zdti
$OWL probably about to squeeze shorts
— Justin Spittler (@JSpitTrades)
OWL is private credit firm that got rocked during the software rout.
It's showing signs of life. Rallying off long-term support. Volume profile suggests accumulation.
TLDR: It looks bottomed out.
19% short interest. So, it could move off… https://t.co/BPZUamUWDE pic.twitter.com/9oaqCGNvoH
$Bitcoin testing a key long-term resistance zone once again
— Rachel Dashiell, CFP, CMT (@RachelDashCS)
Keep in mind a measured move from that 2-month long triangle could place $BTC near 93,700
*Patterns are not guarantees
*Not a recommendation@SchwabNetwork @SchwabTrading pic.twitter.com/XQDFqj8cre
Gold's performance after previous two post-major breakout corrections:
— Jordan Roy-Byrne CMT, MFTA ⛏⛏ (@TheDailyGold)
+115% in 14 months
+85% in 17 months pic.twitter.com/iCzBZ229WJ
Do I think #Silver has more upside potential? Yes
— Jay Kaeppel (@jaykaeppel)
Am I “loaded up?” No
Why not? Price action and seasonality are both weak
If price action looks better after 7/1, maybe I will load up
For now, seeking other opportunities. @sentimentrader pic.twitter.com/g0PBCV6vVq
BY Doug Kass · May 4, 2026, 6:05 AM EDT
The S&P Short Range Oscillator slipped closer towards neutral and stands at 1.01% vs. 2.48%
Position: Short SPY (VS), QQQ (VS)
BY Doug Kass · May 4, 2026, 5:45 AM EDT
Just noticed this today, but the TICK INDEX (NYSE Uptick Minus Downtick) never turned negative during yesterday’s session — highlighting a broad, persistent bid for equities. 👉🏼 According to Bloomberg, that has never happened in history! Show more
$SPX: Bulls managed to avoid the bearish MACD crossover that seemed imminent last month, mirroring the price action seen in 2018. Beyond that, the monthly candle shows conviction, a move that is usually followed by bullish continuation when a reversal begins as highlighted.
$Bitcoin testing a key long-term resistance zone once again Keep in mind a measured move from that 2-month long triangle could place $BTC near 93,700 *Patterns are not guarantees *Not a recommendation @SchwabNetwork @SchwabTrading
Do I think #Silver has more upside potential? Yes Am I “loaded up?” No Why not? Price action and seasonality are both weak If price action looks better after 7/1, maybe I will load up For now, seeking other opportunities. @sentimentrader
$OWL starting to bounce off 2022 lows (all-time lows) I probably won't trade this name. But it would be a nice tailwind for the market if private credit concerns went away.
