Position: None

Closing Volume

– NYSE volume 8% above its one-month average 

– NASDAQ volume 6% above its one-month average 

– VIX index: up 2.65% to 15.48

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Position: None

Jim F

18m ago

CNBC interviewed Tristen Buckmaster who is one of the mathmaticians working on the Navier-Stokes problem that ChatGPT solved. basically he says he had been working on this problem for years with another mathmatician. the other guy currently works at anthropic. the other guy was using Claude and Tristen was using ChatGPT. so the two of them solved the problem with oil which apperently is one step easier then solving the Navier-Stokes problem. then OpenAI approched Tristen and said lets work together to solve this. we will give you millions of tolkens to complete the solution on one condition. you cut out the guy that works for Anthopic. you can have full credit and the $1m reward. as long as you did it on ChatGPT. well he wasn’t going to screw over his long time partner so he said no. then from starting from nowhere they solved it without him. he can’t prove they stole his IP to solve it but it sounds compelling that they did.

if this is true, that means open Chinese models aren’t only way cheaper but also more secure because you keep your data. why use OpenAI or Anthropic again?

here’s the link to the interview for those interested. apperantly no links, sorry. for those interested got to youtube and search Tristan Buckmaster CNBC interview

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Positions: None.

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I have several research meetings out of the office today, starting at 2 p.m., so I will be slow on the posts late in the day.

Positions: None.

Run don’t walk to watch Dan and Peter Boockvar on a special MRKT CALL today at 11 a.m.

Two of my very favorite peeps.

Let’s go to the tape. MRKT Call – Thursday, October 8th

Positions: None 

* For emphasis… the market continues to narrow

SPY    -0.29%

RSP   – 0.19%

QQQ -0.46%

IWM  -0.82%

Positions: None

Here are today’s things:

* I covered all of my Index shorts: SPY $772.55 and QQQ $751.41 (for a quick profit from last night).

* I am back buying PEP at $124.88

* I added to MSOS $4.39, GTBIF $6.61 and GLAS $4.99

* I added to GRNY short at $28.49.

Long MSOS common VL calls VS GTBIF S GLAS S PEP M

Short GRNY M

Wolf Street howls about the ECB. Still QT plus Renewed Rate Hikes at the ECB despite Surging Bond Yields in the Euro Area | Wolf Street

Positions: None. 

Charts from 9:45 a.m. ET

I plan to move to large-sized PEP today.

Positions: PEP M

Source:  TheStreet Pro

Positions: None

Upside

– PROF +19% (preliminary Q3 revenue was about 45%-47% above consensus, with gross margin expected above 70%)

– HAE +14% (no fresh company catalyst confirmed; unusually large move on light premarket volume)

– WOLF +13% (received a conditional commitment for up to $1.5B of 30-year U.S. defense financing, partly offset by warrants for up to 7.5% of diluted equity)

– EFX +4.5% (no fresh company catalyst confirmed; unusually large premarket move)

– APA +3.1%, OXY +2.5%, DVN +2.4% (oil producers rise as WTI and Brent jump roughly 4.5%)

– PLTR +2.3% (extends AI-software momentum despite weaker index futures)

– PEP +1.6% (Q3 revenue and profit beat expectations; a better-than-feared quarter offsets a cut to the FY earnings-growth outlook)

Downside

– ARGX -15% (Phase 3 UNITY study in Sjögren’s disease was stopped for futility, overshadowing positive Phase 2 celiac-disease data)

– GLW -3.3% (no fresh company catalyst confirmed; unusually large premarket move)

– EQIX -3.0% (rate-sensitive data-center REIT falls as the 10-year Treasury yield climbs to roughly 5.33%)

– NXPI -3.1%, AMAT -2.5%, LRCX -2.9%, HPE -2.0% (semiconductor and hardware names weaken as Treasury yields rise and global technology shares sell off)

– SHW -2.7% (crude-oil surge raises petrochemical feedstock and input-cost concerns)

Source: TheStreet Pro

Position: None

Source: TipRanks

4:30 a.m.: Fed Board Governor Waller (Voter) speaks on the economic outlook before the Central Bank of the Republic of Türkiye (TCMB) Istanbul Economic Forum, Istanbul, Turkey (Text available. Q&A from moderator and audience. Livestream at

https://istanbulef.org/eng/yayin/ AND https://www.tcmb.gov;

10:40 a.m.: Fed Bank of Minneapolis President Kashkari (Voter) participates in conversation before virtual 2026 Institute Research Conference at the Federal Reserve Bank of Minneapolis, Minneapolis, MN (No audience Q&A. No media Q&A. No prepared/embargoed text; RSVP for livestream: https://web.cvent.com/event/9c80aa95-4b1d-46d9-8958-484b451a88ee/register?rt=wpYr6f2tTUCA6SwR3ZUAGQ);

1:40 p.m.: Fed Bank of St. Louis President Musalem (Non-Voter) speaks on the U.S. economy and monetary policy before “The Future of Fixed Income” Bloomberg event, NYC (No text. Moderated Q&A expected. Virtual option available)

With the expected news out I am buying PepsiCo (PEP) in the premarket at $124.55.

Position: Long PEP (S)

I just covered the balance of my index shorts with S&P futures -47 handles.

Position: None

With S&P futures -48 handles and Nasdaq futures -275 handles I am covering some of last night’s index shorts and moving to very small in size:

* SPY $772.50

* QQQ $751.39

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

* The 10-year Treasury note is yielding 5.345% (+7 basis points) this morning…

Stock futures lower (S&P futures -32 handles, Nasdaq futures -172 handles), likely tied to another new low in TLT (-$0.60), rise in bond yields. 

As well, stories of escalated attacks in Iran are lifting crude by four dollars a barrel.

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

Break in.

As expected, PepsiCo (PEP) cuts its 2026 outlook on margin pressure.

Position: Long PEP (VS)

* In fact, the markets are narrowing…

I wanted to repost this column from late yesterday afternoon:

Another Day That the Russell Isn’t Crowing

Res ipsa loquitor:

SPY -0.27%

QQQ -0.31%

RSP -0.71%

IWM  -1.32%

Fortunately I have FIN TV turned off and I don’t have to hear about the market’s broadening (not!) — and how healthy the top heavy market is.

Position: Short SPY (VS), QQQ (VS) 

BY Doug Kass · Oct 7, 2026, 3:51 PM EDT

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

The S&P Short Range Oscillator remains oversold at -3.69% vs. -3.88%.

As noted earlier and in the Comments Section, we reshorted the indices at the beginning of the New York Yankees game last night (ugh!).

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

From the Comments Section:

Dougie Kass

Wednesday evening trading 740PM – shorting more Indices:

SPY $777.70

QQQ $758.99

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