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)