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)