I’m shorting more JOET based on my reasoning last week.

Position: Short JOET (S)

With S&P cash +63 handles I am scaling (slowly) into more index shorts:

* SPY $738.98

* QQQ  $719.45

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

I have once again (as I did several months ago) moved my entire position in MSOS into individual cannabis equities — preferring to identify those specific companies that will most likely benefit from a rescheduling of medical marijuana and adult recreational use.

This allows me to weight those companies as I see appropriate and not be subject to the decision of the MSOS manager — who has a portfolio that includes not only companies that may not survive but also some larger companies that I believe to be disadvantaged in the future.

Position: Long CURLD (S), TRVL (S), GTBIF (S), TSCNDF (S), VRNOD (M), GLASF (S)

Back shorting the indices with S&P cash +55 handles:

* SPY $738.14
* QQQ  $718.32

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

The markets are behaving as I thought in my column on instability last week. 

That is, abrupt swings, have become common place.

Again, with machines all on the same side of the boat and passive strategies so dominant, mini flash crashes or a “Volmageddon” or “Black Monday” (October 1987 event)  are an increasingly possibility.

Position: None  

I am paring down my Amazon (AMZN) and Alphabet (GOOGL) longs amid today’s outsized (+$13) gains:

* AMZN: $246
* GOOGL: $350.20

Positions: Long AMZN S GOOGL S

– NYSE volume 5% below its one-month average; 
– Nasdaq volume  15% below its one-month average;  
– VIX index: up 0.16% to 18.44

Positions: None.

Chart from 10:27 a.m. ET.

Positions: None.

Covered index shorts:

* SPY  (SPY) $73410
* QQQ (QQQ) $708.47

Positions: None  

I want to be sure everyone saw the good news on Trulieve (TRLV) after the market closed Friday.

Trulieve was my Trade of the Week:

Trade of the Week: Buy TRLV ($8.05)

Trulieve’s (TRLV) shares have been under pressure because of the malaise in the cannabis space and the proposed sale of 2.5 million shares by the company’s founder, Kim Rivers.

As expressed in my cannabis update yesterday, I believe an extraordinary reward vs. risk exists today.

As to Trulieve, based on Rivers’ SEC reporting I believe she is close to completing her sales (which were previously planned for in a filing).

After she completes those sales I expect the company to implement their authorized company buyback.

I would further note that a large portion of the cannibas company’s operations are medical-use based, which has already been rescheduled. 

Position: Long TRLV (S)  

BY Doug Kass · Jun 24, 2026, 10:10 AM EDT

Positions: Long TRLV S

* SPY $737.51
* QQQ $715.73

But, given tomorrow is the last trading session of the month (markups likely!) and then to start of a new trading month (inflows likely) – I will likely move slowly.

I got the mesage from the first 10 subs that commented on cessation of Index prices – and I got the message!

Short SPY VS QQQ VS

Added to Index shorts:

* SPY (SPY) $737.51
* QQQ (QQQ) $715.73

But, given tomorrow is the last trading session of the month (markups likely!) and then to start of a new trading month (inflows likely) – I will likely move slowly.

I got the mesage from the first ten subs that commented on cessation of Index prices – and I got the message!

Positions: Short SPY VS QQQ VS

Upside:

-NNBR +41% (triples Q1 liquid cooling product line for NVIDIA AI data center racks) -BTOG +34% (acquires $11M of NVIDIA Blackwell B300 AI infrastructure assets)

-SRFM +34% (PLTR expands Surf Air Mobility partnership to accelerate SurfOS commercial rollout)

-CMCSA +23% (plans tax-free spin-off of NBCUniversal and Sky into independent public company; to suspend share buybacks)

-CHTR +22% (said to have held executive-level talks about partnering on a consumer mobile phone offering with SpaceX)

-IRDM +21% (to be acquired by Rocket Lab at $54.00/shr cash-stock in ~$8.0B EV)

-QDEL +18% (reportedly looking to sell testing unit for $1.5B)

-VRDN +8.2% (prices Lumvoa at same level as Tepezza for thyroid eye disease)

-NNE +5.8% (said to be in early investment talks from UAE firm)

-MSTR +5.3% (adopts Digital Credit Capital Framework; Authorizes $1B Digital Credit Securities repurchase and $1B class A common stock repurchase)

-GRRR +4.7% (raises guidance)

-BAH +4.5% (partners with OpenAI for AI deployment across national security and critical infrastructure missions)

-QNT +4.1% (multiple broker initiations)

-WULF +2.9% (CitiGroup Initiates WULF with Buy, price target: $36)

Downside:

-EVMN -28% (Phase 2b EVO756 in CSU misses primary endpoint at Week 12)

-MQ -6.0% (effects 1-for-4 reverse stock split)

-BLD -5.4% (weakness ahead of pending acquisition by QXO)

-STI -3.7% (adopts SpaceX treasury strategy for corporate cash reserves)

-DOCS -3.4% (Tier1 firm Cuts DOCS to Underperform from Buy, price target: $20 from $38)

-MLM -2.9% (confirms to acquire Lhoist North America for $13.5B in cash and stock)

-REPL -2.7% (earnings, color)

Positions: None.

With  S&P futures -65 handles and Nasdaq futures -350 handles I am back shorting the indexes.

I have done quite well position trading in the indexes while being wrong footed on the general market direction.

But unless there is a huge outcry, I am going to stop producing real time trade prices, because it seems to me that it is not useful to most subscribers based on input from the Comments Section.

Positions: Short SPY VS QQQ VS   

Position: None.

Positions: None.

Treasury Auctions

11:30 a.m.: Treasury hosts a $92 billion three and a $79 billion 6-Month Bill Auction

Economic Calendar

Positions: None.

Last week we took a contrarian view on the Mag 7 by purchasing shares of Microsoft (MSFT), Alphabet (GOOGL) and Amazon (AMZN).

So far that has worked out well as there is renewed interest in the hyperscalers and developing weakness in the previous leadership (memory and semis).

I expect that rotation to continue in the summer and I would consider adding to the above three stocks on lower prices.

Position: Long MSFT (VS), GOOGL (S), AMZN (S) 

The S&P Short Range Oscillator remains overbought at 2.24% vs. 2.65%.

Position: None