"Just one last thing."

-Lt. Columbo

"I'm Henery The Eighth, I Am! Henery The Eighth, I Am, I am!

I got married to the widow next door,

She's been married seven times before.

And ev'ryone was a Henery,

She wouldn't have Willie or a Sam.

I'm her eighth old man named Henery,

Henery the Eighth, I Am!

Second verse same as the first!"

-Herman's Hermits, "Henry The VIII, I Am"



Herman's Hermits "Henry The VIII, I Am" on The Ed Sullivan Show

Much like the last several days...

* Market breadth was weak (especially on the Nasdaq where it was two-to-one negative):

* Volume was low - about 40% below the one month average on both the NYSE and Nasdaq.

* Bond prices closed down and near the lows of the day.

Nothing really matters!

Until it does matter.

Volume

- NYSE volume 41% below its one-month average;

- NASDAQ volume 37% below its one-month average;

- VIX index: up 0.97% to 13.60

Breadth

S&P 500 Sectors

% Movers

Nasdaq 100 Heat Maps

Thanks everyone for contributing to the Comments Section!

I want to emphasize that I encourage criticism (if constructive), but not hate. And, as noted, I abhor laziness (as was the case with Fish, where he didn't even bother to read my Diary comments on PepsiCo  (PEP) ) — I work hard at this I expect our subs to as well.

But that is, as they say, water under the bridge (Fish vs. Dougie). We will both be fine not having a dialogue in the Comments Section going forward.

We turn to what lies ahead, not what is behind.

Remember, unlike many, I am often wrong and I am always full of doubt. I take ownership and address losers and try not to pat myself on the back with winners.

In the end (as I have been doing for 28 years), I try to provide primary research (often of a contrarian nature) that can be value added to your trading and investing processes.

Enjoy the holiday weekend with your friends and family.

Selling some  (AMZN)  $232.76 and  (JOE)  $58.81 now.

From my pal, the legendary Fidelity money manager George Noble:

I covered my Micron  (MU)  short ($285.19).

I suspect that a month from now, I will view this as a bad cover!

That said, I will take a nice profit (in only a few hours).

From early this morning:

Micron Short

I shorted (MU) in the premarket at $293.70.

Position: Short MU (S)

BY DOUG KASS DEC 26, 2025 9:37 AM EST

I am adding to my Morgan Stanley  (MS)  short at $181.68

One more time for emphasis!

I have zero problem with taking criticism. I encourage criticism.

But a subscriber who criticizes that I am remiss in discussing a modest downturn in a holding over a few days and, more importantly, doesn't bother to even read my company comments about the stock (PEP)  in my Diary... well, I don't have the patience.

I shouldn't even bother responding but I always feel like I have to defend myself!

Frdgrouper:

I simply make a suggestion and you label me a hater. If I don't agree with you label me a hater. There are people here who are not professionals and can use all the guidance available. Perhaps there are some subs that followed you on a 149+ purchase and could use some "babysitting" as you call it. I do know that posting about a speculative group of stocks with no names and prices doesn't really help those who have existing positions that might be underwater at the moment. I also know that your constant berating of talking heads such as Tom Lee is a much clearer example of "hate" than me making a suggestion. Many of the so called "heads" have done quite well during this bull market and probably deserve some credit.

Dougie Kass:

Do your freaking homework, dude.

As I wrote, you didn't even bother to read my recent comments on PEP, like below. (I don't want to spend time on resurrecting my comments that you failed to even read — I have obligations to our subs who read before they react/write).

Here you go:

How I'm Playing Pepsi

PepsiCo (PEP) is trading +$4.55 to $149.20 on a JPMorgan upgrade. We purchased stock as low as $144 yesterday.



I am taking in some premium and locking in some gains and I am selling some January calls against my core long investment holding in the name.



Position: Long PEP common (VL); Short PEP calls (M)

By Doug Kass Dec 10, 2025 1:00 PM EST

You have a long, consistent pattern of sarcasm and hate. (I actually thought you were one of two people that I have ever blocked). Now you are veering from uninformed comments on PepsiCo to a broader level criticism.

You write:

"I do know that posting about a speculative group of stocks with no names and prices doesn't really help those who have existing positions that might be underwater at the moment." 

I don't post names because they are high octane stocks that are volatile and most shouldn't short. The fact that I write that I am shorting a speculative basket should mean to subs that I am getting more negative — duh! As to "helping those who have existing positions that might be underwater at the moment," I don't know what bearing that has on any part of the discussion and I have already mentioned what I wrote about PEP but you failed to read!

As to Tom Lee, he is a perma bull who does extraordinarily well in bull markets (which I have commented upon favorably) — but he never met a market he didn't like and takes no ownership in mistakes (which is my principal criticism of him and others).

I have known him for decades. He gets destroyed in bear markets.

I am going to block you because you didn't bother reading my PEP comments before you commented and I don't want to waste any more time on this.

That said, good luck investing.

Wall Street 2026 Year End Target For S&P 500👇

Oppenheimer: 8,100

Deutsche Bank: 8,000

Capital Economics: 8,000

Morgan Stanley: 7,800

Wells Fargo: 7,800

RBC Capital Markets: 7,750

Evercore ISI: 7,750

Yardeni Research: 7,700

Fundstrat: 7,700

Citigroup: 7,700

Goldman Sachs: 7,600

KKR: 7,600

JPMorgan: 7,500

HSBC: 7,500

UBS: 7,500

Barclays: 7,400

CFRA: 7,400

Societe Generale: 7,300

Bank of America: 7,100

Stifel Nicolaus: 7,000

Highest: 8,100

Average: 7,635

Median: 7,700

Lowest: 7,000

(TLT)  at day's lows.

Precious metals gapping higher.

Market breadth uninspiring.

Wolf Street howls about the U.S. dollar as a worldwide currency reserve:

"Status of the US Dollar as Global Reserve Currency: USD Share Drops to Lowest since 1994"

Frdgrouper:

A suggestion for the new year: Doug, instead of posting about a speculative bag of mystery stocks, why not update us on positions like  (PEP)  which is not going according to plan? It is great to get your updates when it is going in the right direction, but even better when it is going the wrong way. As busy as you are, time is such an important commodity. It would be great to have you allocate it to something more beneficial to the subs.

Dougie Kass:

A suggestion for the new year: Frdgrouper, instead of posting hate (which you consistently have, though I really could care less — at this point in my career my skin is very thick), perhaps you should read my diary and the comments more carefully.

There has been no change in the fundamentals of  (PEP) ,  (KMB) , etc. — most just reported quarterlies.

As mentioned, the rotation into defensives made an abrupt turnaround as the market rotated back to tech and away from staples and back to new highs. If you follow more closely (and, given that you are a relatively sophisticated investor, who should understand rotation and not need to be babysat by a seven session rotation/turndown) that way, I don't have to waste my time responding to you.

As to your hate/sarcasm: "it is great to get your updates when it is going in the right direction, but even better when it is going the wrong way." I don't think there is anyone on this site or in the business that I am aware of who (unsolicited) consistently tries to discuss his losers as often as I do.

But you are entitled to voice your view — as wrong-footed as I feel it is.

Enjoy the holidays and good success trading and investing.

Here are today's things:

* Shorted  (SPY)  $690.69 and  (QQQ)  $624.79

* Shorted more  (JOET)  $42.77

* Shorted a speculative basket of individual equities

* Shorted  (CRWV)  $79.15

* Shorted  (MU)  $293.70

* Shorted  (JPM)  $330.65

- NYSE volume 34% below its one-month average;

- Nasdaq volume 33% below its one-month average; 

- VIX index: up 3.41% to 13.93

With S&P cash +5 handles, I am adding to index shorts:

*  (SPY)  $690.73

*  (QQQ)  $624.85

(RICK)  Hospitality has been a great investment short.

I have covered most of my RCI Hospitality Holdings - now down to very small (so to speak!).

From early November:

Strippers Aren't the Only Thing Sliding Down the Pole

We remain short RCI Hospitality Holdings (RICK) (aka Rick's Cabaret International — the chain of "elegant gentlemen clubs"!) — which has hit a 52-week low today.

Read this article! (Strippers Reveal Recession Signs in Industry Downturn)

Position: Short RICK (VS)

By Doug KassNov 3, 2025 4:05 PM EST

The above chart is from 9:53 a.m. ET.

Shorted more  (JPM)  at $330.65.

I shorted  (MU)  in the premarket at $293.70.

From my friend Larry McDonald:

I have added to my  (CRWV)  short in premarket at $79.12.

I just added to short indexes:

*  (SPY)  $690.73

*  (QQQ)  $625.09

I reshorted a speculative basket of stocks in the premarket.

Names not disclosed as it is a risky proposition that require a good deal of discipline.

Upside:

-CANF +52% (granted Brazilian patent for Treatment of Sexual Dysfunction)

-CPNG +6.2% (company says all leaker customer information has been deleted)

-SNDK +4.1% (broad memory name strength)

-CDE +2.8% (metals strength)

-FCX +2.8% (momentum)

-MU +2.2% (broad memory name strength)

Downside:

-BHVN -12% (reports Phase 2 trial setback for depression medication)

Wolf Street howls about the U.S. government's interest payments to tax receipts ...

The S&P Short Range Oscillator remains overbought — at 1.80% vs. 1.89%.

In Thursday night trading (around 8:15 PM), I shorted more indices:

*  (SPY)  $690.85

*  (QQQ)  $624.84