New short Bloom Energy (BE) at (in premarket at $265.39).

More next week.

Positions: Short BE VS

Back shorting Morgan Stanley (MS) at $223.04.

Starting small and scaling on strength.

Positions: Short MS VS

Back shorting (GRNY) $27.80 and (JOET) $46.

Short GRNY S JOET S

Back shorting the indexes after the two day rally:

* SPY (SPY) $748.64

* QQQ (QQQ) $722.34

Positions: Short SPY VS QQQ VS

Check out the brutal divergence between the hyperscalers and the memory equities this morning!  (AMZN -$4, GOOGL -$5, META -$20 , MSFT -$8 awhile chip stocks are the “world’s fair.”)

This back and forth (and lack of predictability) is the reason I have been shying away from shorting the Nasdaq recently. 

I am old enough to remember when every panelist on Fin TV was long MAG7. (They probably sold the top!)

For emphasis, this is a superb market to trade opportunistically but not so great for the buy and hold crowd.

Tough for homegamers.

LONG AMZN VS GOOGL VS MSFT VS

I have in an 9:30 a.m. meeting.

Should take about thirty minutes.

Radio silence.

Positions: None.

Positions: None.

Positions: None.

Upside:

-AEHR +18% (receives follow-on FOX-XP wafer-level burn-in system order from lead silicon photonics customer)

-ALNY +18% (strength following disappointing Phase 3 CARDIO-TTRansform data from AZN, IONS)

-ENVX +17% (appoints Michael Vyvoda as COO)

-SMPL +15% (earnings, guidance)

-BBIO +11% (strength following disappointing Phase 3 CARDIO-TTRansform data from AZN, IONS)

-FCEL +11% (signs MoU with Siemens for fuel cell-based power generation collaboration)

-CECO +6.9% (JPMorgan Chase and Co Initiates CECO with Overweight, price target: $130)

-MU +6.7% (plans up to $3B investment to strengthen US semiconductor supply chain in collaboration with GlobalWafers)

-UCTT +6.5% (appoints Michael Keogh as CFO)

-BE +6.2% (rejects Hunterbrook Media report claims on financial results, accounting and scandium oxide supply)

-CBRS +5.8% (expands European data center capacity)

-MRVL +5.8% (sector strength)

-SNDK +5.1% (sector strength; hearing price target raise from Wedbush)

-TENX +5.1% (to present LEVEL trial data at ESC Congress 2026)

-NBIS +5.0% (strength following META headline on doubling compute capacity)

-INMD +4.8% (Steel Partners offers to acquire InMode at $16.75/shr in cash)

-PENG +4.6% (earnings, guidance)

-AVGO +4.4% (strength following META headline on doubling compute capacity)

-MARA +4.3% (acquires Matagorda County, Texas powered land site from HIF)

-CRWV +3.7% (strength following META headline on doubling compute capacity)

-AMD +3.5% (sector strength)

-CAT +3.0% (momentum)

-FIVE +2.4% (hearing Mizuho Securities Raised FIVE to Outperform from Neutral, price target: $220)

Downside:

-IONS -21% (Phase 3 CARDIO-TTRansform misses primary endpoint for eplontersen in ATTR-CM)

-FBRX -8.2% (FB102 Phase 1b vitiligo study data)

-AZN -7.8% (Phase 3 CARDIO-TTRansform misses primary endpoint for eplontersen in ATTR-CM)

-IBM -4.8% (SBUX reportedly uses AI to develop in-house software solutions to reduce reliance on Microsoft and IBM software)

-CRM -4.6% (KeyBanc Capital Markets Cuts CRM to Sector Weight from Overweight)

-RXT -4.1% (expands Palantir partnership for regulated and sovereign enterprise AI; files mixed shelf; indeterminate amount; earnings, guidance)

-LEVI -4.0% (earnings, guidance)

-META -3.8% (AI chip going to production)

-MAT -2.7% (Goldman Sachs Cuts MAT to Sell from Neutral, price target: $12)

-PEP -2.5% (earnings, guidance)

A pattern: Memory/semis up big, memory/semis down big, then up big….

Wash, rinse and repeat.

In the market without memory from day to day.

Great for dispassionate and opportunistic traders – not so great for the buy and hold crowd.

Positions: None.

Cramer fave Salesforce (CRM) is -$7 lower on a brokerage price target downgrade:

Doug’s Daily Diary — Monday, July 6, 2026 | TheStreet Pro

Positions: None.

TREASURY AUCTIONS

11:00AM: Treasury announces a 3 and 6 month bill auction; 

11:30AM; Treasury hosts a $100B 4 and a $95 8 Week Bill Auction;

1:00PM: Treasury hosts a $22B 30-Year Bond Auction; 

2:00PM: Treasury buyback (liq support)

FED SPEAKERS 

9:00AM: Fed Bank of New York President Williams (Voter) participates in keynote moderated discussion before “The Future of Market Liquidity and Functioning” Workshop hosted by the Federal Reserve Bank of New York, NYC (Other details TBA.Open to in-person press.) 

1:30PM: Fed Bank of Dallas President Logan (Voter) moderates “Market Liquidity and Leverage in a Digital Age” panel before “The Future of Market Liquidity and Functioning” Workshop co-hosted by the Federal Reserve Bank of New York and the University of Chicago Booth School of Business, NYC (Other details TBA. Open to in-person press)

ECONOMIC CALENDAR FOR TODAY

Position: None

* That’s my bet…

Most Marijuana Consumers Don’t Believe Trump Administration Will Complete Rescheduling This Year, Poll Shows – Marijuana Moment

I will play the PASS LINE on rescheduling this year.

Position: None

Wolf Street howls about AI’s contribution to the domestic economy.

Position: None

Every now and then, I get a little bit lonely
And you’re never coming ’round
(Turn around)
Every now and then, I get a little bit tired
Of listening to the sound of my tears
(Turn around)
Every now and then, I get a little bit nervous
That the best of all the years have gone by
(Turn around)
Every now and then, I get a little bit terrified
And then I see the look in your eyes

– Bonnie Tyler, Total Eclipse of the Heart

A daughter of a coal miner born in Wales, she sounded like a combination of John Fogerty and Rod Stewart.

I thought about her most famous song, Total Eclipse of the Heart, many times in the context of my ursine market view:

Together we can take it to the end of the line
Your love is like a shadow on me all of the time (all of the time)

I don’t know what to do and I’m always in the dark
We’re living in a powder keg and giving off sparks

RIP Bonnie Tyler.

Bonnie Tyler, singer famed for ‘Total Eclipse of the Heart,’ dies at 75

Position: None

Consensus long Exxon Mobil (XOM) has its price target reduced by JPMorgan from $173 to $158 this morning.

(Caution: This is Halftime’s Jim Lebenthal’s favorite energy stock).

Position: None 

Despite pleas of broadening out, the equity market is teetering on a disbroadening.
Here were yesterday’s stats:

* SPY    -0.29%

* QQQ  +0.27%

* IWM   -0.89% 

* RSP   -1.22%

To me, key to the broadening-out thesis would be continued strength in financials, which was nowhere to be found:

* JPM -$8

* C – $3

* KRE challenging (to the downside) some important support.

Position: Short JPM (S), C (S)

The S&P Short Range Oscillator remains in overbought (as it’s been for weeks) at 2.16% vs. 3.18%.

Position: None