Friday’s session seems like a million years ago, maybe because it was such a wild week of gyrations and mixed messages.  Growth popped, but momentum struggled to stay in the green.

The hyperscalers are back in favor at the expense of semiconductors.

Retail investors abandoned “buy the dip” and instead rushed for the exits, accelerating the decline in semiconductor names.

Despite a slew of headlines heralding increased infrastructure and semiconductor investments, these names remain under pressure.

The SMH is in no man's land and needs to test the 200-day and hold or reclaim the 50-day.

Russell 2000 and NASDAQ 100 are back in the buy zone, and S&P 500 under 20 PE appeals to big money buyers.

Earnings Calendar

This isn’t as big as last week, but there are names capable of moving sectors and the entire market.

US intervention with the Yen should help slow the rise of the 30-yield, but I’m not sure how sustainable it will be.  Moreover, I’m not sold the rise is about inflation and not demand (BOJ), supply (Treasury), and data center economic boom.

Seasonality is not in our favor, but fundamentals are – keep that in mind.

Investors have gone back to believing in the hyperscaler story and selling semiconductor names.  I think both will be winners over the next couple of years.

Comments

Mr. Payne, I truly enjoy reading your comments Todd Power on 8/4/2026 12:38:15 AM

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