Morning Commentary
I think the market is moving past all the doomsday hysteria and focusing on opportunities, of which there are a bunch, as earnings that haven’t moved the needle will remain strong and should benefit technology stocks, not unlike what we saw on Friday (see top advancers).


Tech Underachievement
Technology has significantly underperformed the market since 2020, which seems incomprehensible. The Fourth Industrial Revolution is blossoming before our very eyes, and the market has mostly yawned.

Tech is notoriously momentum-driven in either direction, and a close at a new high should spark a wave of buying.

Greenland Greenlight Go
President Trump reached a deal with Greenland over the weekend that will have economic and defensive ramifications that 99.9% of Americans currently either don't understand or underestimate.


Fed Too Restrictive
Consumer sentiment is at an all-time low, and while this is probably a better political poll than an economic poll, the Federal Reserve should take note and a degree of responsibility.

Jim Paulson revised his financial conditions indicators, and they reveal conditions are very restrictive because the Fed is looking in the rearview mirror. Warsh promised to fix this, and we can only hope upcoming data puts them back on hold so Main Street in real time can become the focus.

There's lots of chatter about the US preparing to hit even harder in the Middle East – I welcome the news as it’s the best way, along with significant financial sanctions, to bring Iranian leaders to their knees.

| Tweet |
| 10/8/2026 1:16 PM | A Thursday Dip |
| 10/8/2026 9:51 AM | INTERNAL INFERNO |
| 10/7/2026 1:17 PM | High Yield Fears Return |
| 10/7/2026 9:35 AM | NEW HIGHS BEGET NEW HIGHS |
| 10/6/2026 1:24 PM | Reaching New Highs |
| 10/6/2026 9:33 AM | AIN’T AFRAID OF SKYROCKETING YIELDS |
| 10/5/2026 1:29 PM | Broad Participation |
| 10/5/2026 9:35 AM | LOOKING FOR BREAKOUTS |
| 10/2/2026 1:08 PM | A Friday Lift |
| 10/2/2026 9:41 AM | A GENTLE WAVE |
| 10/1/2026 1:15 PM | Volatile Start |
| 10/1/2026 9:28 AM | THE SILENT BEAR & RAGING BULL |
| 9/30/2026 1:35 PM | Waiting on Micron |
| 9/30/2026 9:42 AM | SALAD DAYS FOR SUPER INTELLIGENCE |
| 9/29/2026 1:38 PM | Weak Tone |
| 9/29/2026 9:35 AM | STRANGE DAYS INDEED |
| 9/28/2026 1:15 PM | A Soft Start to the Week |
| 9/28/2026 9:35 AM | BOND MARKET HISTORY LESSON HELPS |
| 9/25/2026 1:21 PM | Diplomatic Hopes Set the Mood |
| 9/25/2026 9:38 AM | THE LEAD HORSES ARE BACK |
| 9/24/2026 1:20 PM | Yields Set the Tone |
| 9/24/2026 9:35 AM | TOO HOT? |
| 9/23/2026 1:09 PM | Rate Hike Fears |
| 9/23/2026 9:29 AM | RECORDS, RIVALS, AND THE RACE FOR AI |
| 9/22/2026 1:17 PM | Digesting Monday’s Rally |
| More commentary archives | |
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