Best session in months — and every big print that followed it got sold

The Morning 10

Best session in months — and every big print that followed it got sold

1. 1 AMD — beat everything, and round-tripped the whole day
2. 2 SpaceX — first print as a public company, sold on the capex line
3. 3 The session itself — a melt-up the Magnificent Seven sat out
4. 4 Levels — two of three arbiters cleared, 746 is the one that is left
5. 5 The sorting rule is capex, not beat or miss
6. 6 Closelook indices — our own build-out cohort split down the middle
7. 7 The record quarter is substantially two companies marking up their AI stakes
8. 8 Asia followed the session, not the prints — except Hong Kong
9. 9 Six prints and two labour reads today
10. 10 Outside view — John Butters · FactSet Earnings Insight

The full Morning 10 →

The Midday 10

The index went nowhere and the market changed horses underneath it

• 1 Nasdaq red, Dow green — the swap, not the drawdown
• 2 Gold and silver, up four percent together
• 3 The miners are running at nearly double the metal

All ten lines →

Daily Pulse — Four Charts Say Breakout. One Says Watch the Belly.

Tuesday delivered the strongest session in months — the Nasdaq-100 up 3.40%, semiconductors up 6.80% — and it left four setups looking the same way: QQQ back above its correction channel with the secular trend intact, semis through a consolidation that had run since June, the Magnificent Seven pressed against the 71 line after a year of going nowhere, and cloud software at its highest since 2022.

The full Pulse →

Print-record cards of the day

• DDOG — Datadog: EPS beats 10/10 · revenue 10/10 · reactions 3 up / 3 flat / 4 down · next print 2026-08-06
• AAOI — Applied Optoelectronics: EPS beats 5/10 · revenue 3/10 · reactions 6 up / 1 flat / 3 down · next print 2026-08-06

On the tape

• Money Temperature · Risk-on rally — 1 heating / 3 cooling
• Rubin 100 · Sector rotation — S23 → INTERCON
• APH PEAD continuation: T+3 ↑LONG confirmed at T+5 (CAR +15.83%)
• ARM PEAD reversal: T+3 ↓SHORT faded — T+5 closes +8.29%
• CMG PEAD reversal: T+3 ↑LONG faded — T+5 closes -0.95%
• FORM PEAD continuation: T+3 ↑LONG confirmed at T+5 (CAR +25.8%)
• HEXA-B.ST PEAD continuation: T+3 ↑LONG confirmed at T+5 (CAR +10.78%)
• IFCN.SW PEAD continuation: T+3 ↑LONG confirmed at T+5 (CAR +9.07%)

The books that day

5 recorded trades: Exited ROK (Derivatives) · Reduced IFNNY (Global Tech 50) · Reduced SBGSY (Global Tech 50) · Added SLOIF (Global Tech 50) · Reduced STM (Global Tech 50). The live feed →