—
C+
C+ The full Closelook — membership. Open the C+ overview

The index went nowhere and the market changed horses underneath it

The Midday 10 — the US midday tape

The Midday 10 · 12:30 ET · 2026-08-05

A flat tape with a lot going on inside it. The Nasdaq has gone red while the Dow holds close to a percent higher, the semiconductor complex is handing back a slice of yesterday's 6.80%, and the strongest thing on the board is not an equity sector at all — gold and silver are both up about 4%, and the miners 7.25%. The two sectors that would confirm either an inflation impulse or a flight to safety, energy and utilities, are the two worst performers. That narrows what this is.

US midday, intraday quotes (delayed)

  1. 1

    LEVEL Nasdaq red, Dow green — the swap, not the drawdown

    QQQ trades near 721.5, down about 0.33%, while DIA holds around 544.6, up roughly 0.77%. SPY is flat at 771.3 and small caps are off 0.43%. After yesterday's 3.40% on the Nasdaq this is not a reversal so much as a change of leadership: the money did not leave, it moved.

  2. 2

    UP Gold and silver, up four percent together

    Gold trades around 4,316, up close to 3.93%, with silver at 62.66 up 4.00% — matching it almost tick for tick. Gold closed its correction at 3,992 on 16 July after a 20.5% fall from the March high of 5,022, based for a month across three separate tests of the 4,000 area, and has now broken the descending line off that high.

  3. 3

    UP The miners are running at nearly double the metal

    GDX trades near 83.6, up 7.25% — against gold's 3.93%. When the levered expression outruns the underlying by that margin the bid is positioning rather than hedging: nobody buys miners for insurance. Materials, the sector that carries the metals complex, is the best of the eleven at plus 1.17%.

C — free account

The free C account unlocks lines 4 through 10 — the full midday tape.

One tap with Google or one email — no password, no card. You are signed in until you sign out, on this browser, from then on.

Join the Look — free

Already joined on this browser? The full edition shows automatically — if it doesn't, sign in again here. Looking for the archive, portfolios and realtime? That is C+.

C · line 11 · members

Today in line 11: why a four percent move in gold and silver on this particular day says something the correlation data has been saying all year, what the miners running at double the metal tells you about who is buying, why energy and utilities falling together removes both of the standard explanations — and the one thing that would turn this rotation into something the bullish setup does not survive.

The privileged, actionable read — what we do, and at which level — is in line 11, for members only.

Join the Look — it’s free

Free members account · one click · the ten points stay free, always.

Ten lines on the US midday tape, not advice — an investment diary. Published every trading day at 12:30 ET. See The Morning 10 and the Daily Pulse.