The Morning 10 · every trading morning · 09:45 CET
The Morning 10.
Ten points, one grammar — what is happening, what would change it, why it matters, what it triggers. The day in ninety seconds, before the tape decides it. Ten points are free, every trading morning; point 11 — the one read we act on — is for members of C.
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Friday, July 24, 2026
Two tapes collided overnight. Thursday's regular session was a discount-rate flush across every asset class at once: September hike odds jumped to 82%, the two-year hit a 16-month high, real…
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Thursday, July 23, 2026
Full-add Thursday. The four-print night answered in one sentence: the spender pays, the vendor collects. Alphabet raised its capex guide to $195–205 billion, printed its first cash-burning q…
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Wednesday, July 22, 2026
Four-print Wednesday — and the tape already answered half the question. Yesterday the split ran clean again: semiconductors up more than five percent while software fell, the third session o…
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Tuesday, July 21, 2026
Alphabet day — and the tape isn't waiting for the print. US futures are up more than 1.15% this morning, a gap that points the semiconductor index's open at the doorstep of the 530–532 verdi…
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Monday, July 20, 2026
Confirmation Monday. Friday's expiry session left the verdict written in pencil: SOXX closed 43 cents below the June washout line at 522.24 after a 498.54-to-530.52 round trip, QQQ held its …
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Friday, July 17, 2026
Verdict day arrives with the verdict already half-written: the chip selloff went global overnight — the Nikkei lost 4.7%, 6.2% at the afternoon worst; Taiwan fell 4.9% despite TSMC's record;…
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Thursday, July 16, 2026
TSMC answered with everything — $40.2 billion in revenue at the very top of its own guide, both margins above their guided ranges, a 77% profit jump to a record — and the first tick was red:…
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Wednesday, July 15, 2026
The referee answered in a different currency: ASML beat its own guidance on every line this morning — €9.3 billion in sales, 54% gross margin — and printed no bookings number at all; the ans…
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Tuesday, July 14, 2026
Day one of the signal week went straight for the line: SOXX closed forty cents below the 554 floor as the semi complex fell 4–5% and software rose against it — Palantir, Datadog and Cloudfla…
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Monday, July 13, 2026
Two sessions after the largest foreign US listing on record, Korea took it back: a Kospi drop steep enough to trigger a program-trading halt, SK Hynix −12%, and the first DRAM price decline …
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Friday, July 10, 2026
The washout confirmed, and the tape moved down the stack: SOXX's second close above 554 came with NVDA red, Micron at a trillion, and $26.5 billion of new memory paper priced at a premium ov…
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Thursday, July 9, 2026
One session, full reversal: SOXX reclaimed 554, NVDA closed back above 200, and the money that fled memory on Tuesday spent Wednesday buying it back — with a 28-billion-dollar footprint. The…
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Wednesday, July 8, 2026
The two lines we published Monday both answered yesterday: SOXX broke 554 and NVDA held 191. Samsung posted a record quarter and fell six percent — the earnings bar in action — while six of …
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Tuesday, July 7, 2026
A daily read: yesterday most of last week's fallers bounced — memory and semis among them — but this morning US futures fade again with the Nasdaq weakest. The question the day poses is buy-…
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Monday, July 6, 2026
The tape split in two through the July 2 close — software ran, semis wrecked, the broad market rose, the build-out fell. The day in ten.
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