7/23/26 Recap

The SPY finally broke down again. 4 lower highs and repeat tests of the 50 day were sending warning signs and today we got the followthrough after big moves down from Google and Tesla. Oil rising 30% this month is not helping things as it seems like Trump has lost control of the Iran situation despite all we’re told. Oil has quickly risen from 70 to 90+ in under a month and yields are soaring as well. We’ve been in a downtrend for nearly 2 months now, again the arrows on the chart tell the story. We have a mess everywhere seemingly at the moment. As for yesterday, I know on the surface the Google numbers were good, the EPS gain was due to a 1 time SPCX gain which will be a big loss next quarter. The bad news with Google was search missed and I think that’s why you’re seeing the big selloff, not the capex everyone cites. When your main business misses and it has chatgpt and claude becoming default search engines for more people daily, you have a major problem and earnings don’t really do much to save that. You could be looking at the start of a terminal decline which was always the reason why Google traded “cheap” the risk of something else emerging always existed and it seems like for the moment that threat is here. Other than that cloud numbers were amazing, up 80% is so impressive, but Google remains a search business and missing on search is not what investors wanted. Having Tesla down 13% too as a top 10 sized company is not helping things but Tesla has always had terrible numbers, I’m not sure why investors finally cared today but if valuation is going to be a thing for Tesla finally, it can go much lower.

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Here are today’s large cap scans, as always the rest of the mid and small caps along with countless other scans can be found in the database by clicking the canner tab.

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Trades I Made Today