8/3/26 Recap

The SPY is trying to push up through the July highs right now which would break our trend of lower highs we’ve been in for 2+ months. We got another delay in the Iran war as they held off strikes and are meeting again today which sent oil spiraling 8% at one point. The megacaps are really carrying things today with a huge earnings followthrough for Amazon and Microsoft leading us. These megacaps lagged all year, as of last week Microsoft was down 30% on the year almost and AMZN was up 1% ytd going into earnings. Now 3 days later Amazon is up 20% YTD and MSFT is barely green on the year. These moves happen so quickly these days and it just reinforces why you cannot be out of the market. If you missed the last 3 days in those 2 names you really cannot make that up. Right now an actual deal with Iran would be nice this week because our strategic reserve hit its lowest point since 1983, we cannot afford to let things get out of hand here and the market itself is pricing in some sort of deal.

The SMH continues to be the big laggard with a small break below the 100 day again today but a recovery so far. Overnight the Kospi was down 5% after that monster 18% move up friday and that hit all our semi and memory names. So far though most have recovered and turned green but there is just so much technical damage here that it is just going to take some time to settle things down.

Scanner

Here are today’s large cap scans. EA is just trending because the buyout is closing tomorrow, ignore that one. Other than that the mid and small cap names along with all the other scans are available inside the database.

My Open Book

Trades I Made Today