Benjamin Denney

[Kevin Gordon @KevRGordon]

✅Pre-war oil price
❌Pre-war gasoline price

[Matt Cerminaro @mattcerminaro]

Gut punch.

[Hedgeye @Hedgeye]

AI capex is eating the cash that once made Microsoft, Meta, Google, and Amazon the best free-cash-flow machines in the S&P 500

[zerohedge @zerohedge]

And here's why: Hyperscalers (AMZN, GOOGL, META, MSFT, ORCL) vs Semis (NVDA, MU) free cash flow

[Daily Chartbook @dailychartbook]

"The Memory ETF is now the fastest ETF in history to hit $10 billion, $15 billion, and $20 billion in assets under management." $DRAM

@charliebilello

[Kevin Gordon @KevRGordon]

Microsoft, the third largest Tech stock in the S&P 500, is down by 26.5% in the first half of 2026. If that held here, it would be the worst semi-annual performance since the second half of 2008

[Stephane Deo @StephaneDeo]

Today’s US durable goods orders are yet another sing that Tech capex remains buoyant.

[zerohedge @zerohedge]

Hyperscalers vs Chips

[Jukan @ICML @jukan05]

Where can I buy this vest?? It’s urgent.

[Ryan Detrick, CMT @RyanDetrick]

Small caps (the S&P 600) closed at their highest level in history today.

Also, the small cap advance/decline line did as well. File this one under not bearish.

[The Kobeissi Letter @KobeissiLetter]

US technology stocks are driving historic market gains:

The MSCI USA Momentum Factor ETF, $MTUM, has surged +38.2% year-to-date, more than 4 times the S&P 500’s equal-weighted index gain of +9.2%.

The fund’s top holdings include Micron, $MU, Intel, $INTC, AMD, $AMD, and Broadcom, $AVGO.

As a result, the $MTUM to S&P 500 equal-weighted index ratio has risen to a record ~172.

This ratio has surged +75.0% since early 2023, as momentum stocks have materially outperformed the average stock.

This metric also now stands 14.7% above the 2020 pandemic recovery peak.

Meanwhile, the MSCI US Momentum Index to MSCI US Index ratio has surged +24% over the last quarter, the largest quarterly outperformance on record, surpassing the 2000 Dot-Com bubble high of +21%.

The momentum trade is leaving the rest of the market behind.

[Kevin Gordon @KevRGordon]

.@Gallup: "The most common way Americans say they have gotten their news in the past seven days is from social media (54%), followed by news websites or apps (44%)."

[Connor Bates @ConnorJBates_]

$SOXX Options Mania.

Average daily semiconductor options premium traded by month.

[Steve Baker @SteveBa99880334]

Fucking ridiculous…

[Ian McMillan, CMT @the_chart_life]

$IWM vs. $MAGS

R2K already outpacing Mag 7 (which I would deem the "Q-iest of the Q's") nicely YTD ...

[Kevin Gordon @KevRGordon]

Third straight day with the S&P 500 declining yet the advance-decline spread remaining positive

[Mike Zaccardi, CFA, CMT 🍖 @MikeZaccardi]

$BABA down 14 of 15 days... now almost a 50% drawdown from its October 2025 peak

[Charlie Bilello @charliebilello]

Bitcoin is now down over 53% from its peak last October, its biggest and longest drawdown since 2022.
$BTC

[Sam Gatlin @sam_gatlin]

All eyes on biotech $IBB 👀

[Robert Prechter @RobertPrechter]

Another warning signal...