The Morning Call---OpenAI slashes prices

 

The Morning Call

 

7/31/26

 

The Market

         

    Technical

 

            Thursday in the charts.

https://www.zerohedge.com/markets/bonds-big-tech-bounce-back-fed-cred-carnage-dollar-dumped-gold-jumped?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTE5ODU2Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc4NTQ0MjMwMCwiZXhwIjoxNzg4MDM0MzAwLCJhdWQiOiJ6aC1naWZ0In0.7zkk1YQcIeT12siITPpgtiDIaQAGIMNLLuKkHSx7Ic0

 

            Thursday in the technical stats.

            https://www.barchart.com/stocks/momentum

            https://www.barchart.com/stocks/market-performance

            https://www.barchart.com/stocks/sectors/rankings

            https://www.barchart.com/stocks/signals/new-recommendations

 

            The Market isn’t weak.

            https://www.allstarcharts.com/2026-07-29/market-isnt-weak-youre-looking-wrong-stocks

           

Friday morning setup: A broad rally in US tech stocks is extending for a second day, with Nasdaq 100 futures rising over 1%. Amazon is the standout in premarket trading, up by 12% after reporting a fifth quarter of cloud sales growth, while Apple is sinking 7% after its sales forecast was dented by industry-wide supply shortages. The gains in big-tech come amid signs that, for some, AI spending is paying off - underpinned by strong demand. Amazon shares rallied in late trading after it reported AWS revenue growth of 37%, above consensus of 31.3% and the fastest clip since 2021, enabling traders to overlook another increased capex guide and negative free-cash flow. On the flip side, Apple shares fell after component shortages weighed on the company’s sales forecast, echoing caution mentioned by Qualcomm the previous day. Apple had run into the print as the best performing stock within the Mag 7 cohort year-to-date.

“The worst of the positioning washout is probably behind us,” said Florian Ielpo at Lombard Odier Investment Managers. “On valuations, I would say they are more reasonable than a month ago, not cheap. So this is not the end of the AI trade, it is probably the end of its easy phase.” Nasdaq 100 futures climbed 1.2%, while those for the S&P 500 rose 0.5%. Treasuries are leading the gains in bond markets and mostly at the long end, with 30-year yields falling by around two basis points. “While the messaging on inflation has been firm, investors are still trying to assess how that commitment will translate into policy decisions,” said Francisco Simon at Santander Asset Management. “The combination of a credible inflation objective, but less visibility on the path of policy decisions, could translate into higher volatility in rates markets.” Those gains in bonds, however, paring after oil prices erased their decline for the day following headlines than Iran is blocking the passage of six tankers in the Strait of Hormuz. Brent is on track for a jump of around 20% for July and is currently trading around $89/barrel.

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                        International

 

The June Japanese unemployment rate was 2.5%, in line; June YoY housing starts rose 18.6% versus +12.8%; June preliminary industrial production was up 1.3% versus +0.7%; June retail sales fell 4.1% versus -0.5%; June YoY construction orders were up 2.3% versus -7.0%; the July YoY CPI was +2.0%. in line; YoY core CPI was +1.7%, also in line.

 

The July Chinese manufacturing PMI was 49.2 versus estimates of 50.0; the nonmanufacturing PMI was 49.0 versus 50.4; the composite PMI was 49.3 versus 50.0.

 

The July German unemployment rate was 6.4% versus predictions of 6.3%.

 

The July EU flash CPI was 0.2%, in line.

 

                        Other

 

                          The market cap of new homes continues to fall.

                          https://politicalcalculations.blogspot.com/2026/07/market-cap-of-new-homes-continues.html

 

                          The US is undergoing a massive debt for equity swap.

                          https://www.advisorperspectives.com/articles/2026/07/30/america-undergoing-massive-debt-equity-swap

 

                          Jobless claims continue to be a positive for the economy.

                          https://bonddad.blogspot.com/2026/07/initial-claims-continue-very-positive.html

           

            Overnight News

 

              Trump hails historic Gaza agreement….but

              https://www.zerohedge.com/geopolitical/trump-hails-historic-agreement-disarm-hamas-israel-skeptical

           

            Monetary Policy

 

              Warsh’s first (self-inflicted) test.

              https://www.capitalspectator.com/the-feds-patience-strategy-faces-its-first-real-test/#more-25792

 

              Real yields surging.

              https://talkmarkets.com/article/real-yields-surging-1785430146

 

            Fiscal Policy

 

              In praise of the Laffer Curve.

              https://www.americanthinker.com/articles/2026/07/the-laffer-curve-more-relevant-today-than-ever/

 

            AI

 

              The Market is asking questions.

              https://www.apollo.com/wealth/insights-news/insights/daily-spark/the-market-is-asking-questions

 

              A big win for AI.

                          https://www.wsj.com/opinion/a-big-win-for-ai-it-isnt-replacing-your-coworkers-c5d23e29?st=dezz1W&reflink=desktopwebshare_permalink

 

              AI concentration risk is not just in equities.

              https://giftarticle.ft.com/giftarticle/actions/redeem/88db8506-bacf-471c-9d09-4216e5e9d55a

           

              OpenAI slashes prices.

              https://www.zerohedge.com/ai/openai-slashes-gpt-56-luna-price-80-chinas-cheaper-models-close

 

              Data center revolt hits midterms.

              https://www.zerohedge.com/political/58-against-both-parties-scrambling-data-center-revolt-hits-midterms

 

     Investing

 

            Marking to make believe.

            https://tonyisola.com/2026/07/marked-to-make-believe/

 

            Credit stress is becoming a stock market problem.

https://www.zerohedge.com/markets/cds-spillover-event-stock-market-starting?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTE5ODA4Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc4NTQ0MDg4NiwiZXhwIjoxNzg4MDMyODg2LCJhdWQiOiJ6aC1naWZ0In0.-N_nvf6JZZI8VbUjnf2268LqhzjeC6oID4aecw01OK8

 

 

Thought of the day: Things that have never happened before are bound to occur with some regularity.

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

            Ten foods that safety experts never eat.

            https://time.com/article/2026/07/23/what-food-safety-experts-never-eat/

 

 

Visit Investing for Survival’s website (http://investingforsurvival.com/home) to learn more about our Investment Strategy, Prices Disciplines and Subscriber Service.

 

 

 

The Morning Call--- IPO's---the public is the exit

 

The Morning Call

 

7/30/26

 

The Market

         

    Technical

 

            Wednesday in the charts.

https://www.zerohedge.com/markets/ai-angst-tehran-tremors-korean-chaos-trigger-massive-market-de-grossing?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTE5NzI2Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc4NTM1NjcyNCwiZXhwIjoxNzg3OTQ4NzI0LCJhdWQiOiJ6aC1naWZ0In0.8wmYNC09cHPGS8l9UDFgMvedGNB9lys89obcqbBxpDM

 

Note: the S&P is starting to roll over, having made two lower highs and two lower lows.  It still has a number of longer term factors weighing in its favor but the near term looks questionable.

 

 

            Wednesday in the technical stats.

            https://www.barchart.com/stocks/momentum

            https://www.barchart.com/stocks/market-performance

            https://www.barchart.com/stocks/sectors/rankings

            https://www.barchart.com/stocks/signals/new-recommendations

           

            The latest from Goldman’s funds flow guru.

https://www.zerohedge.com/markets/buy-protection-goldman-flows-gurus-warns-risks-corr1-macro-event-are-creeping-higher?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTE5NzAzIiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc4NTM1NTk1NiwiZXhwIjoxNzg3OTQ3OTU2LCJhdWQiOiJ6aC1naWZ0In0.rjf910AqhJjbLb4ZCp0SZTXoufVaxW7-j9VWO9CEySg

 

            The great tech reset.

https://www.zerohedge.com/the-market-ear/great-tech-reset?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTE5Nzg3Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc4NTQxNTc0MCwiZXhwIjoxNzg4MDA3NzQwLCJhdWQiOiJ6aC1naWZ0In0.sPrEbNWPdGb1crr5557sIIK3EhhVb9JTQQavQeqrsiA

 

Thursday morning setup: Futures rebound (for now) following yesterday’s Fed-induced meltdown as the market is clearly questioning Warsh’s credibility and potential usage of non-standard tools to fight inflation, pushing the yield curve to twist steeper and sending 30Y yields to 2 decade highs (last at 5.22%). Pre-mkt, the yield curve is seeing further twist-steepening with 10s and 30s up 1 and 3bp with 2s down 1bp. USD deterioration continues following its worst day in 4 weeks. Commodities are so confused, they are not even responding to the latest MidEast escalation with Energy and Metals lower while Ags remain bid. As of 8:00am ET, S&P futures are 0.6% higher and Nasdaq futs gain 1.3% led by a 9% jump in Microsoft whose cloud unit grew at the fastest clip in four years and the company held the line on spending; while Meta slumps after disappointing revenue guidance failed to offset another capex projection increase. Semis are higher, Memory are lower, and Mag7 is mixed but net higher (MSFT +8.4%, META -8.3%). Cyclicals are leading Defensives with AI boosting both Industrials and Utilities. While the Global MegaCap earnings releases may not have revived their names, price action suggests a bottom is forming, a view espoused (daily) by JPM which sees the deleveraging as completed (narrator: it is far from completed). Bulls will want to see this pre-mkt behavior extend into the weekend to build confidence while Bears will bank on further bond vol and Semis de-risking to maintain the status quo. US economic data calendar includes June personal income/spending and PCE price index, weekly jobless claims and 2Q advance GDP (8:30am); no Fed speakers are scheduled.

           

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                          Weekly initial jobless claims totaled 197,000 versus consensus 200,000.

 

Q2 GDP growth was 1.5% versus projections of 2.1%; the Q2 price index was +6.3% versus 3.6%.

 

June PCE price index was -0.1; in line; the core PCE price index was +0.1 versus +0.2;

 

June personal income rose 0.2% versus expectations of 0.3%; June personal spending was up 0.3%, in line.

                       

                        International

 

The Q2 flash German GDP growth was +0.2% versus forecasts of +0.1%; the July preliminary CPI was 2.8% versus 2.7%.

 

The Q2 flash EU GDP growth was +0.4% versus predictions of +0.2%; the June unemployment rate was 6.5% versus 6.2%; the July economic sentiment index was 96.9 versus 96.0; the July industrial sentiment index was -6.1 versus -7.0; the July services index was 4.7 versus 3.8; the July consumer confidence was -15.9, in line.

 

The July Japanese consumer confidence index was 34.9 versus consensus of 34.2.

 

                        Other

 

                          The foundation of prosperity.

                          https://www.realclearmarkets.com/articles/2026/07/29/beware_the_experts_who_tie_prosperity_to_consumption_1197124.html

 

                          Growth in the vacant housing stock.

                          https://wolfstreet.com/2026/07/28/growth-of-the-vacant-housing-stock-in-the-us/

 

                          The US’s energy safety net has been cut in half.

                          https://talkmarkets.com/article/americas-energy-safety-net-has-been-cut-in-half-1785335626

 

                          US savings rate tumbles.

                          https://www.zerohedge.com/markets/us-savings-rate-tumbles-despite-lowest-jobless-claims-data-57-years

 

            Iran

 

              Overnight news.

              https://www.zerohedge.com/geopolitical/2-hour-us-bombardment-kills-iranian-troops-civilians-hormuz-traffic-creeps-higher-irgc

 

              Houthis signal Red Sea navigation tolls.

              https://www.zerohedge.com/geopolitical/houthis-signal-red-sea-shipping-tolls-mirror-image-irans-hormuz-plan

 

            Monetary Policy

 

The FOMC wrapped up its July meeting leaving rates unchanged and leaving Warsh looking like a reinvented version of Bernanke/Yellen/Powell---which is to say, talk about fighting inflation but doing nothing.  As you know, I have been advocating a more restrictive monetary policy for some time, hoping that Warsh would bring a new toughness that would put the quietest on rising inflation and long term rates.  Not to be.  Clearly, I was disappointed by the lack of action; and judging by the reaction of the 30 year and the stock market, so were a lot of other people.

              https://www.zerohedge.com/markets/warsh-fed-delivers-biggest-non-cut-surprise-decades

 

            Tariffs

 

Trump’s tariffs are sending companies back to China. (the other and perhaps more important point is how disruptive/damaging a schizophrenic tariff regime can be for US businesses.)  

                          https://www.nytimes.com/2026/07/29/business/economy/trump-tariffs-china.html?unlocked_article_code=1.1VA.Tcug._2HFXs37yY0x&smid=url-share

 

 

     Investing

 

            Investors are piling into bond funds at a rapid pace.

            https://www.marketwatch.com/story/investors-are-piling-into-bond-funds-at-a-rapid-rate-thats-a-problem-09aaa039?st=2yNh5M

 

            IPOs: the public is the exit.

                        https://www.wsj.com/finance/investing/the-stock-market-is-not-your-rich-uncle-d68de517?reflink=desktopwebshare_permalink

 

            It is not house money; it is your money.

            https://www.wsj.com/finance/investing/the-stock-market-is-not-your-rich-uncle-d68de517?st=fFBQ6d

 

            Reweighting the DJIA.

            https://politicalcalculations.blogspot.com/2026/07/reweighting-dow-jones-industrial-average.html

 

            The Market is doing its job.

            https://www.capitalspectator.com/techs-wild-ride-semis-sink-software-rallies-and-nerves-fray/

 

            The dilution cycle hiding in tech valuations.

            https://giftarticle.ft.com/giftarticle/actions/redeem/d4835b78-9865-49d4-b924-a994c255b937

 

            RIP.  It’s only seven stocks.

            https://chartkidmatt.com/p/rip-it-s-only-7-stocks-2023-2025

 

            Margin resilience suggests selective approach.

https://www.zerohedge.com/markets/earnings-reactions-disappoint-margin-resilience-supports-selective-equity-rotation?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTE5Njc5Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc4NTM1NzUxMCwiZXhwIjoxNzg3OTQ5NTEwLCJhdWQiOiJ6aC1naWZ0In0.aXvz6_ZHVBliZUZ2_I4kf5RmmLabKijBAyLgxLv0Msk

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

           

 

 

Visit Investing for Survival’s website (http://investingforsurvival.com/home) to learn more about our Investment Strategy, Prices Disciplines and Subscriber Service.

 

 

 

The Morning Call---The outlook for inflation

 

The Morning Call

 

7/29/26

 

The Market

         

    Technical

 

            Friday in the charts.

https://www.zerohedge.com/markets/semis-slammed-momo-mullered-ai-credit-cracks-black-gold-bond-yields-drop-deal-hopes?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTE5NjAyIiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc4NTI3MzU5NSwiZXhwIjoxNzg3ODY1NTk1LCJhdWQiOiJ6aC1naWZ0In0.Z1qcKJVo_43dHLg_MryNln7SMvak9DJB3uQHjfYXsYQ

 

            Friday in the technical stats.

            https://www.barchart.com/stocks/momentum

            https://www.barchart.com/stocks/market-performance

            https://www.barchart.com/stocks/sectors/rankings

            https://www.barchart.com/stocks/signals/new-recommendations

 

            CTAs are sellers in every scenario next week.

https://www.zerohedge.com/markets/ctas-are-sellers-every-scenario-next-week-and-massive-185-billion-if-stocks-drop-next-month?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTE5NTc1Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc4NTI2NzE2MCwiZXhwIjoxNzg3ODU5MTYwLCJhdWQiOiJ6aC1naWZ0In0.73gN0dD6fPXbsDdFW2MRk-rEqOZQ0SJUNRRQ3ztpSWA

           

            Green shoots? (from the same group that published the above)

https://www.zerohedge.com/the-market-ear/first-green-shoots?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTE5NjA1Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc4NTI2NzUyNSwiZXhwIjoxNzg3ODU5NTI1LCJhdWQiOiJ6aC1naWZ0In0.xbt37eCCaHgT_YLSqeJ4sb6WGJ9a5_ZTHOA6VVgj-Mc

 

            Don’t go chasing ‘waterfall’ formations.

https://www.zerohedge.com/markets/dont-go-chasing-waterfalls-btig-warns-not-spot-press-shorts-semis?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTE5NTgxIiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc4NTI2Nzg3MiwiZXhwIjoxNzg3ODU5ODcyLCJhdWQiOiJ6aC1naWZ0In0.QcFtjtQ5P-ibeUE5HPxufVNLL4xyyTUOwzKjD7syH3o

 

            Goldman’s view.

https://www.zerohedge.com/markets/july-leaving-some-lasting-scars-goldman-flows-guru-warns-leverage-works-both-ways?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTE5NTY3Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc4NTI2ODIwMywiZXhwIjoxNzg3ODYwMjAzLCJhdWQiOiJ6aC1naWZ0In0.5a_bCfVYu1up7IERiJ1fN-g0JJjvPSYj7lEZqrERuR0

 

Wednesday mooring setup: US equity futures are higher, overlooking both tech-led declines in Asia which saw the Kospi crash as much as 13% and trigger a second consecutive 20 minute market-wide halt, and the 5% jump in oil prices which has pushed Brent over $88. As of 7:30am ET,  S&P 500 and Nasdaq 100 contracts are each up 0.2%, reversing sharp overnight losses, with tech flipping from laggard to leader and reversing (for now) a chip rout overnight which saw SK Hynix plunge 7.6% after tumbling 17% the session prior. With hyperscaler earnings today (MSFT and META), JPMorgan's trading desk - which has incorrectly called the bottom in the chip rout almost every day in the past month - asks if "perhaps we finally establish a floor within the Tech trade."  Semis are higher pre-market with Mag7 mixed. Overnight, Korea / Semis took another leg lower with JPM’s Mixo Das seeing the levered ETF unwind in its 9th inning (90% complete). Defensives are leading Cyclicals (ex-Tech & Energy) with the Energy bid returning on news of renewed attacks in the Middle East. In fact, oil is trading 5% higher at session highs (above $83 for WTI and above $88 for Brent) which is pushing bond yields up 1-2bp as the curve flattens, USD is weaker. Today's macro focus is on the Fed (read out preview here). Most banks (but not Citadel) expect the Fed to hold with two or more hawkish dissents; the market is pricing a 32% chance of a hike.

 

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

Weekly mortgage applications fell 6.4% while purchase applications were down 3.6%.

 

Month to date retail chain store sales were up 8.3% versus up 7.8% in the prior week.

 

The May Case Shiller home price index was up 0.9% versus forecasts of up 0.6%.

https://bonddad.blogspot.com/2026/07/is-disinflation-in-repeat-home-sales.html

 

The July consumer confidence index came in at 90.8 versus expectations of 92.3.

 

The July Richmond Fed manufacturing index was 5 versus consensus of 10.

 

                        International

 

 

                        Other

 

                          Reducing employment growth.

                          https://econbrowser.com/archives/2026/07/reducing-employment-growth

 

            Overnight News

 

The Senate voted 86-12 to advance a bill that would empower Trump to impose tariffs on major buyers of Russian energy, as well as Iran, with a final vote possible later this week.

 

Wall Street banks have demanded more collateral from hedge funds in recent weeks as a rout in AI stocks accelerates and triggers heavy losses across several popular strategies. 

           

            Iran

 

              Overnight news.

                          https://www.zerohedge.com/geopolitical/war-pause-holds-trump-vows-destroy-pickaxe-mountain-if-no-deal-oman-pushes-hormuz

 

            Monetary Policy

 

Kevin Warsh wanted a ‘good family fight’ over monetary policy.  He is getting one.

              https://www.wsj.com/economy/central-banking/kevin-warsh-fed-chair-first-two-months-cf5e0ddc?st=vrFhK7&reflink=desktopwebshare_permalink

 

            Inflation

 

The outlook for inflation---another great read from Hoisington Investment Management.

              https://www.advisorperspectives.com/commentaries/2026/07/28/quarterly-review-outlook-second-quarter-2026

 

              A somewhat different view.

              https://www.capitalspectator.com/iran-tensions-ease-but-markets-still-looking-for-fed-rate-hikes/

 

           

            AI

 

              Big tech credit risks rise as AI spending soars.

              https://giftarticle.ft.com/giftarticle/actions/redeem/e358a9be-6a95-4109-a51a-6eeec6e3b49a

 

              Wall Street’s debt monster wants another quarter trillion.

  https://www.zerohedge.com/the-market-ear/aamon-hungry-again-wall-streets-new-debt-monster-wants-another-quarter-trillion?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTE5NjYzIiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc4NTMzMDA0NywiZXhwIjoxNzg3OTIyMDQ3LCJhdWQiOiJ6aC1naWZ0In0.wZLR1z72AFY1Rj461LuTHPjQFOU3eBHqoYtFLdfwmTY

 

              The AI hangover has arrived.

  https://www.zerohedge.com/the-market-ear/ai-hangover-has-arrived?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTE5NjQ4Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc4NTMyOTY5NiwiZXhwIjoxNzg3OTIxNjk2LCJhdWQiOiJ6aC1naWZ0In0.wBlxxfclqQoNLg0D39iEMXOa6gfnLfrjAJIGMREh1ug

 

 

            Tariffs

 

              Tariffs didn’t improve the deficit but did increase consumer costs.

              https://mishtalk.com/economics/trumps-tariffs-didnt-improve-the-deficit-but-did-increase-consumer-costs/

 

     Investing

 

            REITs, the forgotten asset.

            https://alhambrapartners.com/weekly-market-pulse-the-forgotten-asset/?src=news

 

            On the other hand…….

            https://www.bespokepremium.com/interactive/posts/think-big-blog/real-estates-penthouse-view

 

            Stocks finally have some competition.

            https://trendlabs.com/stocks-finally-have-some-competition/

 

            Are US Treasuries still a safe asset?

            https://www.advisorperspectives.com/commentaries/2026/07/28/us-treasuries-still-safe-asset

 

            Margin math tests the earnings story.

            https://www.advisorperspectives.com/commentaries/2026/07/28/margin-math-tests-earnings-story

           

            What 125 years of (performance) data tells us.

            https://behindthebalancesheet.substack.com/p/what-125-years-of-data-really-tell

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

            Four retirement costs that could blindside you.

                        https://retire.ly/2026/07/21/4-retirement-costs-that-could-blindside-even-the-best-prepared-savers/?utm_source=talkmarkets&utm_medium=talkmarkets

 

 

 

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