The Morning Call
7/22/26
The
Market
Technical
Tuesday in the
charts.
Tuesday 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 momentum
bounce hits key resistance.
The Market’s dangerous
bet.
The bond market is
too complacent.
Momentum
is brewing in bitcoin.
Wednesday morning
setup: US futures are lower following a chipmaker-powered jump in
Tuesday’s session, with Nasdaq 100 futures falling by 0.8%, which appears to be
more of a retracement to yesterday’s strength than a move tied to oil or
de-risking into today’s Tech earnings. Alphabet earnings are coming after
the close. As of 7:00am ET, S&P futures are down 0.3% and Nasdaq futures
slide 0.6%. In premarket trading, Mag 7 stocks are mixed ahead of key
earnings from Alphabet, Tesla and IBM due later in the afternoon. Nvidia is
underperforming the group as chipmakers decline; GOOG leads. Defensives and
Energy are leading; within Cyclicals Financials are outperforming.
Today’s macro focus is wholly on GOOG and the AI trade. Crude is leading
the commodity complex with WTI at $88/bbl and Brent above $95/bbl for the fist
time in 6 weeks, so far Equities have not been derailed as investors continue
to think that Trump pivots back to a deal. In metals, Precious is leading Base;
Ags are mixed but net higher. Dollar is indicated a touch lower as bond yields
are flat. Looking at the day ahead, it’s a fairly quiet one. But we’ll get
the UK CPI print for June, and earnings releases after the US close include
Alphabet and Tesla.
Fundamental
Headlines
The
Economy
US
Weekly mortgage applications
were up 1.9% while purchase applications were up 6.0%.
Month to date
retail chain store sales grew 7.8% versus +8.2% in the prior week.
International
The June UK CPI rose 0.1%, in line; core CPI
was up 0.3%, also in line.
Other
Overnight
News
US greenlights Saudi nuclear deal.
Iran
Overnight news:
The US widened the
scope of its airstrikes on Iran overnight, as President Donald Trump and
officials in Tehran signaled a renewal of peace talks is unlikely in the
near-term.
Inflation
Regional Fed reports indicate continued
elevated inflation.
https://bonddad.blogspot.com/2026/07/regional-fed-reports-indicate-elevated.html
Tariffs
The impact of politically (versus economic) motivated
tariffs on the US economy.
AI
The battle for the future of AI:
Summary.
Point.
Counterpoint.
https://stratechery.com/2026/whos-afraid-of-chinese-models/
AI’s next breakthrough is looking scary
And how
about this: Open AI admits a model escaped containment.
A generational
transfer is taking place.
Investing
Dealing with the unknowns.
https://alhambrapartners.com/weekly-market-pulse-its-always-something/?src=news
Economic momentum flips
from blessing to curse for S&P.
https://www.advisorperspectives.com/commentaries/2026/07/21/home-affordability-better-headlines
MedTech sector
near lows.
https://talkmarkets.com/article/medtech-sector-is-near-its-lows-what-is-going-on-1784651295
News on Stocks in Our Portfolios
What
I am reading today
Home
affordability is better than the headlines suggest
https://www.advisorperspectives.com/commentaries/2026/07/21/home-affordability-better-headlines
The failure gap.
https://klementoninvesting.substack.com/p/the-failure-gap
Best World Cup photos.
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for Survival’s website (http://investingforsurvival.com/home)
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