July 8, 2025

Markets:

Stocks were set to rebound from a steep Monday sell-off as President Donald Trump pushed the tariff deadline once again and signaled flexibility on that timing as well with countries willing to negotiate.

Trump late Monday said the new Aug. 1 tariff deadline is “not 100% firm,” adding that “If they call up and they say something a different way, we’re going to be open to that.”

Stocks sold off Monday following Trump’s posts, with the Dow tumbling more than 400 points, after the president set 25% tariffs on goods imported from South Korea and Japan. Overall, at least 14 countries are set to face new duties including South Africa and Kazakhstan.

But Tuesday’s market action reflect the notion that traders don’t expect the latest U.S. tariffs to be as strict as initially feared, with many expecting that the worst from the trade war has now passed.

Shares of Amazon rose slightly in Tuesday’s premarket session as the e-commerce seller’s annual four-day Prime Day sales event commenced.

Portfolio:

We enter the session holding setups in SOFI and AUR.

Volume started to return yesterday and SPY bear gap open and bull gap closed. Managed to hold 619.35 into EOD while forming a 65m TL support. Watch that level and support TL closely until that bear gap is filled.  

QQQ price still well above 20 – 200d.  

Some beautiful consolidation has occurred across a number of names that started last week.  Now we see if the next move begins.  Be ready today!