January 21, 2026

Markets:

Equity futures pulled back again on Wednesday, a day after the three major averages saw their worst day since October, as the “sell America” trade continues with the U.S. dollar weakening.

Stocks posted sharp losses in Tuesday’s session as President Donald Trump escalated his Greenland tariff threats ahead of his scheduled appearance at the World Economic Forum in Davos, Switzerland, on Wednesday. The 30-stock Dow slipped more than 870 points, or about 1.8%, while the S&P 500 lost roughly 2.1%. A drawdown in technology stocks led the sell-off, with the Nasdaq Composite sliding 2.4% on the day.

Treasury Secretary Scott Bessent told reporters in Davos Wednesday that the Trump administration was “not concerned” about the previous day’s sell-off.

European stocks opened broadly lower on Wednesday, as concerns about U.S.-Europe trade continued to weigh on sentiment in the region.

Portfolio:

We enter the session with positions in SKYT, KOPN, MRAM, and TSLL.  Queue continues to ignite and we are purposely holding back on releasing a number of new trades right now just to make sure no short term head fakes are in play.  But under the covers we saw massive positioning yesterday.  From early indications…the right trade…still higher and would not surprise us at all to see new market highs very soon.  

A reminder from yesterday’s premarket: President Trump has always been market-aware. Under his playbook, volatility often creates valuation opportunities—especially when headline risk proves to be leverage rather than lasting policy. We’re already seeing early signs of that dynamic at work.

That said, we continue to respect the technicals. We want to see SPY reclaim and build above 680, and if tested, 600 must hold for the Q’s.

As we head deeper into tech earnings over the coming weeks, there are absolute gems setting up. Names like SMCI, NVDA, AMZN, META, MSFT, and others are sitting on launch pads. AAPL is now down seven consecutive weeks, historically an area where opportunity begins to form.

Opportunity is brewing. The best is still ahead of us.