January 23, 2026

Markets:

Stock futures fell slightly after the major averages posted back-to-back gains on easing geopolitical fears.

Shares of Nvidia and Advanced Micro Devices rose more than 1% and about 3%, respectively, in early trading. The moves come as people familiar with the matter told CNBC that Nvidia CEO Jensen Huang is planning to visit China in the coming days.

Stocks began their rebound on Wednesday after President Donald Trump called off his threatened tariffs on the imports of eight European nations, set to start Feb.1. The president’s move came after Trump announced that he and NATO Secretary General Mark Rutte reached a “framework of a future deal with respect to Greenland.”

President Trump’s warning that a U.S. “armada” is heading toward Iran has deepened concern of potential military action in the Middle East, pushing oil prices higher amid fears of supply disruption.

“We’re watching Iran,” Trump told reporters on Air Force One on Thursday. “You know we have a lot of ships going in that direction just in case. We have a big flotilla going in that direction and we’ll see what happens.”

 

Portfolio:

We head into the final session of a very strong week with active exposure in ONDS, MRAM, SKYT, and TSLL. The focus today remains on managing existing positions while staying prepared to act if opportunity presents itself.

Historically, since the April 2025 tariff-driven lows, Fridays have more often than not finished higher. That said, when downside does show up on a Friday, it tends to be headline-driven and decisive. Tariff commentary continues to surface late in the week, which keeps risk elevated and reinforces the need for discipline.

We’ll be watching headlines closely and adjusting accordingly. As always, volatility creates opportunity, and this week was a good reminder of how quickly favorable setups can develop when emotions drive price.

One important macro shift worth noting: cash is no longer sitting on the sidelines. Recent data shows fund manager cash allocations have dropped to 3.2%, the lowest level on record going back to the 1990s. According to Bank of America, fund managers are now the most bullish they’ve been since July 2021.

This is a meaningful signal as we move through 2026 — capital is being deployed, not parked. That influx of money provides structural support for the broader market and aligns with the strength we’re seeing across multiple sectors.  We note this as it shows the support this market has right now.  Silence the noise, follow the trend and money flow.  Until we see a meaningful turn down that breaks various support lines, we should all know what to do when opportunity comes knocking for us.  

Next week will be outstanding with several earning reports that will be drivers.  Be ready.