February 9, 2026
Markets:
U.S. equity futures were little changed Monday morning as investors awaited critical economic data and another batch of earnings reports following a volatile week that ended with the Dow Jones Industrial Average reaching a key milestone.
The developments come after the major averages bounced benack Friday following sizable losses suffered earlier in the week. The rout was sparked by a sell-off in the tech sector, led by software stocks. Bitcoin also plunged before recovering some as investors took a risk-off posture.
In the prior session, the 30-stock Dow Jones Industrial Average surged 1,200 points, or about 2.5%, to score its first close above 50,000 after hitting that level for the first time earlier in intraday trading. The S&P 500 rose about 2% and the Nasdaq Composite finished more than 2% higher.
Bitcoin broke back above $70,000 on Friday after sinking below $61,000 Thursday night, while software stocks such as Salesforce finished higher. Overall, the iShares Expanded Tech-Software Sector ETF (IGV) jumped 3.5%, marking the fund’s first day of gains since the end of last month, when it entered bear market territory.
The economic docket is light Monday, though several Federal Reserve officials, including Governors Christopher Waller and Stephen Miran, will speak later in the day.
On Wednesday, investors will be watching for the delayed January jobs report from the Bureau of Labor Statistics. The release was initially scheduled for last Friday but was postponed due to the partial government shutdown. It also comes after ADP reported last week that private payrolls increased by a mere 22,000 in January, well below expectations. Economists polled by Dow Jones anticipate the closely watched jobs report will show a gain of 55,000 in January.
Portfolio:
Heading into the new week, we’re holding positions in SD and VELO. The queue is very active, and today is an important session for short-term direction and technical confirmation. How price and flow behave—especially after the way we ended last week—should offer valuable insight. Please be patient this morning and allow price to develop. Last week was super tough for swing traders. But we are close to take off on the trend side.
Multiple sources are confirming that U.S. Treasury settlements (primarily T-bills and related issuances) are draining roughly $62 billion in liquidity this week. This represents cash moving out of the private sector and banking system to fund new Treasury issuance, which can tighten liquidity and apply pressure to risk assets such as equities.
QQQ is very straightforward right now. Below 605, the short-term bias is slightly bearish. If we hold above 605 and continue to build, the setup turns bullish. New highs remain in play, but so does a reset. Keep in mind this rally has been explosive, and QQQ still has a gap near 591 that may eventually need to be filled. The key short-term question is whether we see that move first before the next push higher. Either way, the opportunity on both sides of the tape is excellent, especially with technicals being respected as cleanly as they are right now. Personally, would we be surprised to see 591 hit prior to NVDA earnings and NVDA just ignites this once again? Its happened before!