July 14, 2026

Markets:

Stock futures are mixed this morning as investors digest another round of earnings, higher oil prices, and the June CPI report before the opening bell.

Semiconductor stocks are bouncing back after yesterday's pullback. Applied Materials, Lam Research, Micron, Teradyne, and several other chip names are trading higher in the premarket as buyers rotate back into the sector.

IBM is under pressure after reporting quarterly results, reinforcing what we've been saying for weeks. Enterprise spending continues to favor AI infrastructure over traditional software, with capital flowing toward servers, storage, memory, and semiconductors.

Markets are also keeping an eye on developments in the Middle East following renewed comments from President Trump regarding Iran and the Strait of Hormuz. Inflation data will be released before the opening bell and is expected to be today's primary market catalyst.

Portfolio:

We enter today's session holding positions in TSLL and TQQQ.

As we discussed yesterday, continue watching the 725 level on QQQ. Once that is reclaimed, we believe momentum can build quickly.

IBM's results simply reinforce the current theme. Money continues flowing into AI infrastructure while software takes a back seat. That leadership will eventually rotate, but for now we're staying focused on where institutional money is going.

This price action is so reminiscent on March of this year.  Then we all saw what we did.  Its coming!