The Headline Reads
The tape is hostile for momentum longs: Alphabet’s capex shock ($195–205B 2026 guide) and Tesla’s earnings miss have Nasdaq futures down ~0.8%, WTI is above $90 on Middle East escalation, the 10-year sits at two-month highs near 4.65%, and futures price ~34% odds of a hike at next Wednesday’s Fed meeting.
Strongest setups are the earnings names: CLF beat this morning on adjusted EBITDA ($286M vs $95M in Q1) and is +12% pre-market with 14.5% of its float short and a call at 8:30am ET; EQT’s Jul 21 beat-and-raise is clean, though natural gas at a two-month low argues against chasing.
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