Stock Market Outlook for July 8, 2026
The price of Oil is showing a strongly positive reaction to the end of February upside open gap, suggesting a shift of the recent short-term pullback.
*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities. As always, the use of technical and fundamental analysis is encouraged in order to fine tune entry and exit points to average seasonal trends.
Stocks Entering Period of Seasonal Strength Today:
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Stock Highlight: |
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NVIDIA Corp. (NASD:NVDA) Seasonal Chart |
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Anixa Biosciences, Inc. (NASD:ANIX) Seasonal Chart
Alerus Financial Corp. (NASD:ALRS) Seasonal Chart
Brompton Split Banc Corp. (TSE:SBC.TO) Seasonal Chart
Sono Tek Corp. (NASD:SOTK) Seasonal Chart
Canadian Imperial Bank Of Commerce (NYSE:CM) Seasonal Chart
SKTelecom Co. Ltd. (NYSE:SKM) Seasonal Chart
Nasdaq OMX Group Inc. (NASD:NDAQ) Seasonal Chart
Disclaimer: Comments and opinions offered in this report are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered is believed to be accurate, but is not guaranteed.
The Markets
Markets showed some jitters on Tuesday as some of the overheated AI beneficiaries in the Semiconductor, Memory, and Electrification industries digest early year gains. The S&P 500 Index shed just over four-tenths of one percent, closing the gap that was open on Monday around declining trendline resistance from the month of June. The benchmark has shown struggle below the June high around 7600 in a pattern that has all the hallmarks of consolidation of early year strength rather than a trend shift, suggesting the fuel remains present to see a test/breakout through this summer rally period that is upon us. Daily momentum indicators have curled higher, triggering near-term buy signals that align nicely with the start of the summer rally phase; MACD crossed above its signal line in what is a fresh buy signal following the sell trigger that was recorded in the middle of May. In the Seasonal Advantage Portfolio that we manage for clients at CastleMoore, we took off our volatility hedges prior to last week and we put cash to work. Further transactions were executed at the start of last week to increase beta of the portfolio further to setup for this risk-on time of the year and we are benefiting. Following a first half performance that was well ahead of our own benchmark (as well as all major equity benchmarks in the market), we are off to a strong start in this second half of the year. Subscribers can view what we are targeting in our list of market segments to either Accumulate or Avoid.
Today, in our Market Outlook to subscribers, we discuss the following:
- Summer Rally Remains Intact Despite AI Profit-Taking
- AI Leadership
- Dividend Stocks: Front running the third quarter volatility?
- Consumer Weakness Remains a Major Concern
- Manufacturing Renaissance Continues
- Energy and Oil
- Portfolio Positioning
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Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.87.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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