The Morning 10 · every trading morning · 09:45 CET
The Morning 10.
Ten points, one grammar — what is happening, what would change it, why it matters, what it triggers. The day in ninety seconds, before the tape decides it. Ten points are free, every trading morning; point 11 — the one read we act on — is for members of C.
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The AI-opex trade got paid overnight — and the bond veto quietly broke at the close
Two things happened between Thursday's close and this morning that point in opposite directions, and holding both is the day's work. Cloudflare and Twilio reported after the bell and trade u…
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Asia's whole AI trade topped in one week in June — memory was only the trigger
Korea fell 4.56% overnight and tripped a sidecar halt, SK Hynix lost 9.77% and Samsung 6.50%, and the easy story is that Western Digital and SanDisk guided badly and memory is turning back i…
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Best session in months — and every big print that followed it got sold
Tuesday was the strongest session in months — QQQ up 3.40% to 723.85, semis up 6.80%, Palantir closing 29% higher — and then the two biggest prints of the night beat on every line and got so…
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The referee bought it — Palantir +15% on a 93% quarter, while Korea's board splits in half
Palantir smashed the quarter and the tape bought it for the first time in four prints, the Dow closed at a record on a four-year high in ISM — and then Asia refused to follow, with Korea's s…
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The tailwind is gone — KOSPI gives back 5.2%, the yen gets ¥8tn of help, Palantir referees tonight
Korea gave back a slice of Friday's record session, the yen intervention is confirmed and large, oil broke five percent — and US futures firmed anyway into ISM day and Palantir's evening pri…
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The seller had a deadline — Hynix limit-up, KOSPI +16%, AWS accelerates to 37%
The week's violence had an expiry date, and it passed on Wednesday. Anyone who needed cash by July 31 had to execute by mid-week with settlement lag — which means the flush into Wednesday's …
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Thursday, July 30, 2026
Semis deep in the red, software held; vol rising, calendar packed with GDP, PCE, and mega-cap earnings.
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Korea crashes again, Iran strikes — and Advantest raises its year 35%
FOMC day on a broken tape. Seoul printed a second crash day, Iran fired at a US base, oil repriced the war back in — and inside the wreckage the testing duopoly delivered the morning's count…
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Tuesday, July 28, 2026
Overnight broke the trend: KOSPI −8%, SK Hynix −13%, Nikkei −4% — the uptrend in place since early April is gone. The handoff from capex to opex is the page: Apple, which rents its AI rather…
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Monday, July 27, 2026
Friday's tape was priced for two wars at once — a shooting one in the Gulf and a trade one out of Washington, where sixty trading partners were hit with new tariffs. The weekend un-priced th…
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Friday, July 24, 2026
Two tapes collided overnight. Thursday's regular session was a discount-rate flush across every asset class at once: September hike odds jumped to 82%, the two-year hit a 16-month high, real…
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Thursday, July 23, 2026
Full-add Thursday. The four-print night answered in one sentence: the spender pays, the vendor collects. Alphabet raised its capex guide to $195–205 billion, printed its first cash-burning q…
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Wednesday, July 22, 2026
Four-print Wednesday — and the tape already answered half the question. Yesterday the split ran clean again: semiconductors up more than five percent while software fell, the third session o…
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Tuesday, July 21, 2026
Alphabet day — and the tape isn't waiting for the print. US futures are up more than 1.15% this morning, a gap that points the semiconductor index's open at the doorstep of the 530–532 verdi…
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Monday, July 20, 2026
Confirmation Monday. Friday's expiry session left the verdict written in pencil: SOXX closed 43 cents below the June washout line at 522.24 after a 498.54-to-530.52 round trip, QQQ held its …
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Friday, July 17, 2026
Verdict day arrives with the verdict already half-written: the chip selloff went global overnight — the Nikkei lost 4.7%, 6.2% at the afternoon worst; Taiwan fell 4.9% despite TSMC's record;…
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Thursday, July 16, 2026
TSMC answered with everything — $40.2 billion in revenue at the very top of its own guide, both margins above their guided ranges, a 77% profit jump to a record — and the first tick was red:…
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Wednesday, July 15, 2026
The referee answered in a different currency: ASML beat its own guidance on every line this morning — €9.3 billion in sales, 54% gross margin — and printed no bookings number at all; the ans…
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Tuesday, July 14, 2026
Day one of the signal week went straight for the line: SOXX closed forty cents below the 554 floor as the semi complex fell 4–5% and software rose against it — Palantir, Datadog and Cloudfla…
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Monday, July 13, 2026
Two sessions after the largest foreign US listing on record, Korea took it back: a Kospi drop steep enough to trigger a program-trading halt, SK Hynix −12%, and the first DRAM price decline …
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Friday, July 10, 2026
The washout confirmed, and the tape moved down the stack: SOXX's second close above 554 came with NVDA red, Micron at a trillion, and $26.5 billion of new memory paper priced at a premium ov…
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Thursday, July 9, 2026
One session, full reversal: SOXX reclaimed 554, NVDA closed back above 200, and the money that fled memory on Tuesday spent Wednesday buying it back — with a 28-billion-dollar footprint. The…
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Wednesday, July 8, 2026
The two lines we published Monday both answered yesterday: SOXX broke 554 and NVDA held 191. Samsung posted a record quarter and fell six percent — the earnings bar in action — while six of …
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Tuesday, July 7, 2026
A daily read: yesterday most of last week's fallers bounced — memory and semis among them — but this morning US futures fade again with the Nasdaq weakest. The question the day poses is buy-…
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Monday, July 6, 2026
The tape split in two through the July 2 close — software ran, semis wrecked, the broad market rose, the build-out fell. The day in ten.
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