July 20 Update

Last week stock markets were lower in the U.S.  YTD the Russell is leading the way up over 19%.  Dow, S&P, & Nasdaq up 8.5% to 10%. 

This week is a big earnings week. 

GE/GM/HAL/KO/COF = Tuesday

TSLA/GOOG/T/NOW = Wednesday

INTC/GEV/LMT = Thursday

VZ/AXP = Friday

The next two weeks are important.  It will be the heart of earnings season. 

Developments in the middle east – oil prices, Stright of Hormuz, possible peace/settlement, more bombing, etc. 

Kimi K3 – the rollout and how much disruption. 

Hedge funds are dumping US tech stocks at a record pace:

Hedge funds have sold information technology stocks in 6 of the last 8 weeks.

This brings total 8-week sales to the largest in at least 10 years.

Last week alone, technology was the most-sold US sector among hedge funds.

As a result, tech exposure as a % of total market exposure is down to its lowest since February 2026.

At this rate, tech exposure could fall to its lowest in at least 5 years as early as next week.

Hedge funds are rapidly moving to the sidelines.