Weekly Update

Can Earnings Kick Off Another Leg of the Rally?

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Published July 10, 2026

 

Looking at the Nasdaq 100 (QQQ) index, on which our models are built, we see the 2025 rally off the “Liberation Day” tariff lows up to about the end of October. A sideways consolidation followed for several months as the AI trade was questioned. Then, the War with Iran pushed the index below its 200-day moving average (red line) in March 2026 before extraordinary earnings kicked in and the index shot upward. Now, for the past six weeks, the index has been coiling up – trading in a tighter and tighter way – before its next move. (more…)

Weekly Update

The Changing Market Structure

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Published June 26, 2026

 

Just a brief note this week as the stock market continues a slow summer grind. While the action at the broad index level has been flat overall (the S&P 500 and Nasdaq both sit roughly where they were seven weeks ago), the action underneath has been furious.  There has been a serious rotation OUT of the Mag 7 stocks that have powered this market for so long. (more…)

Weekly Update

Mid-Year Report

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Published June 18, 2026

 

Below we offer a brief of Delta Research’s review of the economy and markets at mid-year. We have noted many of these themes in recent weeks as the stock market bulls have consistently fought off bearish uncertainty to drive stock prices higher. (more…)

Weekly Update

Strong Markets Lead to More Strength

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Published June 5, 2026

 

As investors, we scour the news for clues how our investments might be affected by changes in the economy, geopolitics, et al. What we cannot see are the flows of money around the global markets. All we can see are the resultant prices of stocks, bonds and commodities as money flows in and out. Those price movements are what drive our models and, thus, our investment decisions in the short-to-medium term (where our models operate). (more…)

Weekly Update

Is AI Driving a Lasting Step Up in Corporate Profit Margins?

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Published May 29, 2026

 

We found the article below from Bank of America’s equity research team to have an interesting perspective on the market’s AI mania of late.

“The artificial intelligence-fueled rally is often compared with other capital expenditure-led build-outs, like that of the internet during the dot-com bubble. (more…)

Weekly Update

Inflation Remains a Problem

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Published May 15, 2026

 

For many investors, the recent bout of inflation is their first experience with the stubborn beast.  The United States has been fortunate over the past three years that a booming AI trade has more than neutralized the negative stock market effects of inflation. (more…)