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Good Thursday Morning, MPTraders! February 19, 2026-- Pre-Market Update:Economic Data Today: For the most part, stronger Labor data than expected, stronger Manufacturing Data than expected, stronger Business Conditions and Manufacturing Orders than expected, overlaid on declining inflation... all of which-- to the extent that we believe this round of data-- to this observer, seems Goldilocks-ish, no? (Continued below)...Goldilocks or not, this "miserably" range-bound circle jerk of a market is what we encounter every day. It is as if the market is frustrating itself into a flatline EKG, ahead of a frantic directional breakout frenzy in one direction or other.
Written by Mark Malinowski with charts, commentary and analysis by Zac MannesModel S ExperienceSuggesting Elon Musk is a polarizing figure isn’t news. Saying Elon Musk is a highly intelligent man who has spent large amounts of time thinking about the world, the future and is actively working to shape that future might be taking his thought exercises too far. The fact that he owns or controls interest in companies leading the fields of electric personal transportation, personal robotics, artificial intelligence, rapid communications, space transportation certainly gives the appearance that he is betting on the future.
Well, up until now, I have given the benefit of the doubt to the bulls. However, that benefit of the doubt is starting to erode.With the lack of follow-through to the upside, we have been reducing the probability that the bulls can still take us higher one more time before the bigger correction begins. As of the time of my writing this update, the only path I can maintain for the bullish follow through is via a leading diagonal. And, as you may already know, I do not view them as strong trading cues.
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