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Good Monday Morning, MPTraders! July 13, 2026-- Pre-Market Update: An event-filled week is starting, with likely market push-pull cross-currents from new inflation data (CPI and PPI), from Fed Head Warsh comments in his Semi-Annual Monetary Policy Report before Congress, and from Earnings reports out of the Banking Sector starting tomorrow morning: Earnings: Tuesday: J P Morgan Chase Co, Bank of America, Goldman Sachs, Wells Fargo, CitigroupWednesday: ASML, Johnson Johnson, Morgan Stanley, BlackRock, The Bank Of New York Mellon, PNC Financial Services, Elevance, Cintas, United AirlinesThursday: Taiwan Semiconductor, UnitedHealth Group, GE Aerospace, Netflix, Abbott Laboratories, State Street, Citizens FinancialFriday: The Travelers Companies,
After moving lower yesterday, today we saw the market move back higher. However, after what looked like a strong open, it faded back down quite quickly. We have since been grinding higher through the afternoon session; however, the structure of that move higher is very sloppy and not typically what we see when the market is ready to make a sustained break higher. In the end, we are left in a very similar position to where we were yesterday, still trading above support and below the previous high.
Palantir is a unique one, and it always has been.Go back to its first days as a public company and try to find the stretch where fundamentals drove this stock. I will save you the time. It does not exist. The valuation arguments were discarded almost immediately — too expensive, the skeptics said, at every single price along the way — and the stock ran anyway. Then it fell, hard, and the believers said the story was intact, and it fell some more. Then it rose again and made the skeptics look foolish twice.None of that was earnings.
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