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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.
Tempus AI has become less a stock and more a storyline.On one side stands the vision: artificial intelligence transforming oncology, a vast clinical and molecular data library embedded into hospital workflows, and the possibility of building a durable, high-margin precision medicine platform. In this framing, Tempus is infrastructure — not discretionary software — and its long-term value lies in the depth of its data moat.On the other side stands skepticism. More than $700 million in accumulated GAAP losses. Over $1.3 billion in debt. Aggressive acquisitions. Convertible notes that depend on materially higher equity prices to ease future obligations.
We saw the market move lower overnight, retrace that entire move in the early morning, and then roll over sharply once again. As of this writing, we are sitting just above key support, which keeps both the bullish and bearish counts alive for now. As we have been noting over the past several sessions, the price action in this region has been extremely sloppy, making it difficult to lean too heavily in either direction.Adding to that uncertainty is what I am counting as a somewhat incomplete topping structure for the potential wave 2.
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