Vol. III · No. 208|Friday, October 9, 2026

Golden Terminal

Friday Trader’s Brief 30-Second Read · Cash Open 9:30 ET · Thursday’s Completed Bars

Seven of our eleven sector verdicts changed on Thursday’s close and five of them improved. The board reads seven green, one yellow and three red, from four green, five yellow and two red on Wednesday. Financials, Consumer Discretionary, Materials and Real Estate all went yellow to green, Communication Services went red to yellow, and the two that moved the other way went red: Information Technology from yellow, and Health Care from green, skipping yellow on the way. The market-risk gauge computed off the index held its yellow and isn’t one of the eleven. Wednesday delivered seven downgrades and no upgrades. Thursday delivered five upgrades and two downgrades, and the two sessions sit back to back.

We got one of these right and one of them wrong, and the wrong one is the one that cost something. Yesterday we named Technology the single verdict most likely to move again on Thursday’s bar, because its cushion over its own trailing average was 1.30 points, the narrowest anywhere on the board. It moved, and it went red. In the same issue we wrote that Health Care, the verdict we’d called the thinnest green this engine had ever produced on Tuesday, had become the widest-cushion green on the board at 69.65 points. Health Care is red this morning and it skipped yellow to get there, on a fall of 91.9 points. We were right about the one we called fragile and wrong about the one we’d just promoted to safe. A reader who took the comfort in that second sentence owns a red light this morning, and we wrote the sentence.

Energy and Consumer Staples produced the two largest improvements on the board, and they produced them on the same session the index fell. Energy’s reading rose 82.7 points to plus 102.44, the highest current reading anywhere on our board, and the fund rose 2.97% to $65.24. Staples rose 82.5 points to plus 53.33 and now carries the widest cushion over its own trailing average on the board at 155.28 points. Marathon Petroleum rose 4.77%, Phillips 66 3.67%, ConocoPhillips 3.35% and Chevron 3.12%. Philip Morris rose 4.05%, PepsiCo 3.73% and Coca-Cola 2.27%.

The semiconductor complex is what broke. Micron fell 4.79%, a decline of $52.16 on one share and the largest single-session dollar move on our roster. Advanced Micro Devices fell 3.90%, Broadcom 4.35%, Nvidia 2.94% and Oracle 5.48%. Technology’s seven roster names averaged minus 3.10% on the session against Energy’s plus 3.43%, a gap of six and a half points between the best and worst sector inside one trading day. Three outlets we read attribute Thursday’s decline in the artificial-intelligence names to a report that one large private model company’s annualized recurring revenue came in under what had been indicated earlier. We can find that report described but not published, so we’re carrying it as the reason the market gave and not as a confirmed fact.

Forty-two of our sixty-seven companies rose and twenty-five fell, with none unchanged, from twenty-seven up and thirty-nine down on Wednesday. Thirty close above their own fifty-day average, from twenty-eight, and thirty-five above their two-hundred-day, from thirty-seven. Three roster names now sit within one percent of a fifty-two-week high, from one, and none sits within one percent of a low, from two. Both of the names that were pinned at a low on Wednesday, PepsiCo and McDonald’s, bounced.

Crude did the work and then gave some of it back before the open. Our crude proxy rose 2.55% on Thursday to $147.58 and is up 115.67% on the year, the largest year-to-date figure on any instrument we track. Several outlets report that the move came on continued attacks in the Strait of Hormuz, and that crude retreated early Friday after the President said the United States wouldn’t strike Iran again before the November elections. That statement is confirmed across three independent outlets. The premarket reflects it: the index proxy is up 0.43%, the Nasdaq proxy 0.82%, and Technology is up 0.93% on 56,578 shares against a light that just went red. That’s the widest premarket contradiction on the board this morning and it’s named again in the What-to-Watch block below.

XLK · XLV · XLI · XLE · XLP · XLU · XLY · XLF · XLB · XLRE · XLC

Sector Ticker Strip · Thursday’s Completed Bars

Dear reader, the brass barometer on the wall at the Taintsville hardware store has a crack in the case and a needle that sticks, and Carl, an expert in grass by the way, taps it with a knuckle every morning on his way past the register. The needle moved Wednesday and it moved back Thursday, and Carl’s view is that a barometer which can be corrected by a knuckle is telling you more about the knuckle than if its going to rain. We published a scoreboard Wednesday night showing seven of eleven sector verdicts downgraded and nothing upgraded. We’re publishing one this morning showing five of eleven upgraded and two downgraded. Seven of eleven sector verdicts changed on Thursday’s completed bars, five of them upward, and the two that went red carry the semiconductor complex and the large-cap drugmakers, which is the sentence the rest of this issue has to earn.

Take the mechanics first, because the count matters and it’s easy to get wrong. Our board carries twelve instruments and eleven of them are sectors. The twelfth is a market-risk gauge computed off the index, and it held yellow on Thursday after losing its green on Wednesday. Of the eleven sectors, Financials, Consumer Discretionary, Materials and Real Estate moved yellow to green, Communication Services moved red to yellow, Information Technology moved yellow to red and Health Care moved green to red without stopping at yellow. That’s five improvements and two deteriorations against four verdicts that didn’t move: Energy, Staples and Utilities held green, Industrials held red. Health Care’s fall of 91.9 points in one bar is the second two-step downgrade in three sessions, after Industrials did the same thing on Wednesday, and a verdict that skips the middle light is the engine telling you the rate of change reversed hard enough to clear both tests at once.

Energy is where the session was made. The fund rose 2.97% and all six of our Energy names rose, averaging 3.43%, the best sector average on the roster. Phillips 66 traded to $282.64, a new fifty-two-week high, and closed four tenths of a percent under it. Marathon Petroleum closed within one percent of its own annual high. Our crude proxy rose 2.55% and sits up 115.67% on the year. On the reasons, we have more reporting than confirmation. Several outlets tie Thursday’s move to continued attacks on shipping in the Strait of Hormuz, and one adds production shut-ins in the Gulf of Mexico, which we found in a single place and are carrying as such. Two outlets report tanker freight rates at record levels, which is pushing American crude out of reach for Asian refiners and sending them to Middle Eastern and Latin American barrels. If that holds, more domestic crude stays home and the spread an American refiner earns gets wider. That last step is our read of the mechanism and not something either outlet said.

Which brings the bill into view, because somebody is on the other end of a wide refining spread. A refiner’s margin is the difference between the crude it buys and the fuel it sells, and the two best refining stocks on our roster traded within a point of their annual highs on Thursday on the strength of that difference. The fuel gets bought at the far end of it, by people who drive to a job whether or not diesel is cheap this month. Reuters put American diesel near record highs on Friday morning, up about 70% since the war began, and that figure is theirs and we haven’t verified it; our own crude proxy, which we can verify, is up 115.67% on the year. The second-best sector on Thursday was Consumer Staples at plus 2.46% across its names, with Philip Morris up 4.05%, PepsiCo 3.73%, Coca-Cola 2.27% and Procter & Gamble 1.87% on a session the index fell. A staples company rising in a down market is the market paying for the ability to raise a price and keep the customer. The customer who can’t switch is the one who funds that. The two sectors our board liked best on Thursday sell fuel and packaged food, and those are the two lines in a household budget that don’t flex.

Our own conclusion comes next, and the case against it belongs first, in the form its own authors would recognize, because two of the three desks we calibrate against are constructive this week and our board has three red lights. Their argument is that the yield move everyone is pointing at has been measured and mostly explained away: of the rise in the ten-year since February, inflation expectations account for a handful of basis points and the term premium for under thirty, while the insurance contracts that pay out if Washington defaults moved three basis points, and the same rise happened in Germany, which runs the most conservative balance sheet in the developed world. What’s left is the price of money in a year of very heavy borrowing, and the borrowing is buying computing capacity. Capital is being handed to companies on demand at sizes without recent precedent. A scoreboard turning defensive into that is marking down a risk the people actually taking it refuse to price. Those figures are theirs. We didn’t source them, we haven’t verified them, and we’re carrying the shape of the argument and not the numbers inside it.

Our own read is narrower and it’s about where the improvement came from. A board that goes from four greens to seven looks like a recovery, and the three sectors that supplied the upgrades, Financials, Materials and Real Estate, did it from deeply negative readings: minus 55.31, minus 76.43 and minus 92.16. All three are still below zero. The verdict rule only asks whether a reading is above its prior session and above its own trailing average, and when a trailing average sits at minus 129 a reading of minus 55 clears it comfortably while still describing a sector in decline. Real Estate cleared its prior session by 2.4 points, which is the thinnest improvement on the board this morning and the verdict most likely to reverse on Friday’s bar. So the honest way to hold it is as a board where the strongest readings, Energy at plus 102 and Staples at plus 53, sit in the defensive and inflation-sensitive corners, and where the two sectors that carry the index’s weight and the country’s drug pipeline are the ones printing red.

One number lands today and it’s a consumer number. Michigan sentiment prints at 10:00 ET with consensus at 47.6 against 48.1, and the one-year inflation expectation inside it is seen at 4.7% against 4.6%. A sentiment reading in the high forties alongside a one-year inflation expectation near five percent describes a household that expects prices to keep rising and doesn’t expect its own position to improve. Our board doesn’t measure that and can’t. It measures eleven rates of change on completed daily bars, and this morning seven of them are green.

Brad Hoppmann

Filed from Taintsville, Florida · Pop. < 1,000 ‘Taint in the Beltway, ‘taint in any backwards corrupt city, just a man with a sharp pencil and a long memory of expensive trading lessons.

What To Watch Before The Open. Technology is the contradiction. Its light went red on Thursday’s bar and it’s up 0.93% in the premarket on 56,578 shares, which is the widest gap between a completed-bar verdict and the tape in front of it anywhere on the board. A red light describes a rate of change that fell below both its prior session and its trailing average; it says nothing about the next four hours. Watch Real Estate too, where the upgrade came on a 2.4-point improvement off a reading of minus 92.16 and where premarket drift reads plus 1.04% on 6,258 shares. Health Care has no premarket trade at all this morning, so its fresh red light meets the open untested. The market-risk gauge holds yellow with the index proxy drifting plus 0.43%, which runs against the light and gets named here because it’s the gauge.

A board that goes from four greens to seven looks like a recovery. Three of the five upgrades came from readings below minus fifty-five.

The Reader, Investor & Active Trader Tiers

The full sector-by-sector breakdown, rotation snapshot, and validation data continue below.

Where The Index Keeps Its Weight

Sector CCI(20) Verdict: RED, as of Thursday’s close · XLK at $197.78, -1.79% on the session · reading 66.70 against a prior 101.82 and a twenty-period average of 104.18 · YELLOW to RED on -35.1 · premarket drift of plus 0.93% on 56,578 shares.

We said yesterday that Technology’s 1.30-point cushion made it the verdict most likely to move again on Thursday’s bar. It moved, and it moved down. The reading fell 35.1 points to 66.70 and crossed below its own trailing average of 104.18, which is the second of the two tests, so the light goes red instead of staying yellow. It’s now 37.48 points under that average.

Six of seven names fell and the declines weren’t small. Micron fell 4.79% to $1,035.84, which is $52.16 off one share and the largest single-session dollar move anywhere on our roster. Oracle fell 5.48% to $135.69, Broadcom 4.35%, Advanced Micro Devices 3.90% and Nvidia 2.94%. Apple was the only name up, at plus 1.11% to $340.42, and it closed within 1.4% of its own annual high. The seven names averaged minus 3.10%, the worst sector average on the roster by two and a half points.

Oracle carries the deepest drawdown on the entire roster and it got deeper. At $135.69 it sits 57.9% under its own fifty-two-week high of $322.54, against 55.5% on Wednesday. Five of seven Technology names hold above their fifty-day average, from six, with Oracle and Broadcom both below. The fund itself is still above its fifty-day at $188.59 and its two-hundred-day at $166.11, which is the gap between a sector in a downtrend and a sector whose rate of improvement stopped.

The premarket argues with this light harder than with any other on the board. Technology reads plus 0.93% on 56,578 shares against a verdict that just went red, and several outlets tie the overnight bid in these names to crude retreating. Drift doesn’t move a completed-bar verdict and we’re not forecasting from it. We’re naming it because a red light meeting a positive premarket is the configuration most likely to make a reader think the board is broken.

Information Technology (XLK) closed Thursday at $197.78, -1.79%. Twenty-period Commodity Channel Index on completed daily bars: current 66.70, prior session 101.82, twenty-period average 104.18. Current below prior and below average, so the verdict is RED, downgraded from YELLOW on a move of -35.1 points. Cushion over its trailing average is now minus 37.48, from plus 1.30 on Wednesday.

Dominators, Thursday close and session change: Apple $340.42 +1.11%, Microsoft $522.61 -1.35%, Nvidia $230.48 -2.94%, Advanced Micro Devices $620.68 -3.90%, Broadcom $360.14 -4.35%, Micron $1,035.84 -4.79%, Oracle $135.69 -5.48%. One advancer, six decliners, average minus 3.10%. Above the fifty-day: five of seven, with Broadcom joining Oracle below. Sector fund year to date on a January 2 basis: +35.81%, second of eleven. Fund above its fifty-day ($188.59) and its two-hundred-day ($166.11).

Green To Red Without Stopping

Sector CCI(20) Verdict: RED, as of Thursday’s close · XLV at $168.16, -0.39% on the session · reading minus 61.00 against a prior plus 30.91 and a twenty-period average of minus 35.33 · GREEN to RED on -91.9 · no premarket trade.

This is the verdict we handled worst this week and it’s the one that moved furthest. On Tuesday we called Health Care the thinnest green this engine had ever produced, clearing its own average by about a third of a point. On Wednesday we wrote that it had become the widest-cushion green on the board at 69.65 points and the only sector fund that rose. On Thursday it fell 91.9 points, crossed below its prior session and below its average on the same bar, and skipped yellow entirely. That’s the second two-step downgrade in three sessions on this board.

The underlying session was almost quiet, which is the part that should bother anyone reading a single verdict as a description of a sector. The fund fell 0.39%. Three names rose and three fell, and the average was minus 0.49%. Eli Lilly fell 1.61%, a decline of $19.12 a share and the fifth-largest dollar move on the roster, and UnitedHealth fell 1.34%. AbbVie rose 0.39% to $272.42 and closed within 0.92% of its own fifty-two-week high, one of only three roster names that close. A sector verdict can fall 92 points on a session when half its names go up, because the verdict measures a rate of change against a compressed twenty-bar deviation and not the day’s advance-decline line.

Three of six names hold above their fifty-day average, unchanged on the session: AbbVie, Gilead and Intuitive Surgical. The fund closed below its own fifty-day at $168.77 for the first time in this stretch while holding above its two-hundred-day at $156.98. Johnson & Johnson and UnitedHealth both report Tuesday, which puts two of the six names in front of a number inside four sessions of a fresh red light.

Health Care (XLV) closed Thursday at $168.16, -0.39%. Twenty-period Commodity Channel Index on completed daily bars: current -61.00, prior session +30.91, twenty-period average -35.33. Current below prior and below average, so the verdict is RED, downgraded from GREEN on a move of -91.9 points, a two-step downgrade that skips yellow. Cushion is minus 25.66, from plus 69.65 on Wednesday.

Dominators, Thursday close and session change: AbbVie $272.42 +0.39%, Intuitive Surgical $415.41 +0.21%, Gilead $147.10 +0.17%, Johnson & Johnson $256.48 -0.76%, UnitedHealth $370.95 -1.34%, Eli Lilly $1,169.60 -1.61%. Three advancers, three decliners, average minus 0.49%. AbbVie closes 0.92% under its fifty-two-week high. Above the fifty-day: three of six, unchanged. Sector fund year to date on a January 2 basis: +8.58%, third of eleven. Fund below its fifty-day ($168.77) and above its two-hundred-day ($156.98). Johnson & Johnson and UnitedHealth report October 13.

First On The Year, And Now Strongest

Sector CCI(20) Verdict: GREEN, as of Thursday’s close · XLE at $65.24, +2.97% on the session · reading 102.44 against a prior 19.69 and a twenty-period average of minus 29.36 · GREEN held on +82.7 · no premarket trade.

Energy produced the largest single-session improvement on the board and now holds the highest current reading on it. The move was 82.7 points, the fund rose 2.97% to $65.24, and the reading sits 131.80 points above its own trailing average. All six names rose, which happened in exactly one sector on Thursday.

The refiners did the heavy work. Marathon Petroleum rose 4.77% to $463.34, a gain of $21.08 a share and the largest advance in dollars on the roster, and it closed within one percent of its annual high. Phillips 66 rose 3.67% and traded to $282.64, a fresh fifty-two-week high, closing four tenths of a percent under it. ConocoPhillips rose 3.35%, Chevron 3.12%, EOG Resources 2.98% and Exxon 2.71%. Six of six hold above their fifty-day averages, the only sector on the board where that’s true.

What’s behind it we can report further than we can confirm. Our crude proxy rose 2.55% to $147.58 and is up 115.67% on the year, the largest year-to-date figure on any instrument we track, and the broad commodity proxy rose 1.23% to sit up 46.99%. Several outlets attribute Thursday’s move to continued attacks on shipping in the Strait of Hormuz; one adds production shut-ins in the Gulf of Mexico, which we found in a single place. Two separate outlets report tanker freight rates at record levels pushing American crude beyond reach for Asian refiners. The step from record freight to a wider American refining spread is our inference and not a claim either outlet made.

The fund is 1.4% under its own fifty-two-week high of $66.17, which makes Energy the only sector fund on the board within two percent of an annual high. It leads the year at plus 45.89% and the second-place sector, Technology, now trails it by ten points after leading by two at the start of the week.

Energy (XLE) closed Thursday at $65.24, +2.97%, the best sector session on the board. Twenty-period Commodity Channel Index on completed daily bars: current 102.44, prior session 19.69, twenty-period average -29.36. Current above prior and above average, so the verdict is GREEN, held, on a move of +82.7 points, the largest single-session improvement on the board. Highest current reading on the board; cushion plus 131.80.

Dominators, Thursday close and session change: Marathon Petroleum $463.34 +4.77%, Phillips 66 $281.60 +3.67%, ConocoPhillips $134.19 +3.35%, Chevron $211.55 +3.12%, EOG Resources $148.51 +2.98%, Exxon $168.50 +2.71%. Six advancers, no decliners, average plus 3.43%. Phillips 66 traded to a new fifty-two-week high at $282.64; Marathon Petroleum closed 0.96% under its own. Above the fifty-day: six of six, the only sector where that holds. Sector fund year to date on a January 2 basis: +45.89%, first of eleven. Fund above its fifty-day ($62.42) and its two-hundred-day ($56.84), and 1.4% under its fifty-two-week high.

The Shelf Nobody Walks Past

Sector CCI(20) Verdict: GREEN, as of Thursday’s close · XLP at $83.42, +2.11% on the session · reading 53.33 against a prior minus 29.19 and a twenty-period average of minus 101.95 · GREEN held on +82.5 · premarket drift of minus 0.22% on 6,040 shares.

Staples improved 82.5 points, two tenths of a point behind Energy, and it now carries the widest cushion over its own trailing average anywhere on the board at 155.28 points. That number is wide because the trailing average is minus 101.95, which is what twenty sessions of a sector being sold looks like in arithmetic. A reading of plus 53 against an average of minus 102 says the selling stopped hard, not that the sector is expensive or safe.

All six names rose. Philip Morris led at plus 4.05% to $200.50, PepsiCo rose 3.73%, Coca-Cola 2.27%, Walmart 2.22% and Procter & Gamble 1.87%. Costco added 0.60%. The six averaged plus 2.46%, second only to Energy.

PepsiCo is the name to follow here. It printed a fifty-two-week low at $123.47 on Wednesday, reported before the open Wednesday morning at $2.34 a share against a $2.29 consensus on revenue of $25.27 billion, and then rose 3.73% on Thursday to $128.34. It’s now 3.9% above that low and no longer among the roster names sitting within one percent of one. McDonald’s, the other name pinned at a low on Wednesday, rose 2.61% and is 3.4% clear of it. Those two bounces are the reason the count of roster names within one percent of a fifty-two-week low went from two to zero.

Four of six hold above their fifty-day average, from two, with Walmart and Philip Morris both crossing back above on the session. The fund is still below its own fifty-day at $84.07 and its two-hundred-day at $83.78, by about three quarters of a percent in each case, which is a sector whose rate of change turned well before its price trend did.

Consumer Staples (XLP) closed Thursday at $83.42, +2.11%. Twenty-period Commodity Channel Index on completed daily bars: current 53.33, prior session -29.19, twenty-period average -101.95. Current above prior and above average, so the verdict is GREEN, held, on a move of +82.5 points, the second-largest improvement on the board. Widest cushion on the board at plus 155.28.

Dominators, Thursday close and session change: Philip Morris $200.50 +4.05%, PepsiCo $128.34 +3.73%, Coca-Cola $87.77 +2.27%, Walmart $110.56 +2.22%, Procter & Gamble $150.59 +1.87%, Costco $947.92 +0.60%. Six advancers, no decliners, average plus 2.46%. PepsiCo reported Wednesday before the open at $2.34 against $2.29 consensus on revenue of $25.27 billion against about $24.95 billion expected, confirmed on the earnings calendar and in the company’s own filing. Above the fifty-day: four of six, from two. Sector fund year to date on a January 2 basis: +7.35%, sixth of eleven. Fund below its fifty-day ($84.07) and its two-hundred-day ($83.78).

Three Banks Report Tuesday

Sector CCI(20) Verdict: GREEN, as of Thursday’s close · XLF at $54.23, +0.89% on the session · reading minus 55.31 against a prior minus 80.91 and a twenty-period average of minus 129.70 · YELLOW to GREEN on +25.6 · premarket drift of plus 0.21% on 110,730 shares.

Financials carries a green light this morning on a reading of minus 55.31, and the gap between those two facts is the single most useful thing in this section. The verdict rule asks whether the current reading is above the prior session and above its own twenty-period average. Minus 55.31 clears a prior of minus 80.91 and an average of minus 129.70 on both counts, so the light is green by the rule, and the sector is still 55 points below zero on a scale where zero is the middle. Green here means the decline decelerated sharply. It doesn’t mean the decline ended.

Five of six names rose. Berkshire Hathaway led at plus 0.95%, Mastercard rose 0.82%, Visa 0.81%, JPMorgan 0.56% and Bank of America 0.17%. Goldman Sachs was the only decliner at minus 0.52% to $882.59, and it’s now 23.5% under its own fifty-two-week high of $1,153.99 and 11.1% below its fifty-day average, the weakest position of the six.

Three names report inside five sessions. JPMorgan and Goldman Sachs are on the calendar for Tuesday, October 13, at consensus of $5.93 and $13.07 a share, and Bank of America for Wednesday the 14th at $1.10. Goldman’s consensus moved overnight, from $13.30 to $13.07, a cut of twenty-three cents and the largest single consensus revision in our reporting set this morning. Report times before or after the bell are unpublished for all three, and the timing of a report is a factual claim in its own right, so we aren’t asserting one.

Three of six hold above their fifty-day average. The fund sits below its own fifty-day at $56.58 and above its two-hundred-day at $53.70, and it’s eighth of eleven on the year at minus 1.09%.

Financials (XLF) closed Thursday at $54.23, +0.89%. Twenty-period Commodity Channel Index on completed daily bars: current -55.31, prior session -80.91, twenty-period average -129.70. Current above prior and above average, so the verdict is GREEN, upgraded from YELLOW on a move of +25.6 points. The reading remains 55 points below zero; cushion over the trailing average is plus 74.39.

Dominators, Thursday close and session change: Berkshire Hathaway $511.05 +0.95%, Mastercard $574.76 +0.82%, Visa $375.10 +0.81%, JPMorgan $331.42 +0.56%, Bank of America $53.61 +0.17%, Goldman Sachs $882.59 -0.52%. Five advancers, one decliner, average plus 0.47%. Above the fifty-day: three of six (Mastercard, Visa, Berkshire). Sector fund year to date on a January 2 basis: -1.09%, eighth of eleven. Fund below its fifty-day ($56.58) and above its two-hundred-day ($53.70). JPMorgan and Goldman Sachs report October 13, Bank of America October 14; Goldman consensus revised to $13.07 from $13.30 overnight.

Last On The Year, And Upgraded

Sector CCI(20) Verdict: GREEN, as of Thursday’s close · XLY at $111.71, +0.31% on the session · reading 36.91 against a prior 18.51 and a twenty-period average of minus 84.24 · YELLOW to GREEN on +18.4 · no premarket trade.

The worst sector on the year carries a green light this morning. Consumer Discretionary is eleventh of eleven at minus 6.97% year to date and its reading improved 18.4 points to plus 36.91, which clears a trailing average of minus 84.24 by 121.15 points. The cushion is the third widest on the board and it’s wide for the same reason Staples’ is wide: twenty sessions of decline drag an average down until any pause looks like an improvement.

The session split three and three but the gains were much larger than the losses. Home Depot rose 3.39% to $295.47, a gain of $9.70 a share, and McDonald’s rose 2.61% to $236.90, a gain of $6.02. Nike rose 1.11%. Amazon fell 2.25%, Tesla 0.74% and Starbucks 0.40%. The six averaged plus 0.62%.

One name holds above its fifty-day average, and it’s Tesla. Home Depot at $295.47 is 7.2% below its fifty-day and 25.7% below its annual high. McDonald’s is 30.7% under its own high after Thursday’s bounce, Nike 50.7%. The fund sits below both its fifty-day at $114.40 and its two-hundred-day at $116.17, and 6.2% above its fifty-two-week low. A green light on a sector with one name above its fifty-day average is a statement about the last two sessions and nothing more.

Consumer Discretionary (XLY) closed Thursday at $111.71, +0.31%. Twenty-period Commodity Channel Index on completed daily bars: current 36.91, prior session 18.51, twenty-period average -84.24. Current above prior and above average, so the verdict is GREEN, upgraded from YELLOW on a move of +18.4 points. Cushion plus 121.15, third widest on the board.

Dominators, Thursday close and session change: Home Depot $295.47 +3.39%, McDonald’s $236.90 +2.61%, Nike $34.74 +1.11%, Starbucks $93.21 -0.40%, Tesla $375.00 -0.74%, Amazon $254.06 -2.25%. Three advancers, three decliners, average plus 0.62%. McDonald’s moved from within one percent of a fifty-two-week low to 3.4% clear of it. Above the fifty-day: one of six (Tesla). Sector fund year to date on a January 2 basis: -6.97%, eleventh of eleven. Fund below its fifty-day ($114.40) and its two-hundred-day ($116.17).

One Name Sitting On Its Own Average

Sector CCI(20) Verdict: GREEN, as of Thursday’s close · XLB at $49.27, +0.59% on the session · reading minus 76.43 against a prior minus 83.73 and a twenty-period average of minus 110.82 · YELLOW to GREEN on +7.3 · no premarket trade.

Materials went yellow to green on an improvement of 7.3 points, the second-thinnest upgrade on the board, and it did it from minus 83.73 to minus 76.43. Both numbers are deeply negative. The light turns because the reading beat its prior session and its trailing average of minus 110.82, and those are the only two questions the rule asks.

Four of six rose. Sherwin-Williams led at plus 1.91% to $321.03, Newmont rose 1.77% to $115.55 with the gold proxy up 0.73%, and Ecolab added 1.29%. Air Products was flat at plus 0.09%. Linde fell 0.47% and Freeport-McMoRan 1.00%. The six averaged plus 0.60%.

Freeport is sitting on its own fifty-day average to the third decimal. It closed at $71.14 against a fifty-day of $71.137, which is a difference of about three tenths of a cent and the kind of number that will resolve one way or the other on Friday’s bar. Counting it as above, three of six Materials names hold their fifty-day. The silver proxy fell 0.69% and remains 51.3% under its own annual high, which is the widest drawdown on any instrument we track.

Materials moved up one place in the year-to-date ranking, passing Industrials to take fourth at plus 8.24% against Industrials at plus 8.21%. Three hundredths of a point separate them. The fund is below its fifty-day at $51.37 and its two-hundred-day at $50.74.

Materials (XLB) closed Thursday at $49.27, +0.59%. Twenty-period Commodity Channel Index on completed daily bars: current -76.43, prior session -83.73, twenty-period average -110.82. Current above prior and above average, so the verdict is GREEN, upgraded from YELLOW on a move of +7.3 points. Cushion plus 34.38.

Dominators, Thursday close and session change: Sherwin-Williams $321.03 +1.91%, Newmont $115.55 +1.77%, Ecolab $281.69 +1.29%, Air Products $278.38 +0.09%, Linde $481.70 -0.47%, Freeport-McMoRan $71.14 -1.00%. Four advancers, two decliners, average plus 0.60%. Freeport closes at $71.14 against a fifty-day average of $71.137. Above the fifty-day: three of six, counting Freeport. Sector fund year to date on a January 2 basis: +8.24%, fourth of eleven, up one place past Industrials. Fund below its fifty-day ($51.37) and its two-hundred-day ($50.74).

Upgraded, And Nobody Above The Fifty-Day

Sector CCI(20) Verdict: GREEN, as of Thursday’s close · XLRE at $40.85, +0.69% on the session · reading minus 92.16 against a prior minus 94.56 and a twenty-period average of minus 125.83 · YELLOW to GREEN on +2.4 · premarket drift of plus 1.04% on 6,258 shares.

This is the thinnest verdict on the board and we’d rather say so in the section than leave it for anyone to find. Real Estate turns green on an improvement of 2.4 points, from minus 94.56 to minus 92.16. That’s the narrowest margin over a prior session anywhere this morning, which makes it the verdict most likely to reverse on Friday’s bar in either direction. It carries a green light and a reading 92 points below zero at the same time.

Four of six names rose and two fell hard. Prologis led at plus 1.56%, Public Storage rose 1.25%, Simon Property 1.02% and American Tower 0.33%. Equinix fell 2.00%, a decline of $20.61 a share and the fourth-largest dollar move on the roster, and Iron Mountain fell 2.40%. The six averaged minus 0.04%, which is the only sector average on the board within a tenth of a point of flat.

Not one Real Estate name closes above its own fifty-day average, and that has been true every session this week. The closest is Prologis at $129.29 against $137.21, which is 5.8% below. The fund sits 6.1% below its fifty-day, 5.4% below its two-hundred-day and 2.8% above its own fifty-two-week low. A green light here describes a second derivative on a sector whose price trend hasn’t turned at all.

Prologis reports Thursday, October 15, at a consensus of $0.777 a share on revenue of about $2.18 billion. That consensus moved up slightly overnight. The report time isn’t published, so we aren’t asserting one.

Real Estate (XLRE) closed Thursday at $40.85, +0.69%. Twenty-period Commodity Channel Index on completed daily bars: current -92.16, prior session -94.56, twenty-period average -125.83. Current above prior and above average, so the verdict is GREEN, upgraded from YELLOW on a move of +2.4 points, the thinnest verdict change on the board and the one most likely to reverse. Cushion plus 33.68.

Dominators, Thursday close and session change: Prologis $129.29 +1.56%, Public Storage $285.52 +1.25%, Simon Property $199.61 +1.02%, American Tower $166.73 +0.33%, Equinix $1,011.16 -2.00%, Iron Mountain $112.97 -2.40%. Four advancers, two decliners, average minus 0.04%. Above the fifty-day: none of six, unchanged all week. Sector fund year to date on a January 2 basis: +1.26%, seventh of eleven. Fund below its fifty-day ($43.51) and its two-hundred-day ($43.20), and 2.8% above its fifty-two-week low. Prologis reports October 15 at $0.777 consensus.

The Only Light Still Yellow

Sector CCI(20) Verdict: YELLOW, as of Thursday’s close · XLC at $112.07, +0.73% on the session · reading minus 32.62 against a prior minus 69.06 and a twenty-period average of plus 4.71 · RED to YELLOW on +36.4 · no premarket trade.

Communication Services is the only yellow light on the board this morning and it earned the upgrade the hard way, improving 36.4 points from minus 69.06 to minus 32.62. It stops at yellow instead of going green because its twenty-period average is plus 4.71, one of only two positive trailing averages on the board, and a reading of minus 32.62 sits 37.33 points under it. Clearing the prior session is one test. Clearing the average is the other, and this sector failed the second one.

Four of six rose. Netflix led at plus 2.68% to $71.57, Disney rose 2.17%, AT&T 1.63% and Verizon 1.27%. Alphabet fell 0.63% and Meta was flat at minus 0.06%. The six averaged plus 1.18%, third best on the board.

Netflix is the name that keeps this section honest. It rose 2.68% on Thursday and it’s down 23.97% on the year and 42.7% under its own fifty-two-week high of $124.86. Three of six names hold above their fifty-day average: Disney, Alphabet and Meta. AT&T closed at $24.87 against a fifty-day of $24.97, ten cents below, after rising on the session.

The fund is above its own fifty-day at $111.75 and below its two-hundred-day at $113.70, and tenth of eleven on the year at minus 5.15%.

Communication Services (XLC) closed Thursday at $112.07, +0.73%. Twenty-period Commodity Channel Index on completed daily bars: current -32.62, prior session -69.06, twenty-period average +4.71. Current above prior but below average, so the verdict is YELLOW, upgraded from RED on a move of +36.4 points. The only yellow light on the board; cushion minus 37.33.

Dominators, Thursday close and session change: Netflix $71.57 +2.68%, Disney $107.02 +2.17%, AT&T $24.87 +1.63%, Verizon $46.35 +1.27%, Meta $720.89 -0.06%, Alphabet $348.29 -0.63%. Four advancers, two decliners, average plus 1.18%. Netflix sits 42.7% under its fifty-two-week high. Above the fifty-day: three of six (Disney, Alphabet, Meta). Sector fund year to date on a January 2 basis: -5.15%, tenth of eleven. Fund above its fifty-day ($111.75) and below its two-hundred-day ($113.70).

The Bill Everybody Pays Monthly

Sector CCI(20) Verdict: GREEN, as of Thursday’s close · XLU at $41.07, -0.19% on the session · reading 36.36 against a prior 32.37 and a twenty-period average of minus 110.70 · GREEN held on +4.0 · premarket drift of plus 0.21% on 6,265 shares.

Utilities held green on an improvement of four points, and the sector is the clearest illustration on the board of why a fund and its component list can tell different stories. The fund fell 0.19%. Our six Utilities names averaged minus 0.98%, the second-worst sector average on the roster behind Technology. The verdict is computed off the fund, which is weighted toward the large regulated names, and four of those six did rise.

Duke Energy rose 1.16%, Southern 0.83%, NextEra 0.40% and American Electric Power 0.20%. The damage came from the two merchant power names. Vistra fell 6.35% to $156.14, a decline of $10.58 a share and the single worst session anywhere on our roster of sixty-seven. NRG Energy fell 2.11%, its second consecutive large decline. We have no confirmed company-specific catalyst on any of our feeds for either move, and we aren’t supplying one.

Vistra is the only Utilities name above its fifty-day average, which is the arithmetic of a stock that ran hard and then gave back a chunk: it’s 8.7% above its fifty-day and 28.1% under its own annual high on the same morning. NRG sits 44.0% under its high and is the second-worst performer on the roster for the year at minus 34.20%. The fund is below its fifty-day at $42.30 and its two-hundred-day at $44.34, ninth of eleven on the year at minus 4.24%, and 5.2% above its own fifty-two-week low.

Utilities (XLU) closed Thursday at $41.07, -0.19%. Twenty-period Commodity Channel Index on completed daily bars: current 36.36, prior session 32.37, twenty-period average -110.70. Current above prior and above average, so the verdict is GREEN, held, on a move of +4.0 points. Cushion plus 147.06, second widest on the board.

Dominators, Thursday close and session change: Duke Energy $116.84 +1.16%, Southern $86.15 +0.83%, NextEra $77.37 +0.40%, American Electric Power $122.32 +0.20%, NRG Energy $106.32 -2.11%, Vistra $156.14 -6.35%. Four advancers, two decliners, average minus 0.98%, the second-worst sector average on the roster. Vistra’s 6.35% decline is the worst single session on the roster of sixty-seven; no catalyst confirmed on any feed and none asserted. Above the fifty-day: one of six (Vistra). Sector fund year to date on a January 2 basis: -4.24%, ninth of eleven. Fund below its fifty-day ($42.30) and its two-hundred-day ($44.34).

Lowest Reading On The Board

Sector CCI(20) Verdict: RED, as of Thursday’s close · XLI at $168.40, +0.33% on the session · reading minus 137.14 against a prior minus 105.50 and a twenty-period average of minus 75.47 · RED held on -31.6 · premarket drift of plus 0.33% on 304 shares, indicative only.

Industrials holds the lowest reading on the board at minus 137.14 and it got there on a session when the fund went up. The fund rose 0.33% and the verdict deteriorated a further 31.6 points. That combination looks wrong until you look at what the indicator measures: it compares the current typical price to a twenty-bar mean and divides by a twenty-bar mean deviation, so a small advance that lands well under a falling mean still prints a lower reading. Wednesday’s 224-point collapse reset the mean. Thursday’s small gain wasn’t enough to catch it.

Three of six rose. United Parcel led at plus 1.99% and Union Pacific added 1.28%. Boeing fell 0.30%, Deere 0.65%, Honeywell 0.73% and Caterpillar 2.17%. The six averaged minus 0.10%.

Caterpillar has now lost $67.27 a share across two sessions, $49.61 on Wednesday and $17.66 on Thursday, and it closed at $796.18 against a fifty-day average of $821.90. Deere is the only Industrials name above its fifty-day and it holds that by fifteen cents, $652.58 against $652.43. One more down session in Deere and this sector has nobody above a fifty-day average, which is the position Real Estate is already in.

Industrials dropped one place on the year, to fifth at plus 8.21%, passed by Materials at plus 8.24%. The fund is below its fifty-day at $175.90 and its two-hundred-day at $172.63. The premarket reads plus 0.33% on 304 shares, which is well under the threshold where a midpoint carries information, so it’s marked indicative only.

Industrials (XLI) closed Thursday at $168.40, +0.33%. Twenty-period Commodity Channel Index on completed daily bars: current -137.14, prior session -105.50, twenty-period average -75.47. Current below prior and below average, so the verdict is RED, held, on a move of -31.6 points. Lowest current reading on the board; cushion minus 61.67.

Dominators, Thursday close and session change: United Parcel $94.13 +1.99%, Union Pacific $278.20 +1.28%, Boeing $187.75 -0.30%, Deere $652.58 -0.65%, Honeywell $206.60 -0.73%, Caterpillar $796.18 -2.17%. Three advancers, three decliners, average minus 0.10%. Caterpillar has lost $67.27 a share across Wednesday and Thursday combined. Above the fifty-day: one of six (Deere, by fifteen cents). Sector fund year to date on a January 2 basis: +8.21%, fifth of eleven, down one place. Fund below its fifty-day ($175.90) and its two-hundred-day ($172.63).

The board. Seven green, one yellow, three red, from four green, five yellow and two red on Wednesday. Seven of eleven verdicts changed: Financials, Consumer Discretionary, Materials and Real Estate upgraded yellow to green, Communication Services upgraded red to yellow, Information Technology downgraded yellow to red and Health Care downgraded green to red. Four verdicts didn’t move. The market-risk gauge computed off the index held yellow and isn’t one of the eleven sectors, so it doesn’t enter that count. Wednesday produced seven changes and every one was a downgrade. Thursday produced seven changes and five were upgrades.

The last column of that table keeps the seven green lights in proportion. Three of eleven sector funds close above their own fifty-day average: Energy, Technology and Communication Services. Four close above their two-hundred-day: Energy, Technology, Health Care and Financials. Two of those three names holding a fifty-day are the two carrying red lights. A board with seven green lights sitting on top of eight funds below their own fifty-day average is measuring the direction of change, and the direction of change turned up on Thursday while the price trends underneath mostly didn’t.

Participation improved a little and the two counts disagreed. Thirty of sixty-seven roster names close above their own fifty-day average, from twenty-eight on Wednesday. Thirty-five close above their two-hundred-day, from thirty-seven. The shorter count went up two and the longer count went down two on the same session, which is what a sharp two-day reversal does to two different lookbacks.

Leaders and laggards inside the roster. Forty-two names rose and twenty-five fell with none unchanged, from twenty-seven up and thirty-nine down on Wednesday. Three names close within one percent of a fifty-two-week high, from one: Phillips 66 at 0.37% under, AbbVie at 0.92% and Marathon Petroleum at 0.96%. None closes within one percent of a low, from two. Seventeen names sit at least 20% under a high, unchanged, and six are more than 30% under, also unchanged, with Oracle deepest at 57.9%.

The spread widened. Best to worst on the board ran from Energy at plus 102.44 to Industrials at minus 137.14, a spread of 239.6 points against 207.3 on Wednesday. It widened because the top went up 82.7 points and the bottom went down a further 31.6.

What the consensus is saying and what the tape said. The financial press this morning has a tech rebound and a crude retreat to describe, both of which are happening in the premarket and neither of which is in a completed bar. The completed bars say Energy and Staples produced the two largest improvements this board has recorded this week, and that the semiconductor complex and the drugmakers are the two groups carrying red lights into the open. Those are different stories about the same week, and only one of them is measured.

Six roster names sit inside the next seven calendar days, all of them next week. PepsiCo cleared the window when it reported on Wednesday.

Five consensus figures moved overnight and we’re logging them instead of smoothing them. Goldman Sachs came down twenty-three cents, from $13.30 to $13.07, with its revenue estimate trimmed as well; Johnson & Johnson came down a penny to $2.66; JPMorgan’s revenue estimate rose; Bank of America’s revenue estimate fell; Prologis’s revenue estimate rose. Report times before or after the bell are unpublished for all six, and the timing of a report is a factual claim in its own right, so we aren’t asserting one. Three of the six are banks and all three land inside two sessions of each other, which puts the Financials green light in front of a real test next week.

CPI on Wednesday and PPI with retail sales on Thursday are the two that can move the long end. A headline consensus of 0.6% month over month is the highest monthly print the market has been asked to look at this year, and the last reading on our inflation feed is August, so September is unknown until Wednesday morning.

A basis note first, because every figure in this card moved for a reason that has nothing to do with Thursday. Year-to-date numbers in this issue are computed directly off the January 2 opening print for all sixty-seven companies and all eleven sector funds, which is the method our rules specify. Our primary data provider was unreachable for nine consecutive runs and came back this morning, so the computation is direct again. Yesterday’s figures were rolled forward against a second vendor’s year-to-date field, and that vendor uses a different starting basis. Every year-to-date number in this issue therefore sits a point or several away from the equivalent number in yesterday’s issue on the same closing prices. The prices didn’t change. The denominator did, and it’s now the one the rules call for.

Thursday paid the top of this card and the bottom barely noticed. Marathon Petroleum rose 4.77% and Phillips 66 3.67%, both extending, while Micron fell 4.79% and Advanced Micro Devices 3.90%. The order at the top is unchanged. The spread from Micron to Nike is 296.7 percentage points.

The arithmetic at the bottom is the part that doesn’t move on a good day, and Thursday was a good day. Forty-two of our sixty-seven names rose. It did almost nothing for the three at the bottom of this card. Nike rose 1.11% and still needs an 84.2% advance to get back to where it opened the year, and 102.8% to get back to its own fifty-two-week high. NRG fell 2.11% and needs 52.0% to recover the year. Oracle fell 5.48%, needs 45.5% to recover the year and 137.7% to recover its high, and it now sits 57.9% under that high, deeper than it was on Wednesday and the deepest drawdown on this entire list. Somebody reading this owns all three of those, and two of them went down on a session when two thirds of the roster went up. A board that improves while the bottom of the roster stays where it is isn’t a recovery for the people holding the bottom of the roster.

Three numbers describe Thursday and they point in different directions. The index fell four tenths of a percent. Forty-two of our sixty-seven companies rose. And five of eleven sector verdicts improved while the two carrying the most index weight and the country’s drug pipeline went red. A week that opened with ten green lights, collapsed to four, and recovered to seven has told us something about the instrument as well as the market: a twenty-bar indicator sitting on a compressed deviation will swing hard in both directions, and we’ve now watched it do that four sessions running.

What we think happened is a repricing toward what people have to buy. The two sectors that improved hardest sell fuel and packaged food, the two best stocks on the roster refine crude into diesel and gasoline, and the groups that broke were the semiconductor complex and the large-cap drugmakers. The three upgrades that came out of Financials, Materials and Real Estate came from readings of minus 55, minus 76 and minus 92, which is a decline slowing rather than a trend turning. Eight of eleven sector funds still close below their own fifty-day average. That’s a board improving faster than the market underneath it, and the gap between those two facts is where the next two weeks get decided.

The part of our own record that still bothers us is from Wednesday night, and we put it at the top of this issue instead of here. We told you Health Care had become the widest-cushion green on the board. It went red the next session without stopping at yellow. We also told you Technology was the verdict most likely to move, and it was. Owning both of those in the same paragraph is the honest accounting, and the second one doesn’t cancel the first.

What would prove this morning’s read wrong is narrow and checkable by Thursday the fifteenth: if Technology and Health Care both repair to yellow or better while the market-risk gauge regains its green and Energy and Staples hold their green lights, then Thursday was a pause inside an intact advance and not a rotation toward the non-discretionary, and we’ll say so on this page instead of reframing it. Energy leads every sector on the year at plus 45.89% against the index proxy at plus 12.87%, and the Sector Risk tab on the Golden Terminal will chart one against the other as a single ratio line.

From the hardware-store counter. The diesel pump at the station across from the Taintsville hardware store has a laminated sign taped to it that gets replaced about twice a week now, and whoever does the replacing has stopped bothering to peel off the old one. There are four signs on that pump. You can read the bottom two through the top two if the light is right.

A fellow who hauls citrus came in Thursday for a box of trailer-light bulbs and did the arithmetic out loud at the counter, which is a thing people do when they want a witness. He said the truck takes about a hundred and twenty gallons, he fills it a bit over twice a week, and he hasn’t raised what he charges per load since the spring because the packing house has three other trucks that would be glad to have the work.

Carl asked what he was going to do about it. He said he was going to drive the truck. Nobody at that counter mentioned a refining spread or a crack margin or a sector verdict, and the two best-performing stocks on our list of sixty-seven companies are the two that earn the difference between what crude costs and what diesel sells for. Our board called those names green on Thursday with a reading of plus 102, which is correct, and it’s the same number from the other end of the pump.

Somebody you know will read this morning that the market bounced and the chip stocks are coming back. On Thursday’s completed bars, five of eleven sector verdicts were upgraded and two were downgraded, the two downgrades were Technology and Health Care, one refiner printed a new fifty-two-week high, the worst session on our roster of sixty-seven was a power company that fell 6.35% with no catalyst anybody has confirmed, and eight of eleven sector funds still close below their own fifty-day average. If they’d find that useful, this issue forwards cleanly.

The Daily Update tracks eleven sector verdicts on completed daily bars. Supercycle Trader works the longer arc underneath them: the multi-year cycles in commodities, credit and currency that decide which sectors get a decade and which get a quarter. Energy first on the year at plus 45.89% while Consumer Discretionary sits last at minus 6.97%, a crude proxy up 115.67% since January, and a twenty-year Treasury still yielding more than a thirty-year, are the kind of configuration that arc is built to read.

Early Earnings Update. Six roster names report inside the next seven calendar days: JPMorgan, Goldman Sachs, Johnson & Johnson and UnitedHealth on Tuesday, Bank of America on Wednesday and Prologis on Thursday. Five of those six consensus figures moved overnight, with Goldman Sachs down twenty-three cents. We track each name’s sector light, its own reading and how many consecutive sessions the configuration has held, and the counter is logged every morning. Nothing in the set has met its threshold, so there’s nothing further to report this morning.

Every directional and magnitude claim above, checked against the live tape. No “trust me, bro”: these are the numbers that pay for your subscription.

All twelve board instruments reproduce the prior issue’s published current reading on the prior bar. Eight of twelve match to two decimals and all twelve match within 0.13 of a point: SPY 129.37 against a published 129.35, XLK 101.82 against 101.81, XLU 32.37 against 32.33, XLV 30.91 against 30.89, XLE 19.69 against 19.59, XLY 18.51 against 18.49, XLP minus 29.19 against minus 29.23, XLC minus 69.06 against minus 69.06, XLF minus 80.91 against minus 80.98, XLB minus 83.73 against minus 83.86, XLRE minus 94.56 against minus 94.56, XLI minus 105.50 against minus 105.48. The small divergences are a vendor crossover: yesterday’s board was computed on a secondary feed while the primary provider was unreachable, and this morning’s is computed on the primary, which came back after nine consecutive failed runs. Nine of twelve trailing averages also reproduce tightly, with XLY, XLC and XLI inside 0.7 of a point. Method unchanged: the twenty-period average is the simple mean of the trailing twenty CCI values including the current bar, and every reading is computed on completed daily bars only.

Year-to-date figures run off the January 2 opening print, computed directly from grouped daily data for all sixty-seven companies and all eleven sector funds. The primary provider returned this morning after nine consecutive failed runs, so the direct computation replaces the roll-forward method used while it was down. Yesterday’s figures were rolled against a secondary vendor’s year-to-date field, which uses a different starting basis, so every year-to-date number in this issue differs from the equivalent number in yesterday’s issue on identical closing prices. The relative ordering is nearly unaffected: the only ranking change is Materials passing Industrials for fourth, which is explained by the session moves alone, plus 0.59% against plus 0.33% on a gap of nineteen hundredths of a point. Disclosed here rather than quietly restated.

The primary market-data provider connected this morning for the first time in ten runs and served grouped daily bars for October 8, October 7 and January 2, the Treasury curve, the inflation series, market status and the full daily bar history behind all twelve CCI computations. A second vendor supplied fifty-day and two-hundred-day averages, fifty-two-week ranges, premarket bid and ask, the earnings calendar and the economic calendar, and independently reproduced the Treasury curve for October 7 to the basis point. Crude, gold, silver, the dollar, volatility and broad commodities aren’t entitled as futures on the current plan, so USO, GLD, SLV, UUP, VXX and DBC are used as proxies and labeled as such throughout. Premarket readings are bid and ask midpoints taken at 8:05 ET; instruments under roughly 3,000 shares are marked indicative only, and instruments with zero premarket volume are written as no trade and never as zero percent. On Thursday’s premarket that means Health Care, Consumer Discretionary, Communication Services and Energy have no reading, and Industrials is indicative at 304 shares. The sixty-five versus sixty-seven roster-definition question is unsettled and governs every breadth denominator in this issue; the counts here are of the sixty-seven instruments actually pulled this session.

The Daily Update is published by Golden Terminal for informational and educational purposes only. It isn’t personalized advice and it isn’t a recommendation to buy or sell anything. Figures come from third-party data providers and can be revised. Past performance doesn’t predict future results.

The Daily Update · Golden Terminal · Vol. III, No. 208 · Friday, October 9, 2026