THE MORNING MOMENTUM
Monday, July 6, 2026 — Back From the Holiday Weekend
🌅 PRE-MARKET SNAPSHOT (as of 7:00am ET)
Futures are pointing higher, led by a broad chip-sector bounce after Friday's profit-taking. Nasdaq's out front — this is a tech-led move, not a broad risk-on day.
Index | Premarket | Change
SPY | $748.54 | ↑ +0.5%
QQQ | $721.22 | ↑ +1.2%
📰 WHAT YOU NEED TO KNOW
Chips are bouncing after Friday's sell-off — AMAT (+3.5%), KLA (+4.2%), Lam Research (+3.9%), ASML (+3.9%), Intel (+3.7%) are all up sharply premarket; Broadcom is more modest at +1.9%. This is a bounce off a drop, not confirmed as a new leg higher: Friday's sell-off came after the sector's best half in years, and Michael Burry disclosed a fresh short against AMAT, Micron, and Nvidia just last week. That short thesis hasn't gone away — one green premarket session doesn't resolve it either way.
Crypto-miners are running with real volume behind them. Riot (+2.6%) and Cipher Mining (+3.3%) are tracking bitcoin higher, alongside BitMine, Strategy, TeraWulf, and CleanSpark.
Gold and silver miners are firmer on a safe-haven bid after the weekend's renewed U.S.–Iran strikes.
🎯 MOMENTUM PLAYS TO WATCH
Confirmed — options flow backs up the move:
RIOT — Up ~2.6% on 3.8x normal options volume. Real positioning behind this, not just a green tape.
CIFR — Up ~3.3% on 2x normal options volume.
INTC — Up ~3.7% on 2x normal options volume, inside the broader chip strength. Reads as active buying, not drift.
Unconfirmed — price is moving, but nothing backs it up yet:
AMAT, KLAC, LRCX — All up 3.5–4.2%, but this is one morning off Friday's ~10% drop, with no unusual options flow on any of them and Burry's short still on the table. Treat as a bounce to watch, not a signal to act on. The bull case (analyst PT hikes to $850–$900 on AI/DRAM demand) is real, but so is the bear case — this data doesn't tell you which one wins.
Stretched, not a chase: DuPont (RSI 91), Qualys (RSI 86), DaVita (RSI 84) — technically overbought heading into today.
📅 TODAY'S CALENDAR
Light day — no major U.S. data releases. SpaceX joins the Nasdaq-100 tomorrow (7/7) at the open.
⚡ TRADER'S NOTE
The clearest signal today is the options flow on RIOT, CIFR, and INTC — that's real conviction, not just a rising tape. The chip-sector bounce (AMAT included) is ...worth watching, not worth treating as a green light.
⚠️ DISCLAIMER
This newsletter is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Always do your own research and consult a licensed financial advisor before making investment decisions.