Amazon’s and Intel’s results turned AI-spending doubt into a selling spasm: the Nasdaq 100 fell 3.5% while energy and health care were bought. Iran says a fourth tanker hit a Hormuz mine. Nothing says the selling is finished.
Cambridge Sigma Daily — 29 Oct 2026: Gas futures spiked as Alphabet sank the Nasdaq and four in five stocks rose
Money left Alphabet and the mega-caps for the average stock: four in five S&P 500 members rose while the Nasdaq 100 fell 1.4%. Bonds bought the AI scare harder than stocks did. The risk is that Amazon’s after-hours miss turns a rotation into de-risking.
Cambridge Sigma Daily — 28 Oct 2026: Williams sees no 2027 hike as two Fed dissenters push for one now
The Fed held with two officials voting to hike and Warsh calling inflation too high, then Williams said he sees no need for a 2027 hike. Chips lifted stocks and the two-year rallied, but the curve still prices hikes the committee’s centre may not deliver.
Cambridge Sigma Daily — 27 Oct 2026: Williams’s no-2027-hike line spreads, and the most-shorted stocks get squeezed hardest since August
The most-shorted stocks outran hedge funds’ favourite longs before the Fed, while the Fed’s Williams saw no need for a 2027 hike. Semis led a rally fewer than half the S&P 500 joined; tomorrow’s Fed and hyperscaler prints meet a market holding few hedges.
Cambridge Sigma Daily — 26 Oct 2026: Colombia’s peso posts a new record move; chips bounce as shorts cover
Colombia’s peso had its most extreme day in our record and chips led a short-covering bounce as reports of Iran peace talks pulled crude back below $100. The risk: a crowded short book, a hawkish Fed and two megacap prints all land Wednesday.
Cambridge Sigma Weekly — 25 Oct 2026: The giants sold, the average stock bought: a market changes hands
Hedge funds cut their favourite bets week, and the result was a market that rose underneath a falling index. From Meta’s cash to France’s bonds to gold, the week’s stories share one cause: crowded money leaving crowded rooms, days before a Fed that isn’t done.
Cambridge Sigma Daily — 23 Oct 2026: Fresh Iran threats send oil and energy stocks to highs as the S&P cracks
US-Israeli threats against Iran put the war premium back into crude and lifted only energy shares, while the S&P 500 slipped through its September floor and bonds sold with it. The risk is a weekend escalation hitting a tape short gamma into Tuesday’s Fed.
Cambridge Sigma Daily — 22 Oct 2026: Europe’s riots spread as a chip rout drives a haven rush into Treasuries
Riots spread from France and Belgium to Albania while a Lam Research miss and Meta spending jitters sank the Nasdaq 100 2.9%, its worst day since June. Treasuries caught the haven bid. The risk is credit, where high-yield spreads just broke an old alarm.
Cambridge Sigma Daily — 21 Oct 2026: Memory-chip cracks spread even as SpaceX’s beat drags the AI trade off the floor
SpaceX’s third-quarter beat bought back the chip complex and squeezed small caps, while crude slid as Gulf flows ran above pre-war levels. The risk is that this is a short-cover in a tape Goldman’s prime book showed hedge funds exiting as recently as Monday.
Cambridge Sigma Daily — 20 Oct 2026: The ‘Black Monday’ call died as small caps and health care bought the dip
Wall Street braced for a crash and got a rotation instead: money left chip stocks for small caps, health care and bonds. Oil faded Iran’s escalation. The risk: volatility-targeting funds are still fully loaded, and a real shock forces them to sell.