A pattern: Memory/semis up big, memory/semis down big, then up big….

Wash, rinse and repeat.

In the market without memory from day to day.

Great for dispassionate and opportunistic traders – not so great for the buy and hold crowd.

Positions: None.

Cramer fave Salesforce (CRM) is -$7 lower on a brokerage price target downgrade:

Doug’s Daily Diary — Monday, July 6, 2026 | TheStreet Pro

Positions: None.

TREASURY AUCTIONS

11:00AM: Treasury announces a 3 and 6 month bill auction; 

11:30AM; Treasury hosts a $100B 4 and a $95 8 Week Bill Auction;

1:00PM: Treasury hosts a $22B 30-Year Bond Auction; 

2:00PM: Treasury buyback (liq support)

FED SPEAKERS 

9:00AM: Fed Bank of New York President Williams (Voter) participates in keynote moderated discussion before “The Future of Market Liquidity and Functioning” Workshop hosted by the Federal Reserve Bank of New York, NYC (Other details TBA.Open to in-person press.) 

1:30PM: Fed Bank of Dallas President Logan (Voter) moderates “Market Liquidity and Leverage in a Digital Age” panel before “The Future of Market Liquidity and Functioning” Workshop co-hosted by the Federal Reserve Bank of New York and the University of Chicago Booth School of Business, NYC (Other details TBA. Open to in-person press)

ECONOMIC CALENDAR FOR TODAY

Position: None

* That’s my bet…

Most Marijuana Consumers Don’t Believe Trump Administration Will Complete Rescheduling This Year, Poll Shows – Marijuana Moment

I will play the PASS LINE on rescheduling this year.

Position: None

Wolf Street howls about AI’s contribution to the domestic economy.

Position: None

Every now and then, I get a little bit lonely
And you’re never coming ’round
(Turn around)
Every now and then, I get a little bit tired
Of listening to the sound of my tears
(Turn around)
Every now and then, I get a little bit nervous
That the best of all the years have gone by
(Turn around)
Every now and then, I get a little bit terrified
And then I see the look in your eyes

– Bonnie Tyler, Total Eclipse of the Heart

A daughter of a coal miner born in Wales, she sounded like a combination of John Fogerty and Rod Stewart.

I thought about her most famous song, Total Eclipse of the Heart, many times in the context of my ursine market view:

Together we can take it to the end of the line
Your love is like a shadow on me all of the time (all of the time)

I don’t know what to do and I’m always in the dark
We’re living in a powder keg and giving off sparks

RIP Bonnie Tyler.

Bonnie Tyler, singer famed for ‘Total Eclipse of the Heart,’ dies at 75

Position: None

Consensus long Exxon Mobil (XOM) has its price target reduced by JPMorgan from $173 to $158 this morning.

(Caution: This is Halftime’s Jim Lebenthal’s favorite energy stock).

Position: None 

Despite pleas of broadening out, the equity market is teetering on a disbroadening.
Here were yesterday’s stats:

* SPY    -0.29%

* QQQ  +0.27%

* IWM   -0.89% 

* RSP   -1.22%

To me, key to the broadening-out thesis would be continued strength in financials, which was nowhere to be found:

* JPM -$8

* C – $3

* KRE challenging (to the downside) some important support.

Position: Short JPM (S), C (S)

The S&P Short Range Oscillator remains in overbought (as it’s been for weeks) at 2.16% vs. 3.18%.

Position: None