Tom White sees a broadening equity rally supported by strong earnings, with record highs in Dow and Russell 2000. He notes a rotation from megacap tech into chip and infrastructure names, while warning of stretched valuations in AMD/Intel and potential near-term volatility from holiday liquidity. Financials face downgrades on valuation, and Super Micro's regulatory troubles add idiosyncratic risk.
explicit
implicit
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Metals
USD
AMD (cautious up)
Fast Market
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Other
Tom White 4.0
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Tom White 4.0
6/30/2026 3:30:36 PM
- AMD → 615
ndx
Tom notes NASDAQ is up 25% this quarter and the rally is broadening, but also warns of stretched valuations in key tech names (AMD, Intel) and potential volatility from holiday liquidity, suggesting a cautious near-term outlook.
rut
The Dow and Russell 2000 settled at record highs yesterday.
| 6/12/2026 3:24:39 PM | short term cautious up | 7 days later | +1.33% | +0.66% |
wti
Oil prices just above 70 bucks a barrel. Yields have started to stabilize.
| 6/18/2026 3:30:03 PM | short term down | 5 days later | -8.10% | +8.10% |
| 6/12/2026 3:24:39 PM | short term down | 7 days later | -7.34% | +7.34% |
| 4/8/2026 11:00:46 PM | short term cautious up | 5 days later | -6.73% | -3.37% |
yields
Yields have started to stabilize. That's always a benefit for equity markets even if they're elevated.
| 6/18/2026 3:30:03 PM | short term up | 5 days later | -1.10% | -1.10% |
