Bespoke’s Morning Lineup – 6/10/26 – Truth Be Told
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“I believe in the idea of the rainbow. And I’ve spent my entire life trying to get over it.” – Judy Garland
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
US stocks are down and bond yields up ahead of the open after President Trump suggested on Truth Social that the US will resume bombings of Iran. Leading up to Trump’s comments, futures were already pointed lower, however, led by Tech.
It’s important to note that we’re seeing rotation within the market rather than out of the market. Yes, the broad indices are down because of Tech’s large weighting, but we’ve seen nice gains for sectors like Health Care, Real Estate, Consumer Staples, and Financials as Tech has been selling off.
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The Closer – Tech Tumble, Breadth Disconnects, Trade – 6/9/26
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- Tech has experienced a painful 5-day selloff that has taken it down 8.9% off of its high one week ago.
- Price and breadth were disconnected once again with today marking the 37th time this year that price and breadth moved in opposite directions.
- AI-linked categories of imports continue to rise exponentially; accounting for 16.5% of total goods imports in April
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Daily Sector Snapshot — 6/9/26
Chart of the Day – Bad Day for the Winners
Bespoke’s Morning Lineup – 6/9/26
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“It’s not supposed to be easy. Anyone who finds it easy is stupid.” – Charlie Munger
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Crude oil is back below $90 this morning after President Trump suggested that a deal with Iran could be reached in the next 2-3 days. Equities are rallying as well with SPY up 40 bps pre-market and QQQ up double that at 80 bps.
Semis, AI, and quantum names are dominating the list of pre-market winners as investors rotate back into the areas that got hit hardest late last week.
After a 4%+ drop on Friday, the Nasdaq 100 (QQQ) rallied back 1.5% yesterday to start the new trading week. As shown below, the intraday range yesterday looks tiny compared to the huge red bar seen Friday. QQQ still needs to gain 3.3% just to get back to its closing level last Thursday.
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The Closer – Consumer Stocks and Expectations – 6/8/26
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- Consumer facing stocks like durables, apparel, and lenders have made lower highs recently.
- The New York Fed’s Survey of Consumer Expectations saw a multiyear low in the range of one year inflation expectations.
- Consumer expectations for their financial situation in the year ahead had the worst showing since October 2022.
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Daily Sector Snapshot — 6/8/26
Gold Back Below the 200-DMA
Precious metals had a banner year in 2025, and that strength pulled through into the first month of 2026, peaking on January 29th. Closing in on the midpoint of the year, gold has been falling and is now basically back to flat on the year (now up 0.6% YTD). In the past few months as gold has reversed earlier gains, it has been consolidating between an upward trending 200-DMA to the downside, and a downward trending 50-DMA to the upside. Last Friday, the yellow metal picked a direction as it closed below its 200-DMA for the first time in two and a half years.
As shown below, Friday’s close below the 200-DMA was the first instance since November 10, 2023. That 642-trading day streak ended what was the second longest on record behind the 731-trading day streak ending in December 2011. For all streaks since 1975, it is only the seventh time it has extended to 300 trading days or more.
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Bitcoin Cut in Half
While there was a small rebound in weekend trading in addition to the start of the week on Monday, Bitcoin remains one of the more notable pain trades of late. As shown below, the world’s largest cryptocurrency has been in a downtrend since last fall when it broke below its 200-DMA. With a series of lower highs and lower lows since then, Bitcoin made an attempt to run up to that moving average as recently as mid-May, but the steep leg lower since then has resulted in 52-week lows last week when it traded below $60K for the first time since October 2024.
Talk about an ugly chart…
In the chart below, we show bitcoin drawdowns from all time highs since 2017 (when the crypto first traded above $1,000 and roughly when it came into the mainstream). It goes without saying that Bitcoin has been a volatile instrument. Since the start of 2017, it has been in a 37% drawdown on average. That includes a couple extended periods without new highs such as from 2018 through 2020 and 2022 through 2024. The crypto again finds itself in not only a longstanding drawdown (as of Monday it is on its 245th day without a fresh high, the third longest streak on record), but nearly cut in half versus its high from last October.
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The Triple Play Report: 6/8/26
An earnings triple play is a stock that reports earnings and manages to 1) beat analyst EPS estimates, 2) beat analyst sales estimates, and 3) raise forward guidance. You can read more about “triple plays” at Investopedia.com where they’ve given Bespoke credit for popularizing the term. We like triple plays as an indication that a company’s business is firing on all cylinders, with better-than-expected results and an improving outlook. A triple play is indicative of positive “fundamental momentum” instead of pure fundamentals, and there are always plenty of names with both high and low valuations on our quarterly list.
Bespoke’s Triple Play Report covers what each company does, what this quarter’s results say about their growth outlooks, and their histories of delivering triple plays. Bespoke’s Triple Play Report is available at the Bespoke Institutional level only. You can sign up for Bespoke Institutional now and receive a 14-day trial to read today’s Triple Play Report. To sign up, choose either the monthly or annual checkout link below:
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Bespoke Investment Group, LLC believes all information contained in these reports to be accurate, but we do not guarantee its accuracy. None of the information in these reports or any opinions expressed constitutes a solicitation of the purchase or sale of any securities or commodities. This is not personalized advice. Investors should do their own research and/or work with an investment professional when making portfolio decisions. As always, past performance of any investment is not a guarantee of future results. Bespoke representatives or clients may have positions in securities discussed or mentioned in its published content.