Midweek Recap - 02.11.2026

Feb 11, 2026

∙ Paid

The SPY is failing to make a new high at the moment but it doesn’t look too bad above the 8 and 21 daily MA’s. NVDA doesn’t report for another two weeks so there’s very few major catalysts between now and then to prop the market up. We’re also seeing any company that reports slightly weaker earnings drop quite considerably.

HOOD is down 11%, UPST is down 14% (on some fairly strong earnings. I actually trimmed 50% of my UPST position yesterday before earnings because post PGY I wasn’t confident UPST would do enough to keep a volatile market from punishing it), and U is down 26% on a slight revenue miss.

Nevertheless, the SPY, for the time being seems ok.

The QQQ on the other hand is in a very tricky position right below the 100 daily. If we stay below here, I’d be quite cautious with buys. I’d feel uncomfortable buying stocks where MA’s are way below the current prices, and I’d feel uncomfortable buying stocks with high multiples (+10x sales, or +30x PE for example).

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