Twenty-nine new buy signals and not a single sell: in a week like this one that is information in itself. Below are twelve of them, chosen as the most representative. The theme binding them is software and IT services, a sector that seven days ago was on the sell side and today is on the buy side.

Amazon stock led the day among the American heavyweights and Amazon stocks set the tone for the whole week, and the reason sits in a single number: it gained 15.32% after a quarter with revenue of 200.6 billion dollars and cloud growth of 37% to 42.2 billion, the fastest pace since 2021, with 2026 capital spending guided towards 220 billion, almost all of it artificial intelligence infrastructure. At the opposite end Apple stock lost 7.35% despite beating on headline metrics, with iPhone sales up 22%: the punishment came from services, 30.74 billion against 31.22 expected, and China, 18.8 against 19.6. Apple stocks remain the most debated case of the week, and the reaction matters more than the numbers.

The message is blunt: in this phase the stock market pays for monetising artificial intelligence and punishes those who merely consume it. AlphabetShort gained 6.7%, MicrosoftLong 3.02% and MetaShort 3.28% alongside the bounce — Microsoft stocks and Meta stocks both rebounding with the sector. On the other side dispersion was violent: RobloxShort sank 26.85% after pulling annual guidance and missing on users, RedditShort shed 21%. Our model comes into this session well placed across the sector: we are long Amazon and long Microsoft, where the signal turned to a buy last week, and long MastercardLong with a 6.25% gain after a quarter with earnings per share of 5.04 dollars against 4.77 expected. On the sell side the oldest positions are also the most rewarding: OracleShort up 29.53% since 15 June, PalantirShort up 27.44% since January, NetflixShort up 22.11% since April. We are short Alphabet and Meta and on Friday the market went the other way: it happens, and we say so.

The macro story of the day came from the oil majors. Exxon MobilLong reported quarterly profit of 14.5 billion dollars, more than double year on year and the best since 2022, roughly 160 million a day; ChevronLong quadrupled to 12.1 billion from 2.5 a year earlier; ShellLong passed 10 billion. The engine is crude, up more than 40% since the start of the year on the US-Iran war and tensions around the Strait of Hormuz. In Washington windfall tax proposals are back on the table, and that regulatory risk is worth watching across the sector.

The technical side says something the headlines do not. Chevron stock rose 2.35% and Exxon stock lost 0.97% on the day of its best profit since 2022: on three of the four majors our weekly money-flow reading fails to confirm the move. When the best possible news does not push the price, it was usually in the price already. Our model is long all four — Chevron up 5.04% since the 13 July signal, Shell up 4.56%, EniLong up 4.44% — with Exxon slightly underwater. For anyone building a trading strategy around Chevron stocks and the other majors, the entry matters more than the headline.

What keeps portfolio managers awake is inflation that will not let go. The Federal Reserve's preferred price gauge hit a three-year high, and on Friday second-quarter employment costs came in hot at plus 0.9%, with wages up 3.2%. The result is a high and steeper yield curve, with a weakening dollar giving room to the euro and emerging markets. The news came from Tokyo: the Bank of Japan held its rate at 1% but on an 8-1 vote, with an upgraded view of the economy and the door open to a move as soon as September.

On semiconductor stocks the technical picture stays separate from the price bounce. Our model is short NvidiaShort since 8 June with a 2.16% gain, short MicronShort since 13 July with 3.05%, and the oldest software shorts are also the most rewarding: OracleShort up 29.53% since 15 June, PalantirShort up 27.44% since January. Against the grain sits AMDLong, where we have been long since 6 April with a 94.32% gain: the case that explains better than any other why the model does not close on intermediate levels. Among macro readings the only one with a genuine trend is government bond volatility, up 27% over four weeks without a single pause.

The Milan market closed broadly flat, but with weighty corporate stories. Eni was the standout Italian name of the day: it reported quarterly net profit doubled to 2.3 billion euro, with a 3.4 billion buyback and a 1.10 euro dividend plus a possible special payout in October, and the stock opened more than 4% higher. Enel closed slightly lower while confirming a solid half-year, with operating profit at 11.8 billion, ordinary net income at 3.93 billion and guidance maintained.

The sector benchmark stays Intesa SanpaoloLong, which two days earlier had posted its best half-year ever with 5.6 billion in profit and guidance raised above ten billion: it is the only name in our universe where structure, news and money flow currently say the same thing, and our model has been long since 7 April with a 15.59% gain. We are also long UniCreditLong, Banco BPMLong and BPER BancaLong, the latter two reporting on Wednesday. On the other side, our model has been short StellantisShort since early June with a 15.78% gain, and the stock lost 1.96% on Friday following the European auto sector. We are short PrysmianShort too, though there the monthly signal is the closest of the whole Italian list to flipping.

Europe's week closed with a crowded calendar. In France BNP ParibasLong posted solid numbers, with net profit up to 4.3 billion and revenue growing 12% to 14.1 billion, while Schneider ElectricLong beat expectations; against the grain sat SanofiShort, penalised by results judged mixed, where our model has been short since May. In Germany VolkswagenShort lost around 2% on a weak quarter and revenue revised down, in an auto sector squeezed between soft demand and American tariffs: we are short there too, since 15 June, with a 7.19% gain.

What ties the continent together, though, is the list of new signals. SAPLong, BASFLong, KeringLong, Saint-GobainLong, CapgeminiLong and ThalesLong are all fresh weekly buys born last week: German software, chemicals, French luxury, building materials, consulting and defence. This is not a single theme, it is breadth returning. Continental banks stay solid, with Lloyds Banking GroupLong up 13.68% since the April signal and Deutsche BankLong up 10.26%, while BayerLong reaches Tuesday's results with a signal live since June and barely 2.23% of gain.

A weak dollar and returning risk appetite have reignited emerging markets. Chinese ADRs recovered: AlibabaLong up 5.1%, BaiduShort up 3.4%, JD.comLong up 2.2%, in a bounce across Beijing's technology sector. Our model is long Alibaba since 13 July with a 6.33% gain and long JD.com with 11.44%: both positions were already open before the bounce. On Baidu we sit on the sell side.

In Brazil the main index gained 1.88%, supported by foreign flows and a soft dollar, with Itaú UnibancoLong up 2.2% leading, PetrobrasLong up 2.0% and ValeShort the most traded stock of the session. On Brazilian steel and mining our position has been short since early May and stays 6.39% in profit: Friday's bounce did not change the structure. When the dollar retreats and volatility falls, capital goes looking for return outside the United States, and that is precisely the shape of this session.

Three baskets moved the stock market session and three more deserve the space without having moved it. From the session: US Consumer DiscretionaryShort gained 3.29% and was the best, though it is almost entirely Amazon, and on the basket we stay on the sell side; US MaterialsLong lost 2.34% and was the worst, with miners and uranium giving way together; US EnergyLong added 1.00% on the oil results, and there we are long with a 3.24% gain.

The other three did not move the session and are still worth watching. The gold ETF is the first: our model has been short that gold ETF since March with a 10.12% gain, and the metal has lost 3.1% over four weeks. The semiconductor ETF is the second, and the one where the gap between price and structure is widest: we are short since 13 July with a 3.24% gain while the chips bounce. The financial ETF corner, finally, is the least discussed and most coherent part of the American stock market — Vanguard FinancialsLong up 7.91% since the April signal and US FinancialsLong up 8.60% — in the only US sector our weekly report classifies as favourable.

Then there is a case the session left alone that still earns its card, because it is about what you actually buy when you buy a basket. Korean semiconductor stocks have been running for weeks, led by Samsung Electronics and SK Hynix, and they are what has driven the Seoul index. We do not cover a dedicated Korea ETF, yet Korea sits inside exactly one of the four emerging market baskets we follow, and the gap is wide: in MSCI Emerging Markets ETFShort, built on the MSCI index, Samsung Electronics weighs 5.27% and SK Hynix 3.98%, together above 9% of the fund and the second and third largest positions (data as of 30 July 2026). In the other three — Vanguard Emerging Markets ETFLong, Schwab Emerging Markets ETFLong and SPDR Emerging Markets ETFShort — not a single Korean name appears in the top twenty-five, because the FTSE and S&P indices classify Korea as a developed market and leave it out of the emerging basket.

Anyone buying «an emerging markets ETF» on the assumption they are interchangeable is deciding, without knowing it, whether to hold the sector that is running hardest right now. It is the same mechanism we describe on SPY and QQQ at the close of this report, applied to emerging markets. On positioning we are long Vanguard and Schwab since April and short MSCI and SPDR since 13 July: on the only basket carrying Korea we sit on the opposite side of the move, while on Friday all four fired a daily buy that the weekly has yet to confirm.

The week ahead brings results from 48 stocks we cover, and it is not an ordinary week: between Monday and Friday two Italian banks, three oil majors, half the artificial intelligence infrastructure complex and the defence sector all report. Below is the calendar day by day, with a link to the latest published analysis of each name and our model's position, so you can read the technical picture before the numbers land.

Monday 3 · AmplifonLong · Berkshire HathawayLong · LeonardoLong · PalantirShort · Vertex PharmaceuticalsLong

Tuesday 4 · SafiloLong · Archer-Daniels-MidlandLong · AmgenLong · Arista NetworksLong · BayerLong · Booking HoldingsLong · BPLong · CaterpillarShort · GerdauLong · Gilead SciencesLong · Itaú UnibancoLong · Eastman KodakShort · MerckLong · SpotifyLong · ToyotaLong

Wednesday 5 · Banco BPMLong · BradescoLong · BPER BancaLong · Coca-Cola ConsolidatedLong · ExpediaLong · FigmaLong · FastlyLong · InfineonShort · IonQShort · KlabinLong · MercadoLibreLong · Novo NordiskLong · Occidental PetroleumLong · ShopifyLong · SanDiskShort · Energy FuelsShort · TeraWulfShort

Thursday 6 · AirbnbLong · ConocoPhillipsLong · Deutsche TelekomLong · FiservLong · PetrobrasLong · Petrobras (São Paulo)Long · PelotonLong · Unity SoftwareLong · UnipolLong

Friday 7 · Munich ReLong · Take-Two InteractiveLong

Three names are worth a look in advance. Leonardo opens on Monday with a buy signal born last week. Banco BPM and BPER report on Wednesday carrying the strongest structure on our Italian list, with weekly money flow rising for three straight weeks and volatility compressing. Wednesday also brings Infineon and SanDisk, where we are short: on semiconductor stocks this week's results count double.

The four European indices we follow all carry a weekly buy signal fired at the start of April and all sit between 3.0% and 3.8% above their own weekly reversal point: none is close to losing its signal, and the margins are nearly identical. The returns, though, diverge widely — FTSE MIBLong up 12.37% since the signal, CAC 40Long up 5.28%, DAXLong up 3.44%, FTSE 100Long up 1.92%.

The number nobody lines up concerns the distance from the record. DAX, CAC 40 and FTSE MIB all sit within 2% of their all-time highs — 1.02%, 0.66% and 1.78% respectively — while the FTSE 100 is 7.78% below. London carries the same signal as the other three, the same margin from its own reversal level, and one sixth of Milan's return: it is the basket that joins the European advance without ever reaching the top. Anyone seeking continental exposure has, in that number, the reason to prefer Milan, Paris or Frankfurt.

We close with the comparison that explains the rotation better than any commentary. SPYLong, the S&P 500 ETF, sits 1.76% below its record and has carried a weekly buy signal since 6 April, with a 9.94% return; QQQShort, the Nasdaq ETF on the 100 largest names, sits 8.10% below its own and has been on a sell signal since 20 July. Six percentage points between two baskets of the same market, on the same day.

The reason is composition. Technology weighs 50.54% in the second basket against 32.91% in the first, and financials are worth 0.24% against 12.59%. In a month when technology lost 5.53% and financials were the only favourable US sector, that difference in weights became a six-point difference from the record. On Friday a daily buy signal fired on both: on the first it confirms the weekly, on the second it contradicts it, and until the price recovers more than four percentage points the conflict stays open. Anyone seeking US equity exposure through an S&P 500 ETF or a Nasdaq ETF is effectively choosing between these two compositions.