Sunday Edition: So Here We Are

Here we are.  It's just after midpoint 2026.

So where have we been?

Where are we going? Some ask hopefully. Others ask plaintively.

The market has a way of doing that.

Perhaps before looking too far ahead, it is worth taking a moment to look back.

First, let's briefly compare last year to this year.

During 2025, several stocks highlighted here didn't just double. Some tripled. Others gained even more.

One example was Lam Research. The stock climbed from the $60s to where it now sits at roughly $350 a share. After doubling with the typical stock waffling along the way, many of us took the gain and let it go.

Huh?

Yep... some good situations just get away.

On the other hand, some stocks reminded us that taking a double or a triple and then sitting back can be the better course. Kratos Defense & Security Solutions (KTOS) climbed from the teens to over $100 before fading back into the $50s after less-than-impressive earnings, leaving potential as the basis for renewed hope.

The point is, 2025 gave investors more chances to make some nice trading gains.

Now let's turn to this year.

The major indices have continued to climb, but the ride has been much different. Investors have had to work through sharp volatility, geopolitical strife, wars on two fronts, tariff concerns, inflation worries and plenty of market whipsaws.

Yet, despite all that, the market has continued to find support from progress, improving earnings and hope in the American way.

Before leaving where we are, there is one more point worth mentioning.

As the major indices have climbed to new highs this year, many investors have found the ride anything but easy. In fact, as reported on CNBC this past week, only about 25% of professional active money managers were ahead for the year.

If you've been actively trading in 2026, that statistic may ring true for you as well.

It didn't take long for the this report to coin the term Market Limbo.

It's where stocks seem to reside for a while. They drift. They waffle. Sometimes quietly. Sometimes violently.

Good earnings don't always matter. Bad news doesn't always matter. Stocks can rise on hope one week and fall on profit-taking the next.

Welcome to Market Limbo. What's next?

Answering that question can only be done from the vantage point of the present. Take a look around.

World news continues to change by the hour. The Iran situation remains fluid, with the Strait of Hormuz still playing a major role in the world's energy balance. Meanwhile, investors continue to watch inflation, interest rates, tariffs, AI, earnings and politics, all while trying to decide what comes next.

Nobody knows for certain where the market goes from here.

A tenet of the Jones Report is to try to remain aware.

Stay aware of the factors affecting your stocks. Stay aware of broader market forces. And try to maintain some self-awareness of your own emotions, along with the lines that may become demarcation points for hard decisions.

In that light, when it comes to trading, it is often harder to sell or trim a stock than it is to buy one.

Buying usually begins with hope. Selling means deciding whether that hope is still justified, whether the position has become too large, or whether protecting capital now matters more than what the stock might do later.

The above is not meant to ignore the notion of investing in a company we believe in and staying long some shares. That, too, is a desired goal.

However, investors who have lived through enough sharp whipsaws often come to appreciate an old trader's saying:

"A long is a good trade gone bad."

Like it or not, that mindset is often reflected in trading programs and, at times, by institutional money managers as well.

So how does the common retail investor—the little guy—compete with that?

The Jones way?  Try to stay aware.

Another goal is to preserve hard-fought gains, limit losses, and not let Market Limbo pull your portfolio into Purgatory.

One strategy is to try to manage uncertainty with more dry powder and smaller test positions, possibly spread out with more diversity.

Looking into the future leaves many questions about how AI will impact the economy and, to put it more basically—jobs.

There are AI bulls at the highest levels, and we can all see many of the advantages.

However, it is also quite clear that AI is going to be disruptive.

We see major companies like Oracle and Microsoft laying off many thousands of highly technical staff, including programmers.

Why?

AI is in the process of making some jobs obsolete as increased efficiency through automation reduces the need for humans.

The AI bulls admit it but, at the same time, often gloss over the "disruptive" part.

"Maybe not so fast, Chauncey!" exclaims Jones.

How long that disruption lasts is a concern.

Job number revisions continue to happen, and the full impact of AI on employment, productivity and the economy is still unfolding.

Looking further into 2026, there is one IPO brewing that also appears to carry disruptive potential—Anthropic.

One strategy taken here is a small test position in SK Telecom (SKM), which appears to offer a back-door way of participating as an early investor in Anthropic.

It's safe to say the Jones way now includes smaller test positions along with more dry powder in several of the stocks highlighted here lately. If interested, scroll down. The notion of diversification may begin to show up.

Staying aware of how smaller test positions play out can help shape future trading decisions as Market Limbo plays out.

If we already knew where the market was going, there would be no need for test positions or dry powder.

This report cannot yet fully conclude where things are going for the remainder of the year.

Perhaps the notions of Market Limbo, maintaining some dry powder, and using test positions before committing to larger ones may help improve awareness and decision making.

Nuff said for now.

Stay Watchful.

- Jones Report

This site is just for fun and insight, with no sponsors and no affiliations. If you like this free Jones Report, tell a friend. Why not?

________

If interested - scroll back and view notes on other stocks, we watch here at the Jones report.  Why not? With the caveat that things change and we try to stay aware - It's all FREE to read and make your own calls and decisions.  Finally - maintain some dry powder and trade or invest according to your own due diligence.

______________

More later so ....Stay tuned, if you dare!

For now, we close by noting that any view on the market and stocks on any particular day may change in the days to come. That is why we watch and see how our views match up with reality.  Looking ahead a few months may be a way to do things - but thinking too deeply about world events and the recent alliances forming, can make projecting ahead a dicey endeavor. 

All in all - we use the word maybe "some", not "too much" and play it accordingly.  Never get arrogant in our notions because things do change - and individual stocks are subject to many factors outside our control. So, we try to -stay aware.

With all the above caveats and attempted prognostications, I will close this post. Stay tuned for more opining on the market and stocks to watch.

___________

ALL in my humble opinion, scroll down and read more.  This site does NOT make Buy / Sell recommendations.

 

Oh, Reallllllly?

Market Talk

Monday's major indices, after successful Independence Day celebrations, traded ebulliently with CNBC pundits announcing the AI trade is back and this time it should stick.

"Oh, reallllllly?" says the Church Lady, recalling the old Dana Carvey SNL skit.

Yep, stocks like Micron Technology (MU) are up about ten points today. But wait a minute. Just last week, after reporting earnings, MU was nearly 300 points higher!

Just saying... today's hoopla doesn't even catch up to last week's whipsaws, and that goes for many tech stocks as well.

So, while the TV pundits proclaim Bull Land victory, many real people, traders and investors alike, may still feel like their stocks are stuck in Market Limbo.

With the above caveats, let's talk some specifics.

Stock Talk

With AI stocks still rolling, investors continue to focus on the data center theme and the large language models powering AI platforms such as ChatGPT from OpenAI and Claude from Anthropic.

The rumor mill has Anthropic's long-awaited IPO coming around October. Whether that timetable proves accurate or not, the market already appears to be looking ahead. That could keep AI, data center and infrastructure stocks in focus for some time.

Skepticism and opportunity do not have to be mutually exclusive. While today's market still appears vulnerable to sharp rotations and whipsaws, that doesn't mean investors should stop looking for new ideas. It may simply mean starting with small test positions and adding only if the investment thesis continues to improve.

One particular stock worth watching is SK Telecom (SKM), South Korea's largest wireless telecommunications company.

Beyond its core telecom business, SKM made an early $100 million private investment in Anthropic and has outlined ambitious plans to expand its AI and data center infrastructure throughout Asia.

Some traders have been buying a few shares of SKM here in the $30s as one possible way to participate in whatever ultimately comes from an Anthropic IPO. For investors looking to gain some exposure to that theme without chasing the higher-flying AI names, SKM may be worth considering as a small spec position.

In other Jones Watch Stocks, there is one that still seems to trade under the radar despite fundamentals that continue to improve. Perhaps that is because management prefers to remain "stealthy and scrappy," as the CEO has put it.

That stock is V2X (VVX).

Last quarter's VVX earnings jumped to $1.53 per share. Add in a record $13.8 billion backlog, and those numbers kind of speak for themselves.

And one more thing...

Those fighter jets flying all over on July 4 don't maintain themselves.

For other Jones Watch Stocks, scroll down if interested.

Stay Watchful.

- Jones Report

This site is just for fun and insight, with no sponsors and no affiliations. If you like this free Jones Report, tell a friend. Why not?

________

If interested - scroll back and view notes on other stocks, we watch here at the Jones report.  Why not? With the caveat that things change and we try to stay aware - It's all FREE to read and make your own calls and decisions.  Finally - maintain some dry powder and trade or invest according to your own due diligence.

______________

More later so ....Stay tuned, if you dare!

For now, we close by noting that any view on the market and stocks on any particular day may change in the days to come. That is why we watch and see how our views match up with reality.  Looking ahead a few months may be a way to do things - but thinking too deeply about world events and the recent alliances forming, can make projecting ahead a dicey endeavor. 

All in all - we use the word maybe "some", not "too much" and play it accordingly.  Never get arrogant in our notions because things do change - and individual stocks are subject to many factors outside our control. So, we try to -stay aware.

With all the above caveats and attempted prognostications, I will close this post. Stay tuned for more opining on the market and stocks to watch.

___________

ALL in my humble opinion, scroll down and read more.  This site does NOT make Buy / Sell recommendations.

Managing Market Limbo

 

Managing Market Limbo

Market Talk

This report reflects the Jones observations following several days of market volatility. Nobody can say with certainty how the markets will react in the coming days and weeks. With that in mind, please take these observations as just that—observations rather than predictions.

The tenets here are to try to preserve hard-earned gains and manage a portfolio so it remains open to opportunity. Sometimes that may mean moving more defensively into higher-dividend companies. At other times, it may mean considering some shares of companies that have been beaten down more than their underlying value appears to justify.

The recent rotation out of many technology shares serves as another reminder that portfolio management matters. Trimming an overweight position is not necessarily a negative view of a company. At the same time, watching a stock cascade down ten points in a day is enough to make any investor weary of such whipsaws. Some exclaim, "WTF!" Frankly, who can blame them?

One analyst calls for a 30% correction in technology stocks and, suddenly, many investors head for the exits. Whether that proves to be an overreaction remains to be seen. This observer has cautioned that, although Micron's (MU) earnings roughly doubled, its stock price increased nearly fivefold. Portfolio management becomes increasingly important whenever volatility returns to the technology sector, particularly among semiconductor and memory stocks.

Update - Market Limbo

Sometimes a growth or speculative stock rises on the promise of a brighter future before the earnings fully justify the move. Eventually, the market can pause and wait for the fundamentals to catch up. That is what the Jones Report calls market limbo. During this phase, investors often rebalance positions as they take gains and the share price fades. Even when conviction remains, being aware of and adapting to changing market sentiment can save a gain from becoming a loss as a stock is punished and sent from a lofty level back to market limbo. Recent examples might include stocks such as NVTS and others that have experienced periods of sharp volatility as investors reassess future expectations.

Meanwhile, the recent "From Gold to Diapers" Market Talk theme has been catching investor interest. Gold continues to show legs above $4K. Stocks like KGC and KMB, though in very different sectors, remain stocks to watch.

Holding some shares is one way to stay involved while sector volatility plays out. Holding too many shares, however, can make it feel as though a favorite stock has gone from market limbo into purgatory—and, for investors who became way too bullish in the face of uncertainty, portfolio hell.

Sometimes cash management is the smarter move, at least for a while. Sometimes stocks caught in market limbo need time to prove themselves. Dry powder allows investors to watch patiently and perhaps buy back another favorite stock they once liked, made a nice gain on, and sold—only to watch it keep climbing. Maybe a market correction has put that particular stock back in play for a small test position.

A good company caught up in sector volatility and whipsawed lower may present an opportunity to buy some shares and see where the story goes from there. At the same time, starting with a small test position may help avoid catching a falling knife, as they say.

Most of us have a story like that. There is no point in belaboring it. Dry powder is not surrender. It is opportunity for the watchful.

As we celebrate the Fourth of July, it is also a time to appreciate America and not take freedom, liberty, and the opportunity for prosperity for granted.

- Jones Report

This site is just for fun and insight, with no sponsors and no affiliations. If you like this free Jones Report, tell a friend. Why not?

________

If interested - scroll back and view notes on other stocks, we watch here at the Jones report.  Why not? With the caveat that things change and we try to stay aware - It's all FREE to read and make your own calls and decisions.  Finally - maintain some dry powder and trade or invest according to your own due diligence.

______________

More later so ....Stay tuned, if you dare!

For now, we close by noting that any view on the market and stocks on any particular day may change in the days to come. That is why we watch and see how our views match up with reality.  Looking ahead a few months may be a way to do things - but thinking too deeply about world events and the recent alliances forming, can make projecting ahead a dicey endeavor. 

All in all - we use the word maybe "some", not "too much" and play it accordingly.  Never get arrogant in our notions because things do change - and individual stocks are subject to many factors outside our control. So, we try to -stay aware.

With all the above caveats and attempted prognostications, I will close this post. Stay tuned for more opining on the market and stocks to watch.

___________

ALL in my humble opinion, scroll down and read more.  This site does NOT make Buy / Sell recommendations.

Stock Talk: From Gold to Diapers

  

Stock Talk

As the Friday market comes to a close, a few afterthoughts on yesterday.

Watching the market's ebbs and flows in real time, it is easy to draw conclusions that may later call for a more circumspect view. Perhaps limbo is only a temporary state for the miners.

As the technology sector continues under pressure, one wonders whether sector rotation may once again favor the value of gold and silver, lifting miners previously left in limbo by many investors. Bank of America recently upgraded Kinross Gold Corporation (KGC), citing many of the same characteristics discussed here since the stock traded in the single digits—earnings growth, share buybacks, a dividend, and continued growth prospects.

For that reason, on second thought, KGC remains a watch stock.

Moving to a different sector, companies producing the everyday essentials used around the world continue to demonstrate their resilience. Markets and sentiment change, but demand for everyday essentials doesn't.

Diapers, toilet paper, paper towels, facial tissues, feminine care, baby wipes, and adult care products are used and needed in any economy.

That's why Kimberly-Clark (KMB) is often viewed as a defensive holding. After some due diligence, however, KMB appears to be more than just a defensive holding.

KMB's steady earnings growth, strong dividend, and continued investment in U.S. manufacturing help support that view.

KMB globally manufactures products close to the markets it serves while continuing to expand production here in the United States, investing more than $2 billion in its largest U.S. manufacturing expansion in over 30 years.

KGC and KMB... two stocks to watch.

Things change fast. Stay watchful.

- Jones Report

This site is just for fun and insight, with no sponsors and no affiliations. If you like this free Jones Report, tell a friend. Why not?

________

If interested - scroll back and view notes on other stocks, we watch here at the Jones report.  Why not? With the caveat that things change and we try to stay aware - It's all FREE to read and make your own calls and decisions.  Finally - maintain some dry powder and trade or invest according to your own due diligence.

______________

More later so ....Stay tuned, if you dare!

For now, we close by noting that any view on the market and stocks on any particular day may change in the days to come. That is why we watch and see how our views match up with reality.  Looking ahead a few months may be a way to do things - but thinking too deeply about world events and the recent alliances forming, can make projecting ahead a dicey endeavor. 

All in all - we use the word maybe "some", not "too much" and play it accordingly.  Never get arrogant in our notions because things do change - and individual stocks are subject to many factors outside our control. So, we try to -stay aware.

With all the above caveats and attempted prognostications, I will close this post. Stay tuned for more opining on the market and stocks to watch.

___________

ALL in my humble opinion, scroll down and read more.  This site does NOT make Buy / Sell recommendations.

When Things change ...

 

Market Talk

Well, Micron Technology (MU) did not disappoint Wall Street on the memory business, essentially beating expectations across the board—sales, earnings and future guidance—as demand for memory used in expanding AI data center buildouts continues to grow. Today's market response is self-evident to any observer.

Several stocks are rebounding from the previous day's swoon, but not all. In afternoon trading, both NVDA and INTC remain challenged. While much of the market is responding to Micron's blowout quarter, one wonders why certain stocks are not participating. Intel, despite all the attention surrounding its reported arrangement with Apple, remains under pressure. Sometimes the market has a different opinion than the headlines.

Sometimes a market whipsaw and subsequent bounce causes retail investors to reconsider their positions. Some decide to trim shares from a heavy position that has grown beyond "some" and harvest a gain. Others may cut a loss and move to the sidelines. Volatility can do that—it creates dry powder.

Sometimes that cash is redeployed after determining a particular sector has become dead money, at least for the time being. Gold and silver miners come to mind in that sense, for now. Things do change. The odds may also be increasing that the Federal Reserve could take a firmer stance under a new Chairman, Kevin Warsh. Some are comparing his tone to that of the late Alan Greenspan, who served from 1987 to 2006. Greenspan famously coined the phrase "irrational exuberance" before taking much of it out of the hides of bullish traders.

With today's rebound in several stocks, one has to wonder. If MU can surge 17% in a single day after reporting EPS of $25.11, handily beating expectations of about $20.00 per share, what comes next? This earnings beat is roughly double what Micron reported a year ago. Yet, at this time last year, MU traded below $250 per share and, as of this writing, trades above $1230.

Will MU continue higher on earnings-beat euphoria, or will it fall victim to sell-the-news profit taking, "priced-to-perfection" doubters, and broader market headwinds from war and inflation? Only the market—and time—will answer.

For now, a company like GFS, producing semiconductors here in the U.S. and abroad, remains a good stock to watch in this observer's view. The company continues expanding into power chips, RF technologies, silicon photonics to reduce copper interconnects, and quantum computing while supplying semiconductors used in the electronics of virtually everything.

Things change fast. Stay watchful.

- Jones Report

This site is just for fun and insight, with no sponsors and no affiliations. If you like this free Jones Report, tell a friend. Why not?

________

If interested - scroll back and view notes on other stocks, we watch here at the Jones report.  Why not? With the caveat that things change and we try to stay aware - It's all FREE to read and make your own calls and decisions.  Finally - maintain some dry powder and trade or invest according to your own due diligence.

______________

More later so ....Stay tuned, if you dare!

For now, we close by noting that any view on the market and stocks on any particular day may change in the days to come. That is why we watch and see how our views match up with reality.  Looking ahead a few months may be a way to do things - but thinking too deeply about world events and the recent alliances forming, can make projecting ahead a dicey endeavor. 

All in all - we use the word maybe "some", not "too much" and play it accordingly.  Never get arrogant in our notions because things do change - and individual stocks are subject to many factors outside our control. So, we try to -stay aware.

With all the above caveats and attempted prognostications, I will close this post. Stay tuned for more opining on the market and stocks to watch.

___________

ALL in my humble opinion, scroll down and read more.  This site does NOT make Buy / Sell recommendations.

Dry Powder and Diversification

 

Market Talk

Jitters about the sustainability of the AI trade, coupled with disagreements over potential tolls in the Strait of Hormuz after the 60-day ceasefire, evidently weighed on market sentiment. It seems that sticking points in both market perceptions and peace settlements hit many technology-related stocks.

Also, the newer IPOs CBRS and SPCX took notable hits, as was hinted here could happen.

Yesterday felt similar to an earlier session this month on June 6, when nearly 30 days of steady gains in technology and semiconductor stocks were smacked down in just one lousy day. We recall noting, "Poof."

Yesterday there were also reports that memory sales by South Korean companies could be facing challenges. As a result, all eyes now turn to the quarterly report from Micron (MU), due after today's closing bell. Investors will be watching closely to see whether management and analysts can quell the jitters or refuel bullishness in the tech trade.

For now, it remains to be seen whether the recent jitters are merely a shakeout or a sign that the rally is due for more of a correction.

Not all stocks got whipsawed lower.

Stock Talk

On days when one sector gets slammed, it can be interesting to note a few stocks that held up and moved higher:

• Kimberly-Clark (KMB)
• Walmart (WMT)
• Altria Group (MO)

This is not to say that one day of jitters in the technology sector will develop into a broader selling trend. However, diversification can sometimes help provide balance.

In another sector, the miners, it appears they may be stuck in a transitory limbo phase. Earlier, we determined that oil and gas stocks did not seem like particularly tradeable themes for many retail traders. The miners are beginning to feel somewhat similar.

Some Watch Stocks

Technology

GFS
INTC

Spec Technology

NVTS
QBTS

Defensive

KMB
WMT
MO

It is difficult to say whether any should be considered overweight positions at current levels. It is also possible that cash, or "dry powder," may find better buying opportunities ahead. However, we continue to use the words, "maybe some."

For now, it remains to be seen whether the recent jitters are merely a shakeout or a sign that the rally is due for more of a correction.

Spec Biotech

ONCY remains on the watch list just under $1. Patent extensions and clinical progress in advanced cancers suggest there is more coming to this story. With the ongoing CRC trial, recent patent extensions, and encouraging clinical signals across multiple advanced cancers, some are beginning to ponder M&A with Big Pharma.

As always, investors should size positions accordingly and stay aware.

Things change fast. Stay watchful.

- Jones Report

This site is just for fun and insight, with no sponsors and no affiliations. If you like this free Jones Report, tell a friend. Why not?

________

If interested - scroll back and view notes on other stocks, we watch here at the Jones report.  Why not? With the caveat that things change and we try to stay aware - It's all FREE to read and make your own calls and decisions.  Finally - maintain some dry powder and trade or invest according to your own due diligence.

______________

More later so ....Stay tuned, if you dare!

For now, we close by noting that any view on the market and stocks on any particular day may change in the days to come. That is why we watch and see how our views match up with reality.  Looking ahead a few months may be a way to do things - but thinking too deeply about world events and the recent alliances forming, can make projecting ahead a dicey endeavor. 

All in all - we use the word maybe "some", not "too much" and play it accordingly.  Never get arrogant in our notions because things do change - and individual stocks are subject to many factors outside our control. So, we try to -stay aware.

With all the above caveats and attempted prognostications, I will close this post. Stay tuned for more opining on the market and stocks to watch.

___________

ALL in my humble opinion, scroll down and read more.  This site does NOT make Buy / Sell recommendations.

Sunday Edition: Can Oil Buy Some Time?

  

Sunday Edition: Can Oil Buy Some Time?

Political pundits are buzzing all over the memorandum on the U.S.-Iran desk that President Trump signed earlier.

Some for it, some against it. Many Americans seem to be left scratching their heads and saying:

"Huh?"

One factor is the condition of strategic oil reserves around the world.

With strategic reserves declining and Iranian oil production at risk of prolonged disruption, keeping the Strait of Hormuz open has become a priority.

The pragmatic part is getting oil flowing again.

The problematic part is Iran and the IRGC.

Indeed, strategic oil reserves around the world have been declining, including our own here in the United States. It is estimated that the U.S. Strategic Petroleum Reserve is roughly half of what it once was and sits near levels not seen since the early 1980s.

Viewed through that lens, the memorandum represents an effort to finalize a broader understanding while allowing oil to continue flowing through the Strait of Hormuz over the next sixty days.

Yet many see concessions that merely kick the can down the road while leaving the Islamic Republic as a dominant force in the region.

As events unfold, it remains to be seen whether the balance between pragmatic and problematic can be found in the pursuit of a more peaceful world.

History tends to breed skepticism.

But for now, the market may not be thinking that deeply.

Hope springs eternal.

And markets often prefer business as usual—at least until "it" hits the fan.

For now, we'll leave it there.

The memorandum has been signed.

And yet, it is already off to a shaky start with Iran claiming the Strait is closed again.

The debates are underway as to what the final agreement will ultimately cost.

Whether oil ultimately flows freely through the Strait of Hormuz, and whether the broader understanding holds together, remains an open question.

Can the behavior of the IRGC be trusted?

Will its long-stated hostility toward Israel and the United States ever truly end?

The market appears willing to give peace a chance.

But with hardliners still in the mix, peace remains something to watch, not trust.

Time will tell.

Pray for peace and stay watchful.

- Jones Report

This site is just for fun and insight, with no sponsors and no affiliations. If you like this free Jones Report, tell a friend. Why not?

________

If interested - scroll back and view notes on other stocks, we watch here at the Jones report.  Why not? With the caveat that things change and we try to stay aware - It's all FREE to read and make your own calls and decisions.  Finally - maintain some dry powder and trade or invest according to your own due diligence.

______________

More later so ....Stay tuned, if you dare!

For now, we close by noting that any view on the market and stocks on any particular day may change in the days to come. That is why we watch and see how our views match up with reality.  Looking ahead a few months may be a way to do things - but thinking too deeply about world events and the recent alliances forming, can make projecting ahead a dicey endeavor. 

All in all - we use the word maybe "some", not "too much" and play it accordingly.  Never get arrogant in our notions because things do change - and individual stocks are subject to many factors outside our control. So, we try to -stay aware.

With all the above caveats and attempted prognostications, I will close this post. Stay tuned for more opining on the market and stocks to watch.

___________

ALL in my humble opinion, scroll down and read more.  This site does NOT make Buy / Sell recommendations.