A · Classic reading. One column, generous measure, nothing competing with the words. Best for the long-form Daily Note and The Week Ahead. Closest to what exists today, but with a real type scale and the tick data promoted above the fold.

First Call8 August 2026 · 07:02 EST Thomas Thornton4 min read

First Call — August 8, 2026

S&P +0.2% Nasdaq +0.5% Russell +0.2% 10Y −3bp DXY −0.1% Crude +1.1%

Premarket price action

US equity futures are firmer after yesterday's reversal off the 5-day VWAP. The Daily Sentiment Index on the S&P closed at 82, the fourth consecutive day above 80 — the zone where I start trimming rather than adding.

Breadth did not confirm the move. Advance/decline stayed flat while the index made a new high, which is the kind of divergence that matters more the longer it persists.

Highcharts — SPX with DSI overlay

DeMark

Sequential is on bar 11 of a potential 13 on the QQQ daily. Two more closes and we have a countdown completion into a week that already carries CPI on Wednesday. I am not front-running it, but I am sizing down.

What I am doing

Trimming the QQQ short into strength, holding XLE, and leaving TLT alone until the buy countdown either works or does not.

← PreviousFirst Call — August 7, 2026 Next →Mid Morning Note — August 8

B · Sticky rail and reading progress. Adds a table of contents that tracks as you scroll, the author block, and related notes. Best for The Big Picture and anything long enough that people want to jump to a section. The progress bar at the very top of the window is live — scroll and watch it.

First Call8 August 2026 · 07:02 EST 4 min read

First Call — August 8, 2026

S&P +0.2% Nasdaq +0.5% 10Y −3bp DSI SPX 82

Premarket price action

US equity futures are firmer after yesterday's reversal off the 5-day VWAP. The Daily Sentiment Index on the S&P closed at 82, the fourth consecutive day above 80.

Highcharts — SPX with DSI overlay

DeMark

Sequential is on bar 11 of a potential 13 on the QQQ daily. Two more closes and we have a countdown completion into a week that already carries CPI on Wednesday.

Highcharts — QQQ Sequential countdown

Positioning

Crowding in semis remains the single most vulnerable spot on the board. Short interest has not rebuilt since the last squeeze.

What I am doing

Trimming the QQQ short into strength, holding XLE, leaving TLT alone.

C · Data-first terminal. The proprietary numbers — sentiment readings, DeMark countdowns, open positions — travel with the note in a fixed column rather than being buried in prose. This is the one I would push for. It is the layout that makes the product feel like a terminal rather than a blog, and it is where the actual differentiation lives.

First Call8 August 2026 · 07:02 EST Thomas Thornton

First Call — August 8, 2026

S&P +0.2% Nasdaq +0.5% 10Y −3bp VIX −2.1%

Sentiment today

S&P 50082

Gold74

10-Year18

DeMark watch

QQQ dailySell 11/13

TLT dailyBuy 13/13

XLE dailyBuy 9/13

Open ideas referenced

QQQ short+1.22%

XLE long+3.63%

TLT long−0.84%

Premarket price action

US equity futures are firmer after yesterday's reversal off the 5-day VWAP. The Daily Sentiment Index on the S&P closed at 82, the fourth consecutive day above 80 — the zone where I start trimming rather than adding.

Highcharts — SPX with DSI overlay

DeMark

Sequential is on bar 11 of a potential 13 on the QQQ daily. Two more closes and we have a countdown completion into a week that already carries CPI on Wednesday.

What I am doing

Trimming the QQQ short into strength, holding XLE, and leaving TLT alone until the buy countdown either works or does not.