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Nick Lampone

Nick Lampone

Chief Strategy Officer

Pine Valley Investments

Published Every Weekday

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A free weekday market brief from Pine Valley Investments. The Morning Core is built for investors who want perspective - not panic. Each weekday, we deliver a concise, disciplined breakdown of what's really moving markets and what may matter most for long-term investors.

What You'll Get Each Morning

A concise summary of market activity, what moved, and why - in plain language, without the noise.
A Clear Market Breakdown

Equities, fixed income, commodities - where things stand and what the data is actually saying.
Key Economic Data to Watch

Important releases and developments, explained in context of the broader market cycle.
What's Really Moving Markets

Sector shifts, leadership changes, and broader themes - without speculation or fear-based framing.
Strategic Perspective

Insight grounded in discipline, not emotion. The kind of thinking we apply to every PVI client portfolio.

Past Issues

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Markets Hold Near Highs as Tech Earnings Loom

Nasdaq on pace for second-best April since 1950. Fed holds firm. Semiconductors at historic overbought levels.

Oil Noise Fades, Earnings Season Heats Up

Five of the Mag 7 report this week. Record ETF inflows. A historic earnings boom is developing.

Markets Stall Near Highs, Waiting on Tech and Oil

The tape holds firm near all-time highs as investors await mega-cap tech earnings and US-Iran clarity. Semis go parabolic.

We Know What We're Holding, We Know What You're Holding

Mega-cap tech lines up to report. The Fed meets at 2 PM. Only two things move stocks — earnings and rates — and today delivers both.

Tech Delivers, Reactions Mixed, No More Easy Wins

Google soars, Meta sells off on spending fears, Microsoft guides higher but disappoints. The era of easy tech wins may be over.

More Than Just the Scoreboard

Apple surges on earnings. GDP beats. Big Tech commits $700B+ to AI capex. And a reminder that the spreadsheet can only tell you so much.

Earnings Support, Eyes on Consumer

Project Freedom begins. Consumer earnings week kicks off. AMD +19% on guidance beat. April jobs report Friday.

Record Margins, Profits Still Matter

Futures higher as oil drifts lower. Corporate margins tracking to a record 14.7%. Nearly 70% of the S&P 500 has reported.

AI and Oil Drive the Boat

Oil down, stocks up. Reports of a US-Iran deal send futures surging. AMD +19%, Corning +17%. Disney back from the dead.

Wall of Worry Still Under Construction

Futures flat as AI gains digest. Treasury yields drifting lower. Bears fighting the rally — a classic Lockout Rally condition.

Stocks Eye Labor Data, Fed On Hold?

April Jobs Report at 8:30 AM. Labor market holds, and so does the Fed. Equal odds of a cut or hike now priced in.

The Rally Keeps Feeding Itself

Bears are short, retail is all-in, and the options market has flipped from fear to AI supercycle euphoria in just six weeks.

Bad News? Buy More Tech

CPI day. S&P and Nasdaq at fresh record highs. Retail call buying at meme-stock levels. Party like it's 1998?

Semi Fever, Inflation Reality

April CPI came in hot. Core services at a 15-month high. The oil shock is starting to show — just getting drowned out by semi fever.

AI & IPO Mania, Melt-Up Continues

Cisco +15%. Cerebras IPO priced at $185. China agrees Hormuz stays open. Nvidia +2% on H200 China approvals. How much is already priced in?

Higher Yields, A Pause in the Melt-Up

Happy Soul Train Friday. Futures -65. The 10-year creeping toward 4.55%. Six weeks straight up — some consolidation would do the tape good.

Inflation Fears, Bond Market Wants Answers

10-year pushing 4.60%. AI now accounts for nearly half of all IG bond issuance. Eight 1%+ gains in a row — a pullback was overdue.

Buyer Exhaustion or Market Pause?

Stocks in a holding pattern as Iran talks stall. Oil at $108. Semis 20% of hedge fund net exposure. Goldman Momentum Factor at 99th percentile.

Semis, IPOs, and a Hopeful Tape

Oil and yields drip lower. Nvidia earnings tonight. Toll Brothers beats and raises. IPO supply wave building — Goldman leading SpaceX.

Nvidia Non-Event, Geopolitical Noise, VIX Shrugs

NVDA flat after earnings — all the good news was priced in. Iran Supreme Leader hardens. Fed minutes show rate hike seriously considered. VIX at 17.4.

Warsh, Inflation, Moving Sidewalks

Happy Soul Train Friday. Kevin Warsh sworn in as Fed Chair. Iran talks progressing. Walmart strong. A moment to remember what Memorial Day is really about.

Fear Headlines, Calm VIX, Bullish Tape

US and Iran agree to a deal in principle. VIX below 19.5. 10-year back to 4.51%. Consumer sentiment at all-time lows — stocks at all-time highs.

Momentum Is a Helluva Drug

Semis push stocks to fresh ATHs. Crude down 5%. Snowflake and Salesforce report. Can the rally rotate into software?

May 28, 2026

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Disclaimer: The Morning Core is published for informational and educational purposes only. Nothing contained in this newsletter constitutes investment advice, a solicitation, or an offer to buy or sell any security. The views expressed reflect the opinions of Pine Valley Investments and are subject to change without notice. Past performance is not indicative of future results. All investing involves risk, including the potential loss of principal. Subscribers should consult with a qualified financial advisor before making any investment decisions. Pine Valley Investments, LLC is a Registered Investment Advisor registered with the U.S. Securities and Exchange Commission.