Market On Open, Tuesday 17 February

Last updated on Feb 16, 2026

DISCLAIMER: This note is intended for US recipients only and, in particular, is not directed at, nor intended to be relied upon by any UK recipients. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Read our full disclaimer, here.

Is It … All Over?

by Alex King, CEO, Cestrian Capital Research, Inc.

Although the equity indices are close to their all-time highs, the selling in software and crypto has hurt anyone overweight those sectors. You can see a lot of fear in the market arising from this. I don’t think that close analysis bears this out. I think that rates are going to fall, meaning there will be more money available at lower cost (this usually finds its way into risk assets rather quickly). I think that the “software is dead” thesis is too blunt and is largely designed to generate short gains for those positioned this way late last year. And I think that the "US Dollar And Treasury Bills Are Dead” is also going to prove incorrect.

I think, in short, that investing or trading in the current market will reward, as always, tuning out the narrative (which is designed to make you do the opposite of the correct thing) and focusing on price and volume.

That’s what we do every day in these Market On Open notes.

Take The Emotion Out

Our SignalFlow AI Sector Rotation service will know when tech is moving back up. Know how it will know? Because tech will be moving back up. This sounds stupid, but it’s one of the reasons algorithmic services can outperform humans. They don’t second-guess themselves and they don’t have competing narratives in their minds. They just read patterns of numbers. So if you want to use the machine to try to be in the right sectors at the right time, read more here.

Righto. The market. Let’s get right into it. Today’s note is available to Inner Circle and Circle members alike.