Bmac

$SPY Rip it higher to 745ish, dip it into Wednesday into 725-727 and then possibility to pin it around 735-740 by end of week.

Shaheds attacking Kharkiv. Corridor time. Big booms.

🚨🚨The stock market is about to get hit with the biggest wave of new equity supply in years. And nobody is talking about it. Alphabet just filed an $80B equity offering. Had that landed in Q4 2025, net equity supply would have flipped from -$44B to +$40B in a single quarter. We have increased our 2026 IPO forecast from $160B to $225B. Add ~$500B in expiring lockups on top of that. SpaceX. Anthropic. OpenAI. All in the pipeline. That money has to come from somewhere. Investors will have to sell recent winners to fund new issuance. 🚨🚨The source of funds is your portfolio. The bull case: Demand still outweighs supply. Corporate buybacks forecast at $1.3T in 2026 vs $1.1T in total issuance. Recent IPOs are trading well. And supply relative to total market cap is still below the long-term average. The bear case: Market ROE sits near a record 20%. A flood of new equity dilutes that. Alphabet choosing equity over debt, signals that AI data center financing is getting less favorable. If the best-capitalized company in the world is issuing stock instead of bonds, what does that say about weaker names? The real question is whether Big Tech holdings become the ATM for IPO season. NVDA, MSFT, AAPL, AMZN have been the consensus hiding spots all year. If institutions rotate out to fund new allocations, those names feel it first. Years of share buybacks shrank the equity pool and compressed valuations higher. That movie is about to run in reverse. Watch net issuance. It is the flow nobody prices until it is too late. $NVDA $MSFT $AAPL

CRWD reports tonight after the close. 0/6 on our Alphatica Earnings quality signal. BEARISH on our disclosure signal. 28 consecutive quarters without a miss. Up 82% in eight weeks. An institution just loaded $23.3M into the stock hours before the print on a down day. The accounting says one thing. The flow says another. The stock is about to tell us which one is right. Street EPS: $1.07 (Non-GAAP) Street Revenue: $1.36B Alphatica Estimates: EPS: $1.12 Revenue: $1.39B OUR CALL: BEAT ✅ CrowdStrike has beaten in 27 of 29 quarters with only one miss in its entire public history. The recent cadence is compressing: +19.8%, +10.6%, +12.0%, +2.1%, +1.8%. But the June reporting period resists the compression: 4 out of 4 beats over the last four years averaging +16%, with the smallest at +4.5%. Management guided Q1 at $1.36-$1.364B revenue with non-GAAP EPS of $1.06-$1.07. The street is right at the guide ceiling on EPS and at the low end on revenue. OUR FOUR SIGNALS: Earnings Quality: 0/6 BEARISH. Score unchanged from original assessment. VA at 80.6% with the absolute build accelerating: +$47.6M (FY2024), +$234.7M (FY2025), +$320.3M (FY2026). Management reserved against 81 cents of every deferred tax dollar even as revenue grew 115% in three years. SBC at 22.9% of revenue. Four years of data. No release signal at any point. The gap between the revenue growth and the accounting confidence is the widest of any name in our database. Disclosure Signal: BEARISH. Tone has deteriorated for two consecutive years, reversing the post-IPO improvement. The July 2024 global outage is the inflection point. The 10-K is quiet (LOW distance 0.038) but the latest quarterly filing spiked to HIGH distance (0.242) with an MD&A rewrite of 0.292. Quarterly tone stuck at -0.019 to -0.021, nearly double the negativity of the annual filing. Management presenting a calmer annual story than the quarterly reality supports. Prediction Model: BEAT. 28 consecutive non-negative surprises. 93.1% lifetime beat rate. 100% beat rate over the last 8 quarters. June quarter: 4 out of 4 beats averaging +16%. The compression trend from +20% to +2% is real but the June quarter historically delivers larger beats than the recent Q3/Q4 prints. We are sizing at $1.12, a 5% beat, conservative relative to the seasonal average. Earnings Risk Signal: +/-6.5% NEUTRAL. IV spread at -0.67, puts and calls at parity. No directional lean from the options market. EVRP at 62.09, the lowest of any name we have covered this week. Expected move +/-6.5%. Avg PMIE over 3 years is 6.56%. Last 4 quarter stock moves: +4%, +1%, +5%, -6%. This stock barely moves on earnings. THE FLOW PICTURE: The dark pool setup materially changed today. An institution loaded $23.3M at $750.61 at 12:49 PM, the largest CRWD dark pool print of the window. Same institution stacked two 9,580-share blocks one minute apart for $14.4M combined. DP% hit 51.7% today, the highest reading in the pre-earnings window. This is buying on a down day, hours before the print. High conviction. Yesterday: $12.3M block at $759.91. Two sessions, $35.6M in identified institutional flow into the print. THE OUTAGE RECOVERY: George Kurtz on the Q4 call: 23% of Flex customers have re-Flexed (up from 5% in Q1), with average ARR lift of 26% per re-Flex. Nearly 100 customers have re-Flexed multiple times. Q1 pipeline grew 49% YoY. AI security (AIDR/Pangea) up 5x quarter over quarter. Falcon platform adoption deepening with 8+ module customers now 68% of ARR. FY2027 ARR guidance of $6.47-$6.52B implies 22.5% net new growth, above prior commentary. Brad Zelnick flagged this as notably aggressive off an even higher base. George and Burt framed it as confidence in durable growth driven by AI security demand, Flex adoption, and platform consolidation. THE RISK: +82% in eight weeks. +64% YTD. The stock has more than doubled from its April low of $342.72. 0/6 quality with a BEARISH disclosure and VA build accelerating. Last 4 quarter moves are +4%, +1%, +5%, -6%. Even when CRWD beats, the stock barely moves. An 82% run into earnings with a 5% EPS beat and flat options positioning is a sell-the-news setup on paper. The dark pool says otherwise. The question is whether $23.3M of conviction at 12:49 PM today knows more than the 82% move already priced in. $769 was yesterday's close. The stock is at $749 today. $1.36B is the guide. $1.07 is the bar. 28 straight is the streak. The flow loaded into the dip. Tonight we find out why. Not Investment Advice. $CRWD $QQQ $PANW