By Nigam Arora & Dr. Natasha Arora

Weekly Digest from The Arora Report is popular among serious investors and money managers because they have found studying insights from the prior week gives them an edge over the coming weeks. Here is the day by day rundown from the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers of The Arora Report.
Please scroll down for the section ‘Protection Bands and What To Do Now.’
BLOWOUT EARNINGS FROM SANDISK AND WESTERN DIGITAL BUT STOCK REACTION IS A TELL, ‘MOST POPULAR EVER’ IPHONE
May 1, 2026
To gain an edge, this is what you need to know today.
Important Tell For Stock Market
Please click here for a chart of leverage semiconductor ETF (SOXL).
Note the following:
- SOXL continues to be a tell for the entire stock market because semiconductors are the leading sector and super aggressive investors are focused on SOXL.
- The chart shows that in spite of blowout earnings from Sandisk (SNDK) and Western Digital (WDC), SOXL is slightly pulling back instead of breaking out. The reason is that on one side, blowout earnings and even higher projections should cause SOXL to break out; but on the other hand, SOXL is up 216% from the March 30 low, and prudent investors are wondering how much more is there to go.
- After the market close, Sandisk, maker of NAND memory, and Western Digital, a disk drive maker, reported blowout earnings significantly better than whisper numbers. Both stocks immediately saw aggressive selling in the after market after earnings were reported. Investors should consider watching these two stocks today to see if buying comes in and they go higher.
- Apple (AAPL) reported robust earnings crediting the “most popular ever” iPhone. Even without any material AI announcements, AAPL stock is higher as of this writing in the premarket. This indicates that if Apple comes with innovative AI announcements, AAPL stock has the potential to go up another $100. AAPL is in the ZYX Buy Core Model Portfolio, long from an average of $4.68. This represents a gain of 5899% for long time members. Apple’s new CEO John Ternus is a hardware engineer, and there are high hopes for a return to innovation like in the Steve Jobs era.
- As of this writing, aggressive buying is coming into the stock market on news that Iran has submitted a new proposal. Oil is falling on the news.
- Two oil majors Exxon (XOM) and Chevron (CVX) reported earnings better than whisper numbers. Of special interest to prudent investors is that both oil majors are resisting pressure from the Trump administration to increase production to lower oil prices.
- Yesterday, DJIA significantly outperformed other indexes primarily driven by only one stock Caterpillar (CAT). Caterpillar reported earnings much better than whisper numbers due to demand for power equipment for AI data centers. S&P 500 and Nasdaq 100 were held back by pension funds selling due to rebalancing.
- Blind money will flow into the stock market today and Monday. Blind money is the money that investors send to Wall Street at the beginning of the month without any analysis and without any consideration for market conditions.
- ISM Manufacturing Index will be released at 10am ET and may be market moving. The consensus is 53.1%.
- As an actionable item, the sum total of the foregoing is in the Arora Protection Band, which strikes the optimum balance between various crosscurrents. Please scroll down to see the Arora Protection Band. The Arora Protection Band is one of the large number of unique edges that are available to members of The Arora Report.
Europe
Speculation is building that the European Central Bank and the Bank of England will raise rates in their next meetings.
Taiwan
Taiwan’s Q1 GDP grew by a gigantic 13.7%. The last time such growth was seen was in 1987. The primary driver is AI semiconductors. Taiwan Semiconductor Manufacturing Company (TSM), based in Taiwan, manufactures advanced AI chips for Nvidia (NVDA) and CPUs for Apple.
Magnificent Seven Money Flows
Most portfolios are now heavily concentrated in the Mag 7 stocks. For this reason, to get ahead and get an edge, investors need to dig below the surface of the Mag 7 stocks. It is equally important to rise above the noise of daily news on the Mag 7 stocks. The best way to get an edge, dig below the surface, and rise above the noise of the daily news is to pay attention to early money flows in the Mag 7 stocks on a daily basis. When there is significant news in the Mag 7 stocks that rises above the threshold of noise and impacts your entire portfolio, it is covered in the main section above.
In the early trade, money flows are positive in Apple (AAPL), Microsoft (MSFT), Nvidia (NVDA), and Tesla (TSLA).
In the early trade, money flows are neutral in Alphabet (GOOG) and Meta (META).
In the early trade, money flows are negative in Amazon (AMZN).
In the early trade, money flows are neutral in S&P 500 ETF (SPY) and Nasdaq 100 ETF (QQQ).
Momo Crowd And Smart Money In Stocks
The momo crowd is *** (To see the locked content, please take a 30 day free trial) stocks in the early trade. Smart money is *** in the early trade.
Note for new members: Smart money often sells into the strength generated by momo crowd buying and buys into the weakness generated by momo crowd selling. Over a long period of time, investors come out ahead by adopting smart money’s ways. The exception is in a raging bull market – for very short term trades, consider following the momo crowd and not smart money. Smart money is an important indicator but is only one of hundreds of indicators that go into determining the Arora Protection Band and signals. Please click here and here to understand how signals are generated.
Very Very Short-Term Indicator
The Arora Report’s proprietary very, very short-term early stock market indicator is ***. This indicator, with a great track record, is popular among long term investors to stay in tune with the market and among short term traders to independently undertake quick trades.
Gold
The momo crowd is *** in gold in the early trade. This is reflected in gold ETF (GLD), silver ETF (SLV), gold miner ETF (GDX), and silver miner ETF (SIL). Smart money is *** in the early trade.
For longer-term, please see gold and silver ratings.
Oil
The momo crowd is *** oil in the early trade. Smart money is *** in the early trade.
For longer-term, please see oil ratings.
Bitcoin
Bitcoin (BTC.USD) is seeing buying.
Markets
Interest rates and bonds are range bound.
The dollar is weaker.
Trading futures is not recommended for most investors. The purpose of providing this information is to give an indication of the premarket activity that usually guides the activity when the market opens.
S&P 500 futures are trading at 7258 as of this writing. S&P 500 futures resistance levels are 7500 and 7700 : support levels are 7200, 7000, and 6780.
DJIA futures are up 140 points.
Gold futures are at $4602, silver futures are at $74.75, and oil futures are at $103.70.
Arora Protection Band And What To Do Now
It is important for investors to look ahead and not in the rearview mirror. The proprietary Arora Protection Band from The Arora Report is very popular. The Arora Protection Band puts all of the data, all of the indicators, all of the news, all of the crosscurrents, all of the models, and all of the analysis in an analytical framework that is easily actionable by investors.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider holding *** in cash, Treasury bills, short term fixed income, or allocated to short-term tactical trades; and short to medium-term hedges of ***, and short term hedges of ***. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges. The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive. If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash. A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash. When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks. High beta stocks are the ones that move more than the market.
Traditional 60/40 Portfolio
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of five year duration or less. Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
HYPERSCALER CAPEX GROWTH REIGNITES SEMI MANIA, JOBLESS CLAIMS THIS LOW LAST SEEN IN 1969
Apr 30, 2026
To gain an edge, this is what you need to know today.
Leading Indicators
Please click here for a chart of leveraged semiconductor ETF (SOXL).
Note the following:
- Semiconductors are a tell for the entire stock market because semiconductors are the leading sector.
- The chart shows that including the early trade today, the down gap has been filled.
- The pattern on the chart shows that instead of selling on the island reversal, as is usually the case, investors bought the dip in semiconductors.
- The next test will be if semiconductors can break above the recent high shown on the chart. The chart shows the Arora signal to take partial profits on semiconductor ETF (SMH) right at the top. SMH is in the ZYX Allocation Model Portfolio and now has a gain of 6250% as of this writing in the premarket. This extraordinary large gain illustrates the power of the ZYX Change Method to identify trends ahead of Wall Street.
- Buying in semiconductors yesterday after the stock market close was manic. This morning in the early trade, semiconductors have pulled back from yesterday evening’s manic buying.
- The manic buying in semiconductors was triggered after earnings from Alphabet (GOOG, GOOGL), Meta (META), Microsoft (MSFT), and Amazon (AMZN) showed capex increasing to $725B in 2026. As we previously shared with you, the prior estimate was $650B.
- In The Arora Report analysis, after listening to the conference calls, hyperscaler capex in 2027 is likely to go up another 10% – 15%.
- Semiconductors are the primary beneficiaries of higher capex.
- Yesterday, yields rose and bonds fell on Fed Chair Powell’s decision to stay at the Fed. As a member of The Arora Report, you were already ahead of the curve. We previously shared with you that if Powell decides to stay, it will be harder for incoming Fed Chair Warsh to cut interest rates.
- After Powell’s decision to stay, the gap between the 30 year bond yield and the 3 month Treasury bill reached the highest level since July 2022. The implication is that even though Warsh is expected to suppress short term rates, long term rates are higher due to fear of inflation.
- PCE is the Fed’s favorite inflation gauge. Inflation came warmer than expected. Here are the details:
- Headline PCE came at 0.7% vs. 0.6% consensus.
- Core PCE came at 0.3% vs. 0.3% consensus.
- Initial jobless claims came at 189K vs. 217K consensus. This drop is staggering. To understand how staggering it is, consider the last time jobless claims were this low was in September 1969.
- The U.S. economy is 70% consumer based. For this reason, prudent investors pay attention to personal income and personal spending. The data shows the consumer is strong. Here are the details:
- Personal spending came at 0.9% vs. 0.4% consensus.
- Personal income came at 0.6% vs. 0.4% consensus.
- GDP data shows economic growth has slowed compared to expectations. Here are the details:
- Q1 GDP Adv. came at 2.0% vs. 2.1% consensus.
- Q1 Chain Deflator Adv. came at 3.6%% vs. 3.3% consensus.
- In important earnings, Eli Lilly (LLY) reported earnings better than whisper numbers. Eli Lilly is increasing its forecast on optimism about the weight loss pill. LLY is in the ZYX Buy Core Model Portfolio, long from an average of $318.45. LLY is trading at $902.10 as of this writing in the premarket, representing a gain of 183%.
- Apple (AAPL) will report earnings in the after market.
- In the middle of all of this optimism, some pension funds will engage in month end rebalancing. Such rebalancing will cause billions of dollars of stocks to be sold.
- As an actionable item, the sum total of the foregoing is in the Arora Protection Band, which strikes the optimum balance between various crosscurrents. Please scroll down to see the Arora Protection Band. The Arora Protection Band is one of the large number of unique edges that are available to members of The Arora Report.
Japan
Japan threatened to intervene in the forex market, causing the yen to rise. Interest rates in Japan are important because in the carry trade, funds have borrowed billions of dollars in Japan and invested in the U.S., lately in the AI trade.
Europe
Both the European Central Bank and the Bank of England left interest rates unchanged.
Magnificent Seven Money Flows
Most portfolios are now heavily concentrated in the Mag 7 stocks. For this reason, to get ahead and get an edge, investors need to dig below the surface of the Mag 7 stocks. It is equally important to rise above the noise of daily news on the Mag 7 stocks. The best way to get an edge, dig below the surface, and rise above the noise of the daily news is to pay attention to early money flows in the Mag 7 stocks on a daily basis. When there is significant news in the Mag 7 stocks that rises above the threshold of noise and impacts your entire portfolio, it is covered in the main section above.
In the early trade, money flows are positive in Amazon (AMZN), Nvidia (NVDA), Alphabet (GOOG), Tesla (TSLA), and Apple (AAPL).
In the early trade, money flows are negative in Meta (META) and Microsoft (MSFT).
In the early trade, money flows are positive in S&P 500 ETF (SPY) and Nasdaq 100 ETF (QQQ).
Momo Crowd And Smart Money In Stocks
The momo crowd is *** stocks in the early trade. Smart money is *** in the early trade.
Note for new members: Smart money often sells into the strength generated by momo crowd buying and buys into the weakness generated by momo crowd selling. Over a long period of time, investors come out ahead by adopting smart money’s ways. The exception is in a raging bull market – for very short term trades, consider following the momo crowd and not smart money. Smart money is an important indicator but is only one of hundreds of indicators that go into determining the Arora Protection Band and signals. Please click here and here to understand how signals are generated.
Very Very Short-Term Indicator
The Arora Report’s proprietary very, very short-term early stock market indicator is ***. This indicator, with a great track record, is popular among long term investors to stay in tune with the market and among short term traders to independently undertake quick trades.
Gold
The momo crowd is *** gold in the early trade. This is reflected in gold ETF (GLD), silver ETF (SLV), gold miner ETF (GDX), and silver miner ETF (SIL). Smart money is *** in the early trade.
For longer-term, please see gold and silver ratings.
Oil
The momo crowd is *** oil in the early trade. Smart money is *** in the early trade.
For longer-term, please see oil ratings.
Bitcoin
Bitcoin (BTC.USD) is range bound.
Markets
Interest rates are ticking down, and bonds are ticking up.
The dollar is weaker.
Trading futures is not recommended for most investors. The purpose of providing this information is to give an indication of the premarket activity that usually guides the activity when the market opens.
S&P 500 futures are trading at 7204 as of this writing. S&P 500 futures resistance levels are 7500 and 7700 : support levels are 7200, 7000, and 6780.
DJIA futures are up 308 points.
Gold futures are at $4649, silver futures are at $74.01, and oil futures are at $105.27.
SEAGATE ASSUAGES OPENAI FEARS, NON-AI SEMI DEMAND, FIVE EARNINGS AHEAD WILL DETERMINE FATE OF THE MARKET
Apr 29, 2026
To gain an edge, this is what you need to know today.
Mag7 Earnings
Please click here for a chart of leveraged semiconductor ETF (SOXL).
Note the following:
- The chart shows an island reversal in semiconductors. In traditional technical analysis, this is a negative pattern and often indicates a top. Prudent investors should carefully watch semiconductors because semiconductors are the leading sector leading the stock market higher from the March 30 low.
- The chart shows semiconductors are moving higher in the early trade on good earnings from Seagate (STX) and NXPI (NXPI).
- Dutch semiconductor company NXPI reported doubling its first quarter profits. This indicates demand for non-AI semiconductors is increasing.
- NXPI is in the ZYX Buy Core Model Portfolio. NXPI is long from an average of $92.30, representing a 197% gain as of this writing in the premarket.
- Disk drive maker Seagate reported earnings significantly better than whisper numbers and projected strong demand. AI is increasing the need for storage. The three major disk drive manufacturers Seagate, Western Digital (WDC), and Toshiba (TSHTY) are not meaningfully increasing production. Enthusiasm from Seagate is being carried over to semiconductor memory makers Micron (MU) and Sandisk (SNDK).
- In The Arora Report analysis, Seagate projections are assuaging fears from a report yesterday that OpenAI was not meeting its internal targets.
- President Trump is leaning toward leaving the Iran blockade in place for a long time. The hope is that economic pressure will accomplish what military attacks did not accomplish. It appears that President Trump is ruling out the options of simply leaving and declaring victory or bombing Iran again. Please see the oil section below.
- Durable orders data is strong. Here are the details:
- Durable orders came in at 0.8% vs 0.5% consensus.
- Durable orders ex-transportation came at 0.9% vs 0.6% consensus.
- The Fed will announce its rate decision at 2pm ET, followed by Fed Chair Powell’s press conference at 2:30pm ET. The Fed is expected to leave interest rates unchanged. We previously shared with you:
Will Powell decide to stay or leave the Fed after his term as Fed Chair ends? If Powell decides to leave, it will make it easier for Kevin Warsh to cut rates. President Trump has threatened that he will fire Powell if he does not leave.
- Amazon (AMZN), Google (GOOG, GOOGL), Meta (META), and Microsoft (MSFT) will report earnings today after hours. Apple (AAPL) will report earnings tomorrow after hours. These earnings will determine where the stock market goes next.
- Prudent investors should pay special attention to the $650B capex from mega tech companies. Here are the key questions:
- Is there any change in capex?
- How likely is it that capex will prove profitable in the end?
- As an actionable item, the sum total of the foregoing is in the Arora Protection Band, which strikes the optimum balance between various crosscurrents. Please scroll down to see the Arora Protection Band. The Arora Protection Band is one of the large number of unique edges that are available to members of The Arora Report.
Housing Starts
Housing starts are very strong, but building permits that reflect the future are weak. Here are the details:
- Housing starts for March came at 1.502M vs. 1.356M prior.
- Building permits for March came at 1.372M vs. 1.538M prior.
Magnificent Seven Money Flows
Most portfolios are now heavily concentrated in the Mag 7 stocks. For this reason, to get ahead and get an edge, investors need to dig below the surface of the Mag 7 stocks. It is equally important to rise above the noise of daily news on the Mag 7 stocks. The best way to get an edge, dig below the surface, and rise above the noise of the daily news is to pay attention to early money flows in the Mag 7 stocks on a daily basis. When there is significant news in the Mag 7 stocks that rises above the threshold of noise and impacts your entire portfolio, it is covered in the main section above.
In the early trade, money flows are neutral in Amazon (AMZN), Nvidia (NVDA), and Tesla (TSLA).
In the early trade, money flows are negative in Apple (AAPL), Microsoft (MSFT), Alphabet (GOOG), and Meta (META).
In the early trade, money flows are mixed in S&P 500 ETF (SPY) and negative in Nasdaq 100 ETF (QQQ).
Momo Crowd And Smart Money In Stocks
The momo crowd is *** stocks in the early trade. Smart money is *** in the early trade.
Note for new members: Smart money often sells into the strength generated by momo crowd buying and buys into the weakness generated by momo crowd selling. Over a long period of time, investors come out ahead by adopting smart money’s ways. The exception is in a raging bull market – for very short term trades, consider following the momo crowd and not smart money. Smart money is an important indicator but is only one of hundreds of indicators that go into determining the Arora Protection Band and signals. Please click here and here to understand how signals are generated.
Very Very Short-Term Indicator
The Arora Report’s proprietary very, very short-term early stock market indicator is ***. This indicator, with a great track record, is popular among long term investors to stay in tune with the market and among short term traders to independently undertake quick trades.
Gold
The momo crowd is *** gold in the early trade. This is reflected in gold ETF (GLD), silver ETF (SLV), gold miner ETF (GDX), and silver miner ETF (SIL). Smart money is *** in the early trade.
For longer-term, please see gold and silver ratings.
Oil
Oil is moving higher on President Trump’s plan to leave the Iran blockade for longer. There is concern that the Iran war will not be resolved and will persist as a low level conflict. If this is the case, it will negatively impact the global economy. For the time being, the stock market momo crowd is oblivious. On the other hand, U.A.E leaving OPEC is positive for the global economy in the long term.
API crude inventories came at a draw of 1.79M barrels vs. a consensus of a build of 0.3M barrels.
The momo crowd is *** oil in the early trade. Smart money is *** in the early trade.
For longer-term, please see oil ratings.
Bitcoin
Bitcoin (BTC.USD) is range bound.
Markets
Interest rates are ticking up, and bonds are ticking down.
The dollar is range bound.
Trading futures is not recommended for most investors. The purpose of providing this information is to give an indication of the premarket activity that usually guides the activity when the market opens.
S&P 500 futures are trading at 7172 as of this writing. S&P 500 futures resistance levels are 7200, 7500, and 7700 : support levels are 7000, 6780, and 6600.
DJIA futures are down 23 points.
Gold futures are at $4575, silver futures are at $73.06, and oil futures are at $103.47.
SEMI MANIA BACK TRACKS ON OPENAI MISSING TARGETS, OIL RISES AWAITING TRUMP, U.A.E. QUITS OPEC
Apr 28, 2026
To gain an edge, this is what you need to know today.
Pressure From Oil
Please click here for a chart of leveraged semiconductor ETF (SOXL).
Note the following:
- The chart shows the semiconductor mania is backtracking.
- The chart shows the Arora signal to take partial profits on semiconductor ETF (SMH) yesterday in the premarket near the top before the pullback. There were also signals from The Arora Report to take partial profits on Intel (INTC) yesterday and on Advanced Micro Devices (AMD) on Friday.
- RSI on the chart shows SOXL is no longer overbought. When anything becomes as overbought as semiconductors had been, there is usually a trigger that becomes an excuse for a pullback.
- The excuse this time is a report that OpenAI, maker of ChatGPT, is not meeting its internal targets for revenues and users. OpenAI is denying the report. This report is also negatively impacting stocks closely tied to OpenAI such as Oracle (ORCL), CoreWeave (CRWV), and SoftBank (SFTBY).
- A bigger mania than semiconductors has been in optical stocks. Earnings from Corning (GLW) and Amkor Technology (AMKR) are negatively impacting other optical related stocks such as Marvell (MRVL), Applied Optoelectronics (AAOI), Ciena (CIEN), Coherent (COHR), and Lumentum (LITE).
- The FOMC meeting starts today. The Fed will announce its rate decision tomorrow at 2pm ET, followed by Fed Chair Powell’s press conference at 2:30pm ET.
- Consumer confidence will be released at 10am ET and may be market moving.
- Oil is rising, putting pressure on the entire stock market in the early trade, but in The Arora Report analysis, a new major oil related development is positive for the stock market in the long run. Please see the oil section below.
- As an actionable item, the sum total of the foregoing is in the Arora Protection Band, which strikes the optimum balance between various crosscurrents. Please scroll down to see the Arora Protection Band. The Arora Protection Band is one of the large number of unique edges that are available to members of The Arora Report.
Japan
The Bank of Japan (BOJ) left its key interest rate unchanged at 0.75%. This is inline with consensus, but in The Arora Report analysis, prudent investors should pay attention to the fact that three out of nine members voted for a hike. This indicates an interest rate hike in Japan may be ahead. Interest rates in Japan are important because in the carry trade, funds have borrowed billions of dollars in Japan and invested in the U.S., lately in the AI trade.
Europe
New data released by the European Central Bank (ECB) shows that consumer expectations for year ahead inflation jumped to 4.0% from 2.5%. Three year inflation expectations jumped to 3.0% from 2.5%. The ECB survey is now projecting the economy to contract by 2.1% from prior projection of 0.9% contraction. This data is from a survey. Survey data does not always turn into reality. However, prudent investors should note that if this data turns into reality, this will be the start of stagflation.
Magnificent Seven Money Flows
Most portfolios are now heavily concentrated in the Mag 7 stocks. For this reason, to get ahead and get an edge, investors need to dig below the surface of the Mag 7 stocks. It is equally important to rise above the noise of daily news on the Mag 7 stocks. The best way to get an edge, dig below the surface, and rise above the noise of the daily news is to pay attention to early money flows in the Mag 7 stocks on a daily basis. When there is significant news in the Mag 7 stocks that rises above the threshold of noise and impacts your entire portfolio, it is covered in the main section above.
In the early trade, money flows are positive in Apple (AAPL).
In the early trade, money flows are negative in Amazon (AMZN), Alphabet (GOOG), Meta (META), Microsoft (MSFT), Nvidia (NVDA), and Tesla (TSLA).
In the early trade, money flows are negative in S&P 500 ETF (SPY) and Nasdaq 100 ETF (QQQ).
Momo Crowd And Smart Money In Stocks
The momo crowd is *** stocks in the early trade. Smart money is *** in the early trade.
Note for new members: Smart money often sells into the strength generated by momo crowd buying and buys into the weakness generated by momo crowd selling. Over a long period of time, investors come out ahead by adopting smart money’s ways. The exception is in a raging bull market – for very short term trades, consider following the momo crowd and not smart money. Smart money is an important indicator but is only one of hundreds of indicators that go into determining the Arora Protection Band and signals. Please click here and here to understand how signals are generated.
Very Very Short-Term Indicator
The Arora Report’s proprietary very, very short-term early stock market indicator is ***. This indicator, with a great track record, is popular among long term investors to stay in tune with the market and among short term traders to independently undertake quick trades.
Gold
The momo crowd is *** in gold in the early trade. This is reflected in gold ETF (GLD), silver ETF (SLV), gold miner ETF (GDX), and silver miner ETF (SIL). Smart money is *** in the early trade.
For longer-term, please see gold and silver ratings.
Oil
Oil has been rising as President Trump does not like Iran’s proposal. Iran’s proposal is to open the Strait of Hormuz but delay any negotiations on nuclear. The main reason President Trump has given for attacking Iran is to make sure Iran does not develop a nuclear bomb.
In an important development, U.A.E. is leaving OPEC and OPEC+ to pursue a new strategy. U.A.E has been the third largest oil producer and an important member of OPEC for six decades. In The Arora Report analysis, this is a negative development for oil and a positive development for the stock market in the long term.
The momo crowd is *** in oil in the early trade. Smart money is *** in the early trade.
For longer-term, please see oil ratings.
Bitcoin
Bitcoin (BTC.USD) is range bound.
Markets
Interest rates are ticking up, and bonds are ticking down.
The dollar is stronger.
Trading futures is not recommended for most investors. The purpose of providing this information is to give an indication of the premarket activity that usually guides the activity when the market opens.
S&P 500 futures are trading at 7164 as of this writing. S&P 500 futures resistance levels are 7200, 7500, and 7700 : support levels are 7000, 6780, and 6600.
DJIA futures are up 101 points.
Gold futures are at $4611, silver futures are at $73.61, and oil futures are at $99.61.
SEMI MANIA, OPENAI MAY RECRUIT QUALCOMM TO CHALLENGE APPLE IN SMART PHONES, TWO MAJOR STOCK MARKET TRIGGERS AHEAD
Apr 27, 2026
To gain an edge, this is what you need to know today.
Major Triggers Ahead
Please click here for a chart of leveraged semiconductor ETF (SOXL).
Note the following:
- The chart shows SOXL was rising on a very steep trendline.
- The chart shows SOXL gapped up on Intel (INTC) earnings and has continued to rise. This is what a mania looks like.
- RSI on the chart shows that SOXL continues to be extremely overbought.
- The last time a similar mania in semiconductors occurred was in 2000, just before semiconductors crashed.
- Semiconductor ETF (SMH) is in the ZYX Allocation Model Portfolio, long from an average of $7.95. SMH is trading at $509.56 as of this writing in the premarket, representing a gain of 6310%. This illustrates the power of The Arora Report’s proprietary ZYX Change Method for long term investing. The premise behind the ZYX Change Method is that the most money is made with the lowest risk by successfully predicting change before the crowd. The Arora Report identified early on that semiconductors would become the blood of the new economy, just like oil is the blood of the old economy.
- There is credible speculation that OpenAI is working with Qualcomm (QCOM) to develop custom smart phone processors (SoCs). The smart phone from OpenAI will be focused on AI agents and will directly challenge Apple’s (AAPL) iPhone that is focused on apps. OpenAI aims to leapfrog Apple. QCOM stock is jumping about 13% as of this writing in the premarket. QCOM is long from an average of $47.13, representing a 258% gain for long time members of The Arora Report.
- There are two potential triggers for the stock market this week:
- Five of the seven Mag7 will report earnings this week. Amazon (AMZN), Google (GOOG, GOOGL), Meta (META), and Microsoft (MSFT) will report earnings on Wednesday in the after hours. Apple (AAPL) will report earnings on Thursday in the after hours.
- The FOMC meeting starts tomorrow. The Fed will announce its rate decision on Wednesday at 2pm ET, followed by a press conference by Fed Chair Powell at 2:30pm ET.
- The expectation is that the interest rate will be left unchanged. Here is the key question for prudent investors:
- Will Powell decide to stay or leave the Fed after his term as Fed Chair ends? If Powell decides to leave, it will make it easier for Kevin Warsh to cut rates. President Trump has threatened that he will fire Powell if he does not leave.
- Talks between Iran and the U.S. have reached a stalemate. As a result, oil is rising. Iran’s Foreign Minister Araghchi is in Russia for talks with President Putin. The stock market is oblivious.
- As an actionable item, the sum total of the foregoing is in the Arora Protection Band, which strikes the optimum balance between various crosscurrents. Please scroll down to see the Arora Protection Band. The Arora Protection Band is one of the large number of unique edges that are available to members of The Arora Report.
Magnificent Seven Money Flows
Most portfolios are now heavily concentrated in the Mag 7 stocks. For this reason, to get ahead and get an edge, investors need to dig below the surface of the Mag 7 stocks. It is equally important to rise above the noise of daily news on the Mag 7 stocks. The best way to get an edge, dig below the surface, and rise above the noise of the daily news is to pay attention to early money flows in the Mag 7 stocks on a daily basis. When there is significant news in the Mag 7 stocks that rises above the threshold of noise and impacts your entire portfolio, it is covered in the main section above.
In the early trade, money flows are positive in Alphabet (GOOG) and Nvidia (NVDA).
In the early trade, money flows are negative in Amazon (AMZN), Microsoft (MSFT), Meta (META), Tesla (TSLA), and Apple (AAPL).
In the early trade, money flows are mixed in S&P 500 ETF (SPY) and Nasdaq 100 ETF (QQQ).
Momo Crowd And Smart Money In Stocks
The momo crowd is *** stocks in the early trade. Smart money is *** in the early trade.
Note for new members: Smart money often sells into the strength generated by momo crowd buying and buys into the weakness generated by momo crowd selling. Over a long period of time, investors come out ahead by adopting smart money’s ways. The exception is in a raging bull market – for very short term trades, consider following the momo crowd and not smart money. Smart money is an important indicator but is only one of hundreds of indicators that go into determining the Arora Protection Band and signals. Please click here and here to understand how signals are generated.
Very Very Short-Term Indicator
The Arora Report’s proprietary very, very short-term early stock market indicator is ***. This indicator, with a great track record, is popular among long term investors to stay in tune with the market and among short term traders to independently undertake quick trades.
Gold
The momo crowd is *** in gold in the early trade. This is reflected in gold ETF (GLD), silver ETF (SLV), gold miner ETF (GDX), and silver miner ETF (SIL). Smart money is *** in the early trade.
For longer-term, please see gold and silver ratings.
Oil
The momo crowd is *** in oil in the early trade. Smart money is *** in the early trade.
For longer-term, please see oil ratings.
Bitcoin
Bitcoin (BTC.USD) is range bound.
Markets
Interest rates and bonds are range bound.
The dollar is weaker.
Trading futures is not recommended for most investors. The purpose of providing this information is to give an indication of the premarket activity that usually guides the activity when the market opens.
S&P 500 futures are trading at 7187 as of this writing. S&P 500 futures resistance levels are 7200, 7500, and 7700 : support levels are 7000, 6780, and 6600.
DJIA futures are down 43 points.
Gold futures are at $4723, silver futures are at $75.78, and oil futures are at $95.34.
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Nigam Arora
Nigam Arora is known for his accurate stock market calls. Nigam is a distinguished master of the macro. He is a popular columnist with over 100 million page views, an engineer, and nuclear physicist by background. Nigam has founded two Inc. 500 fastest growing companies and has been involved in over 50 entrepreneurial ventures. He is the developer of Theory ZYX of Successful Change Management and is the author of the book on Theory ZYX, as well as the developer of the ZYX Change Method for Investing.

