7/22 (Wed) — "flat-tape illusion, rotation reality": all three indices closed barely changed (S&P -0.14% 7,498.96, Nasdaq -0.57% 25,690.90, Dow -0.01% 52,218.58) while a violent rotation of "sell high-multiple software, buy AI hardware + energy value" churned underneath. SaaSpocalypse continued
U.S. Equities 07/23 [7/22 (Wed): beneath a flat tape, a powerful rotation churned — software "SaaSpocalypse" kept selling off (Anthropic's new legal-automation tool reignited fears of AI eating software) NOW -6.47% / PLTR -6.10% / CRM -4.15% / ADBE -3.87%; AI hardware + energy value took the baton — DELL +9.32% (spillover from Supermicro/SMCI's +25% earnings pop) led the whole market, EQNR +6.30% / CME +5.00%, copper/gold/energy rose together; GEV missed on EPS -8.69%; the three major indices each fell 0.0–0.6% (S&P 7,498.96 / Nasdaq 25,690.90 / Dow 52,218.58), SMH +0.48% bucked the trend green, NVDA +2.30% / AVGO +2.67%; VIX 16.64; 20D list 3→4 names (VLO/MPC/PSX/EQNR — energy fully takes over), 5D board 1→2 names (ABT/EQNR)]
Data as of: 2026-07-22 (Wed) U.S. cash close · Generated: Taipei 7/23 07:00
🎯 Today's (7/23) key watch points
📋 Full listTop 200 by market cap · 20D gain > 20% · sorted by 20D
Semis · Memory/CPUSemis · Logic/ASIC/EquipmentSoftware/SecurityNon-tech |Green= up on 7/22Red= down on 7/22 |Rank / on-board:▲▼= rank vs. the prior session (7/21 close), ★ new entry= newly listed, dropped= fell below the 20% threshold, +N= consecutive sessions on-board (incl. 7/22)
After 7/22 close: 20D > 20% list 3 → 4 names (VLO +27.59%, MPC +27.08%, PSX +24.11%, EQNR +22.39%) — the four energy-refiner champions fully took over the board; NET (+19.58%) fell below 20% and dropped off.7/21's memory blow-off was a one-day event; the 20D window is still deeply negative so they didn't list; nearest the threshold: NET 19.58 / SNOW 16.23 / PANW 15.25 / MELI 13.61 / BABA 13.61 = software and China ADRs queuing, semis wholly absent from the leaders. The table below lists the 20D top 10 (rows 5+ are the below-threshold reference zone); gain bars scaled to leader VLO +27.59% as the 100% baseline.
Ticker / Name
Price
Gain (20D)
1D (7/22)
5D
20D
YTD
Fwd P/E
Net income ($100M)
Market cap ($100M)
Rank / on-board
VLOValeroRefining
310.92
-1.23%
+6.24%
+27.59%
+91.0%
12.8
42as of 3/31
923
▲1+5
MPCMarathon PetroleumRefining
315.82
-1.23%
+5.56%
+27.08%
+94.2%
11.2
46as of 3/31
922
▼1+5
PSXPhillips 66Refining
211.41
-0.41%
+7.77%
+24.11%
+63.8%
11.5
41as of 3/31
848
★ new entry+1
… Top 3 shown — the full list and all sections below are members-only.
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