The Tape Read — Pre-Market Intelligence Brief for July 7, 2026.

Semis-specific selloff — SMH gaps −3% on an overnight Asia chip rout while the broad tape holds flat and financials bid; the chip complex is fully gated (SMH put-skew +8.9%), leaving only catalyst-capped call reads in GOOGL and TSLA.

Full written brief for paid subscribers at thetaperead.morganbranch.co. Educational and observational only — not investment advice.