“…history says don’t get too comfortable as we enter the worst part of the calendar during mid-term election years” … US Bancorp / Yahoo Finance 08-17-2026
“The Nasdaq 100 declined roughly 7% in July, for its worst monthly decline since April 2025”
“…Yields on 30-year Treasury bonds have climbed above 5.2%, reaching their highest levels since 2007, just before the onset of the global financial crisis” … Bloomberg
Where Are We, End of July 2026?
As fast as certain stocks dropped, they popped quickly toward the upside early this month. Stocks get overbought and profit taking begins. Our worst losers in July were Invesco Momentum (-11%) and Oberweiss Micro (-13%). However, they were up 28+% and 43+% YTD as of last night, respectively (Morningstar). So, big wins beget big pullbacks.
Profit taking is no big surprise. The stock market is not actually showing fear or negative sentiment – currently. The worry would be a rate hike to address lingering inflation (the Fed board of governors is “split” on that subject) and the possibility of rising energy costs due to the Iran conflict. My opinion on the markets is often that they simply cycle and then reasons “appear”. In any case, there are definite seasonal tendencies, and September is historically the worst performing month – all the most so during midterm election years.
Astoria Advisors
As mentioned, during the last several months I have established a relationship with Astoria Advisors, www.astoriaadvisors.com, a multi-billion-dollar firm that will serve as my sub-advisor. I have sent many of you an email with more details, along with a Fidelity form needed to move forward. It’s a tedious process. If you would like to talk, or receive the form, please email or call me.
Following is the performance of the market indexes and our funds in July:
| Jul-26 | |||||||
| S&P 500 | -0.13% | ||||||
| Nasdaq (technology) | -3.20% | ||||||
| Dow 30 | 0.32% | ||||||
| Morningstar US Mkt (all stocks) | -0.43% | ||||||
| Morningstar US Small Companies | -1.56% | ||||||
| 2 year Treasury YIELD | 4.26% | ||||||
| 5 year Treasury YIELD | 4.40% | ||||||
| FBCG | -3.75% | Fidelity Blue Chip Growth | stock ETF | ||||
| SPMO | -10.96% | Invesco S&P 500 Momentum | stock ETF | ||||
| XSMO | -7.34% | Invesco Small cap Momentum | stock ETF | ||||
| XMMO | -9.32% | Invesco Midcap Momentum | stock ETF | ||||
| TMFC | 1.60% | Motley Fool 100 | stock ETF | ||||
| VBR | 0.67% | Vanguard Small Cap Value | stock ETF | ||||
| RSP | 1.05% | Invesco S&P Equal Wt | stock ETF | ||||
| NOBL | 1.64% | Dividend Aristocrats | stock ETF | ||||
| PPI | -0.63% | Astoria Real Assets | stock ETF | ||||
| GQQQ | -4.42% | Astoria US Quality Growth | stock ETF | ||||
| ROE | -0.92% | Astoria US Equal Weight Quality | stock ETF | ||||
| AGGA | -0.74% | Astoria US Core Fixed Income | ETF Income Fund | ||||
| FBGRX | -5.24% | Fidelity Blue Chip Growth | stock mutual fund | ||||
| OBMCX | -12.90% | Oberweis Micro-Cap | stock mutual fund | ||||
| FSLVX | 4.46% | Fidelity Large Cap Value | stock mutual fund | ||||
| FSMVX | 0.76% | Fidelity Mid Cap Value | stock mutual fund | ||||
| FCPVX | -2.64% | Fidelity Small Cap Value | stock mutual fund | ||||
| BUCK | 0.17% | Simplify Stable Income | ETF Income Fund | ||||
| BMACX | 0.40% | Blackstone Income Fund | income mutual fund | ||||
| CCLFX | 0.54% | Cliffwater Corporate Lending | income mutual fund | ||||
| CELFX | 0.65% | Cliffwater Enhanced Lending | income mutual fund | ||||
| CFRAX | 0.77% | Catalyst floating rate | income mutual fund | ||||
| EIFAX | 0.70% | Eaton Vance floating rate | income mutual fund | ||||
| FFRAX | 0.75% | Fidelity floating rate | income mutual fund | ||||
| RNDLX | -0.64% | RiverNorth Strategic | income mutual fund | ||||
| FAGIX | -2.00% | Fidelity Capital & Income | income mutual fund | ||||
| Starwood REIT, class I | 0.26% | Jun* | real estate investment trust | ||||
| Blackstone REIT, class I | 1.10% | Jun* | real estate investment trust | ||||
| Fidelity Credit Fd, class I | 0.12% | Jun* | private lending trust | ||||
| Blackstone Credit Fd, class I | -0.40% | Jun* | private lending trust | ||||
| Blackrock Credit Fd, class I | 0.07% | Jun* | private lending trust |
(Courtesy morningstar.com)
* 1-month reporting lag
Following are your July investment results:
We should talk if you would like to review exactly where you stand or if we should consider a change. I am available at your convenience. I have Google Meet and Zoom in case you would like to do a video conference. KII’s most recent ADV Part 2 Brochure and Privacy Policy are each available upon request. Also, please consult your Fidelity statement for advisor fee information.
Best,