Belanger Trading Squawk
Belanger Trading Squawk · Quick takes from an ex-Wall Street trader on what’s moving the market and how to stay ahead.
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What they write about
Daily market commentary from a trading desk, written in a blunt, headline-driven style. Recurring subjects include single-stock reactions to earnings, the artificial-intelligence and semiconductor trade, insider selling, and how the market reprices companies after a change in guidance.
- daily commentary
- single stocks
- earnings reactions
- semiconductors
- insider activity
Recent examples: The Anthropic IPO Is Not Another SpaceX · France Just BURIED The Euro Trade
Written from Belanger Trading Squawk’s own published post titles and openings in Sep 11, 2026. It describes the subjects the newsletter covers, not its views, and is not investment advice.
Most-mentioned tickers
Symbols named in the headline of a post from the last 30 days, most-covered first. The number is how many of those posts mentioned it.
Read from 5 post headlines in the last 30 days. A newsletter that names a company only in the body of a post will not appear here, and a mention is not a recommendation — it only means the symbol came up.
Growth history
Subscribers (thousands, nightly)
321K on Sep 10, 2026 → 316K on Oct 21, 2026
Followers (thousands, nightly)
Rank in Substack’s finance leaderboard: #10 today · #10 a week ago · #13 a month ago
Stats worth sharing
Tracked since Sep 10, 2026 — 43 daily snapshots so far. The card below is built from what we track and refreshes nightly.
- Percentile
- Top 2%
- Best rank seen
- #10
- Rank, 30 days
- +3 places
- Followers added
- −4.4K
- Posts
- 24
- Tickers covered
- 8
of 525 ranked finance newsletters
on Oct 22, 2026
since tracking began
last 30 days
in tracked posts
Recent posts
- The Anthropic IPO Is Not Another SpaceX
Anthropic gave away 5% of itself Sunday. It did that weeks before what will likely be the largest IPO ever. An IPO is a company's first sale of stock to the public. Plenty of people will call the move manageable, even a good one. To them, Anthropic's IPO is still the big hope of the AI trade. I don't see it that way. This company keeps making its own deal harder to buy. So who pays for the generosity? And does it cost Anthropic the crowd that made SpaceX pop? Anthropic Just Handed IPO Buyers Another Question With No Answer The shares go to a new Public Benefit Fund, an LLC that Anthropic…
- France Just BURIED The Euro Trade
France spent the weekend in the streets. Monday, investors sold its bonds. The interior ministry counted 550,000 protesters on Saturday. The marches turned violent. That landed right before a vote on the government's revenue plan. Traders hit French stocks and the euro. It is Europe's problem and the dollar's gain. France Sold Off and Germany Didn't Catch the Money French 10-year yields jumped about 13 basis points by midday Monday. A basis point is a hundredth of a percentage point. Reuters had it on track for the biggest one-day jump since late September. The spread widened to as much as…
- I'm Not Selling This Market Over Rates
Inflation came in hot this week. Bonds rallied anyway. Hot inflation is supposed to push yields up and bond prices down. The opposite happened. The reason sits in the chip stocks: money ran out of a semiconductor sell-off and into Treasuries for safety. The rally does not mean rates are fine. Plenty of people will call this the moment to sell the market. Inflation, a hiking Fed, a 10-year yield over 5%. Get out. I don't think rates themselves are the reason to sell the market. But they definitely aren't a tailwind. Rates Aren't the Sell Signal. They're No Help. September CPI, the government's…
- This AI Selloff Is Shaking You Out
The Nasdaq just had its worst week since June. Down 4.5%, days after a record close. The fear is that the AI build-out runs on borrowed money, and some of the borrowers look stretched. One bond chart went viral on Tuesday. By Friday the selling had reached the biggest chip names. Plenty of people will call this the moment the AI trade cracks. Cut tech, wait it out. I don't buy it. Look at where the damage landed and who was buying AI going in. The Debt Scare SLAMMED the Stock Built on Debt CoreWeave rents out AI computing power, and it builds that business with debt. Its obligations run about…
- I'm Eyeing CRWD and NET After This DUMP
The stocks that sell AI's emergency brake got dumped again Friday. CrowdStrike and Cloudflare. Down every session this week, and down hard again this afternoon. Microsoft's CEO said every AI model needs a brake, and an AI agent filed a fake murder tip with the police. Plenty of people will call this the market finally waking up to rogue AI. The fear is justified, so the selling is earned and it keeps going. I think they have it backwards. Rogue Agents Are Real. So Far They're TINY On Oct 9 Anthropic disclosed that one of its test agents filed a bogus homicide tip with Philadelphia police. It…
- JPMorgan's CEO Is About to UNLEASH $50 Billion
JPMorgan missed this week. Then its CEO slowed down on buying back his own stock. Plenty of people will call that a warning sign. A stock priced for perfection, a hard year for big banks, so stay cautious. I read it the other way. Jamie Dimon has permission to spend $50 billion buying his own shares. He has barely touched it. I think that money starts moving. Bank of America STUMBLED While the Rest Delivered Most of the banks and investment banking firms had solid earnings. Goldman earned $17.01 a share, up from $12.25 a year ago. Bank of America was the exception. It took a $1.2 billion…
- Rogue AI Fears Are Making You Miss Visa
The biggest bank in America just shut the door on outside AI agents. Jamie Dimon said it on JPMorgan's earnings call Tuesday. "You don't want rogue agents, and there could be thousands of them." Plenty of people will call that a warning. Banks are nervous, regulators are asking questions, so stay away from anything with agentic AI in it. The two companies an AI shopper pays through, Visa and Mastercard, closed higher seven sessions in a row. Everybody is arguing about safety. Almost nobody is talking about what these agents actually do for people. JPMorgan BLOCKED AI Agents, and That's Good…
- Vegas Is DEAD. I'm Buying Its Landlord.
Vegas is losing tourists. Fewer people are flying in, and the ones who come are paying less for a room. Plenty of people will call that the end of the Strip. Sell anything with Vegas on the sign. The landlord got sold right along with the casinos. VICI Properties, the company that owns the ground under the Strip, is down about 22% since April on rates and Vegas worries. So who pays for a Vegas slump? The Casinos EAT the Slump, Not the Landlord Las Vegas drew fewer visitors in August, down 4.3% from a year earlier. Fewer hotel rooms were full, and the average room went for less, down 7.4%…
- Trump's Ceasefire Won't SHAKE My Call on XLE
Washington threw a fuel fix at the oil market Friday. It threw another one Sunday. Oil went up anyway. Friday was a diesel deal with Russia. Sunday was an "energy ceasefire" between Russia and Ukraine. Monday morning Brent, the global oil price, dipped. By midday it turned and traded above $105. The market buys barrels. Plenty of people will call this the moment to sell energy stocks. Fuel gets cheaper, take the gains and go. I don't see it. Higher for longer is the trade, and it is the squeeze. And the midterms are weeks away, with winter right behind them. Washington's Diesel Deal Gave ZERO…
- Those SMH Puts Are Not a Sell Signal
Chip traders loaded up on puts Friday. A put is a contract that pays off if a stock falls. In SMH, the big chip fund, puts outnumbered calls three to one. Plenty of people will call that a bet on a chip selloff. The rally is fragile, they'll say. I read the same tape and see something else. Those are cautious bulls. Nobody Bets on a 23% Crash in a Week A call is the opposite contract. It pays off if the price goes up. People buy calls for only one reason: they want shares higher. Puts get bought for many reasons. Some buyers are betting on a drop. Others own the stock and want protection. The…
- Oversold Bank Stocks Are a Trap Right Now
Bank stocks are down 12% since mid-August. Nothing broke inside the banks. The bond market did it. Plenty of people will call this a buying opportunity. The selloff went too far, the thinking goes, and yields should ease soon. I'm not buying it. What pushed banks down is still pushing, and they report next week. Bonds CRUSHED Banks, and the Pressure Hasn't Let Up KBWB, a fund that holds the big U.S. banks, closed at $99.69 in mid-August. That was its best close of the year. Friday it closed at $87.60. On that August day, the 10-year Treasury yield sat at 4.68%. The 10-year is what the…
- Rogue AI Scares You. It Makes CRWD Money.
The head of the IMF stood up in Singapore Wednesday and talked about runaway AI. Kristalina Georgieva named "frontier models threatening to escape human control" among AI's perils. The people building this stuff went on TV and called it scary, and the stocks that sell AI protection backed off their records right behind her. Plenty of people will call this the top. Safety fears bring regulation, regulation slows AI, so the cybersecurity rally is stretched and you sell the pullback. I'd buy the names they're selling. Slowing AI Down Is How You LOSE We're not going to win the superintelligence…
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