Swami Weekly Wrap: Aug 3rd, 2026 [Wait-and-watch as dollar volatility rises]

Hi Swami Subs,

This week’s board is mostly wait-and-watch. SPY is showing some life off the July 15 buy signal, but follow-through remains uneven, with small caps not confirming the same strength yet. The dollar is retracing, but volatility is rising on that move, which makes this less clean than the last UUP setup. Bonds remain the clearest avoid, with TLT making fresh 15-year lows.

On the Swami All-Equity side, the portfolio was slightly wrong on which hyperscaler equities to own last week. SAE held AAPL, which fell -7.2%, while MSFT and AMZN surged +21.8% and +17.0%, respectively. Even with that miss, the long-only portfolio still advanced +1.0% versus SPY +1.1%. Year-to-date, SAE remains significantly ahead at +17.5% versus +10.1% for SPY.