Daily Edition
Wednesday Daily Edition — October 28, 2026
Record Korean memory earnings contrast with PCB delivery bottlenecks, Fed decision ahead and volatile oil; independent 51/13/36 outlook unchanged. Base 51%, Bull 13%, Bear 36%.
Unchanged 51/13/36: exceptional memory demand, strong electronics orders and better confidence support uneven expansion, but oil risk, restrictive rates, PCB delivery constraints, household affordability and automotive cash flow prevent a broader upgrade. The decisive test is conversion of orders into delivered output and cash. The Fed decision at 2:00 PM ET today is ahead, not decided; tomorrow brings advance GDP and PCE, and Friday brings Canada tariff product-list changes.