The Gemini team discusses Bill Cara's report on trading today in New York, comparing the results to yesterday, and his 'Carney Doctrine' article, January 22, 2026

The INSTAT B Report is a comprehensive market report, detailing capital flows across various sectors and international companies trading today on NYSE/NASDAQ. It highlights a dominant, newly established pro-risk sentiment, noting significant accumulation in cyclical industries such as energy and materials, while defensive sectors like utilities face distribution and de-risking. Within the technology and communications space, the analysis reveals a narrow concentration of strength in AI and semiconductor leaders, contrasted against broader sector underperformance. The report also examines regional dynamics, identifying robust momentum in Canadian resource and bank stocks, alongside an aggressive risk-on environment throughout Mexican and South American stocks. By categorizing the stocks as extended leaders or deep laggards, the text serves as a strategic guide for identifying rotation trends and contrarian investment opportunities.